Avalanche users flock in despite low prices because...
The surge in activity on the protocol could be largely due to its growing ecosystem. According to Dapp Radar’s data, dApps such as Stargate, 1inch Finance and Trader Joe observed a massive spike in terms of unique active addresses on their protocol.
Trader Joe, one of the most popular dApps on the protocol, saw a massive spike of 45.8% in terms of transactions.Interest in NFTs also played a role in the surge in activity on Avalanche’s protocols. AVAXNFTSTATS’ data indicated that the volume of various blue chip NFTS grew significantly over the last month. Popular collections such as Roostr and Lofi Leopards registered an uptick of 260% and 1217% respectively, in terms of volume.
At press time, AVAX was trading at $11.26. The price has declined significantly over the past month. Coupled with the price, the volume for AVAX also fell materially during this period. However, the development activity on Avalanche surged, indicating that new updates and upgrades were to be deployed on the avalanche protocol. The surge in development activity could attract new users to Avalanche.
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