AVAX daily volume slips as Avalanche market share dips

AVAX daily volume slips as Avalanche market share dips
фото показано с : invezz.com

2023-4-11 16:05

Avalanche’s daily traded volume continued dropping even as the AVAX token remained ~63% above the lowest level this year. Data compiled by Santinent shows that the daily volume of AVAX crashed to 91.5 million on Monday, the lowest level since January 8. It has dropped from the year-to-date high of over 1.15 billion, which it reached on January 11.

Avalanche daily trading volume

Avalanche, a leading smart contract chain, has been losing market share in key industries in the past few months. For example, data by DeFi Llama shows that the total value locked (TVL) in decentralized finance (DeFi) has dropped to ~$870 million. 

This drop makes it the 7th biggest smart contract chain in the world. It has lost its market share against other popular chains like Arbitrum, Optimism, and Optimism.  At its peak, Avalanche had a TVL of more than $12 billion. In AVAX terms, the TVL has dropped to $A49.57 million, the lowest level in years. 

GMX, a major part of Avalanche’s DEX ecosystem, has seen its Avalanche trading volume dip in the past few months. In the same period, the volume in its Arbitrum chain has been growing, partly because of the lower fees.

The same trend happened in the non-fungible token (NFT) industry, where volume has crashed. In March, the total sales volume of NFTs in Avalanche stood at $1.2 million, down from over $1.4 million in January. Avalanche has lost market share to blockchains like Algorand, Immutable X, and Flow.

The post AVAX daily volume slips as Avalanche market share dips appeared first on Invezz.

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Источник: invezz.com

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