• Avalanche (AVAX) rallied by over 35% last week.
• AVAX’s Total Value Locked (TVL) went up by over 4% to $842.7 million.
• Avalanche announced that it would support the stablecoin USP created by Platypus DeFi.
The crypto market saw some bullish movements last week, with the most notable gainer being Avalanche (AVAX). The native token of the Avalanche blockchain rallied by over 35% and received a lot of interest from the derivatives market. To get a better idea of how AVAX performed last week, the blockchain released its weekly report highlighting the most notable metrics.
AVAX’s Total Value Locked (TVL) went up by over 4% during the last week and reached $842.7 million. Wonderland, SWAPSICLE, RiskHarbor, and PinkSale were the top TVL gainers last week. However, though the TVL and market capitalization registered upticks, AVAX’s active addresses and transaction count declined by over 9% and 27%, respectively.
The Avalanche C-chain also saw some changes. According to the data, gas consumption increased, but total transactions decreased by 33%.
Apart from this, Avalanche announced another major update. The blockchain has officially confirmed that it would support the stablecoin USP created by Platypus DeFi. The stablecoin rollout will increase the Avalanche network’s offerings, which will probably increase demand for AVAX in the coming months.
Last week was a promising one for Avalanche and its native token AVAX. The bullish sentiment in the market, coupled with the new developments made by the Avalanche blockchain, is likely to have a positive impact on the token’s price in the coming days.