Avalanche DeFi protocols hit 9-month high as AVAX token rallies

The overall worth of property locked on decentralized finance (DeFi) protocols primarily based on Avalanche has reached a 9-month excessive amid the market rally of the AVAX token.

Curiously, the rise is coming when the variety of locked AVAX tokens has been at its lowest since August 2021. Over the previous month, the community customers have withdrawn greater than 15 million AVAX tokens from protocols on the community regardless of the growing greenback worth of the property.

DeFiLlama data reveals that Avalanche’s TVL at present sits at round $875 million, representing a 66% improve throughout the final three months and its highest stage since March. This additionally locations the community among the many prime 10 blockchain networks by TVL.

Avalanche’s thriving ecosystem

As per information from DeFiLlama’s dashboard, Benqi emerges because the main DeFi protocol on Avalanche. Benqi operates as a non-custodial liquidity market protocol, enabling customers to stake and lend their digital property to earn curiosity.

The protocol’s TVL not too long ago crossed the $500 million threshold, accounting for over 50% of the blockchain community’s whole TVL.

Different prime DeFi protocols on Avalanche embrace AAVE, Dealer Joe, and GMX, with their TVLs at present at $254 million, $110 million, and $61 million, respectively.

In addition to that, decentralized exchanges (DEX) buying and selling quantity on Avalanche has additionally been rising recently. DeFiLlama data reveals that the metric improved by 193% in the course of the previous week to $1.3 billion. If this pattern persists, the community will likely be on observe to beat the $2.7 billion whole quantity recorded in November.

Intotheblock data additional reveals that AVAX transactions surpassing $100,000 reached almost 1,000, signaling a bullish pattern for the community. Nonetheless, this determine stays beneath the degrees witnessed in the course of the peak of the earlier bull market.

Moreover, Avalanche’s thriving gaming ecosystem is starting to draw extra consideration and accolades from the crypto group.

AVAX worth rises

In the meantime, the notable development in Avalanche’s TVL primarily stems from the substantial surge in AVAX’s worth.

Regardless of a basic decline within the cryptocurrency market right this moment, AVAX stands out with a 7.4% acquire that helped it print a yearly excessive of $36, marking its greatest worth efficiency since Might 2022.

Over the previous 30 days, CryptoSlate’s information reveals a 108% rise within the token’s worth, with a 64% improve recorded previously week alone.