The latest blockchain witnessing some relief in this ongoing bear cycle is happening with Avalanche [AVAX]. On September 27, Avalanche Labs tweeted about the latest collaboration with Chain link [LINK]. According to the post, Chainlink helped AVAX grow in the NFT, GameFI and Defi sectors.

Given the current market situation, will this cooperation work out to the advantage of these two networks?

A match made in heaven

avalanche labs claimed that by integrating Chainlink’s price feed, VRF and Keepers with their mainnet, the Avalanche network experienced tremendous growth. In addition, the blockchain has also secured approximately $550 million in value.

One of the key areas of growth, as indicated by Avalanche Labs, was the DeFi space. Using Chainlink’s price feed, the Avalanche team was able to improve their DeFI growth in terms of liquid staking and DEXs.

Furthermore, projects such as AaveAave, BenqiFinance, and Trader Joe integrated the Chainlink systems to improve the Avalanche protocol. However, this development did not affect their TVL much.

As noted below, AAVE’s TVL was stable in September, even standing at $1.1 billion at the time of writing. Trader Joe DEx not perform so well or. The TVL before that was $145.44 million and has been amortized by 6.24% since the beginning of September.

Source: DeFi Llama

On the other hand, AVAX did well in the NFT space. The NFT community had taken advantage of Chainlink’s VRF tools to improve their growth. AVAX’s NFT volume also saw some growth in the past month.

In addition, NFT sales volume peaked at $1.62 million on September 24, the highest it had been for the entire month. So it is safe to say that Chainlink has played a huge role in increasing AVAX volume.

Source: Santiment

Despite positive developments, AVAX did not perform well on the price front.

From one end to the other

AVAX’s social media presence dropped significantly in August. The social media mentions have also been depreciated by 25% in the past 30 days.

In addition, weighted sentiment for AVAX was on the downside throughout the month.

Source: Santiment

In addition to the above information, AVAX volume also witnessed a decline. The trading volume was $327 million at the beginning of the month. However, at press time, it stood at $234.72 million.

While there are multiple factors against AVAX, the price per token exceeded all expectations and was valued at 4.13% in the last 24 hours. The AVAX token was trading at $18.12 at the time of printing.





This post AVAX partners with LINK; can integration bring much-needed rest for both?

was published first on https://ambcrypto.com/avax-partners-with-link-can-the-integration-bring-much-needed-respite-to-both/

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