- Avalanche’s monthly active addresses recorded an increase of 86% in April.
- There was a 35% drop in monthly decentralized exchange (DEX) volume in April.
For the month of April, the Avalanche [AVAX] ecosystem released a status report that included significant updates about network performance and platform upgrades.
One of the biggest takeaways was the exponential growth in active addresses. The monthly active addresses across all subnets hit nearly 780,000 in April, recording a massive increase of 86% from the previous month.
While the majority of active addresses originated from the C-Chain, the network’s smart contract layer, there were also appreciable increases in active addresses coming from new Subnets.
Source: Avalanche
As a result of the strong network demand, gas fees surged to levels last seen in May 2022, the phase just before the onset of the 2022 bear market. This underlined that on-chain activity on the layer-1 blockchain recovered substantially in April.
Read Avalanche’s [AVAX] Price Prediction 2023-24
Avalanche falters on other fronts
While network performance was impressive, Avalanche’s decentralized finance (DeFi) activity took a dip in April. Additional data from DeFiLlama revealed a 35% drop in monthly decentralized exchange (DEX) volume in April.
As far as the total value locked (TVL) on the network was concerned, a sharp decline was observed on 24 April. However, the losses were reversed and TVL quickly resumed its previous course.
Source: DeFiLlama
The report also provided the status of Avalanche’s GameFi ecosystem. DeFi Kingdoms outpaced other gaming dApps to clock the most number of active addresses in April. Other GameFi projects failed to register noticeable growth.
Source: Avalanche
Avalanche’s performance in the non-fungible token (NFT) landscape was a mixed bag. While the number of new NFT mints exploded, the total sales volume declined by more than 18%.
The jump in the number of NFT mints was primarily due to POAP (proof of attendance protocol) NFTs which are generally sent as rewards to people who have attended a certain event. Although these don’t contribute significantly to overall sales, their development gives NFTs a new application case.
Avalanche recently announced the launch of a new NFT marketplace, Peek NFT, which will focus on hosting NFTs that have demonstrable utility
Realistic or not, here’s AVAX’s market cap in BTC terms
Will AVAX rally?
AVAX exchanged hands at $15.03 at press time, having absorbed gains of 1.21% in the last 24 hours. Over the last week, the price has moved in a range as indicated in the daily price chart.
The Relative Strength Index (RSI) continued to move below the neutral 50 level, implying sustained selling pressure. The Moving Average Convergence Divergence (MACD) stayed in the negative territory, reinforcing the bearish sentiment.
However, during the price’s sideways swing, the On Balance Volume (OBV) surged, providing evidence that an upward breakthrough may be imminent.
Source: Trading View AVAX/USD
