Hexagon has launched a new extension to protect Avalanche users from various threats
However, according to statistics, the past week has been full of problems for AVAX
The network security of Avalanche [AVAX] got a notch up a notch with a new partnership with Hexagate, which was announced on Dec. 12. With the new extension, Hexagate helps Avalanche users protect their Web3 transactions from fraud and various threats.
We are pleased to announce that the Hexagate Transaction Analysis browser extension is now supported @avalancheavax. With the extension, Hexagate helps Avalanche users to protect their Web3 transactions from fraud and various threats.
So how does it work?
— Hexagate (@hexagate_) December 12, 2022
Read Avalanche [AVAX] Price prediction 2023-2024
Before consumers sign transactions, the browser extension examines them to look for financial and cybersecurity issues, including phishing, front-end hacking, market manipulation, etc. The new browser extension will be compatible with Core, Metamask, Coinbase Wallet, WalletConnect, and more.
Here are the weekly stats
AVAX Daily, a popular Twitter handle that posts updates on the Avalanche ecosystem, recently published the network’s weekly statistics. The tweet revealed that the transaction volume of the Avalanche ecosystem was about two million transactions per day as of Dec. 12.
Avalanche subnet weekly statistics
Total number of subnets: 39
Total number of blockchains: 30
Total validators: 1194
Total bet amount: 253.05M AVAX
— AVAX Daily 🔺 (@AVAXDaily) December 12, 2022
Despite these developments, the price of AVAX is down 5% over the past week. At the time of writing, Avalanche was trading at $12.81 with a market cap of over $3.9 billion.
A difficult week for Avalanche
Despite AVAX’s 5% price drop, the DeFi space experienced significant growth. Data from DeFiLlama showed that Avalanche’s total value locked (TVL) peaked on Dec. 12, and at the time of writing, the value was $2 billion.
However, Santiment’s chart shed some light on what might have gone wrong over the past week. Despite new partnerships and integrations, Avalanche’s development activity declined sharply. This was a negative signal.
AVAXBinance’s funding rate was also relatively lower, due to less interest from the derivatives market. Not only that, but also AVAX’s social mentions also took a hit last week, dropping 42%, indicating less popularity for the network.
Avalanche’s NFT space also failed to show promising growth, as after peaking on Dec. 6, the network’s total number of NFT trading declined. This also applied to USD NFT trading volume, suggesting that AVAXThe NFT space has gained little traction over the past week.
This post Is Avalanche’s performance on this front due to the bearish price action?
was published first on https://ambcrypto.com/avalanche-performance-on-this-front-is-to-blame-for-its-bearish-price-action/