AVAX, the native cryptocurrency of the Avalanche blockchain network, is up 14% at the time of writing and is trading at a level of $22.32. With this recent price hike, the AVAX price is up more than 100% on the monthly chart.
The latest price rally comes as Avalanche rekindles hopes of mass adoption after partnering with structured finance platform Intain. IntainMARKETS is an on-chain marketplace for tokenized asset-backed securities. It allows clients to issue and trade asset-backed securities on-chain.
On Tuesday, January 31, Avalanche announced it will host Intain as its first institutional subnet. This is an important milestone for the entire Avalanche ecosystem and could aid in institutional adoption of the platform.
The first institutional subnet is here!
.@IntainFTa structured finance platform enabling the management of $5.5 billion in assets launches IntainMARKETS, an on-chain marketplace for tokenized asset-backed securities.
Let’s see why Intain #Choose Avalanche /🧵 pic.twitter.com/yFGqLIasD1
— Avalanche 🔺 (@avalancheavax) January 31, 2023
Speaking of the development, John Wu, president at Ava Labs, said:
“The sheer scope of the possibilities with IntainMARKETS is impressive. We want Avalanche to become the blockchain protocol of choice for traditional financial assets coming on-chain and this platform offers a solution for a $2 trillion issuance market.”
Avalanche Network Daily transactions increase by 85%
The recent price rally for AVAX comes amid a strong boost in daily transactions taking place on the Avalanche blockchain network. The Messari report for the fourth quarter of 2022 shows that both Avalanche’s network and ecosystem have grown.
Despite several roadblocks, such as the collapse of FTX, the daily Avalanche subnets showed impressive transactions. During the fourth quarter of 2022, daily active addresses increased 3.2% from the previous quarter to 48,023. Similarly, average daily transactions skyrocketed by as much as 85% from the previous quarter, reaching a high of 2,881.20.
In addition, the total number of transactions per second almost doubled from 18 in Q3 to 33 in Q4. However, the total value locked into the Avalanche DeFi space is down 25% in the last quarter. Similarly, developer involvement with Avalanche also decreased. Smart contract unique verification was down 23.7% quarter-on-quarter and down 59% year-over-year.
With the recent price rally, AVAX has the potential to reach $30 in the near term. The next immediate resistance for AVAX is at $26.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is constantly in a learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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