{"id":529372,"date":"2023-05-01T13:40:20","date_gmt":"2023-05-01T13:40:20","guid":{"rendered":"https:\/\/ktsl888.com\/?p=529372"},"modified":"2023-05-01T13:40:20","modified_gmt":"2023-05-01T13:40:20","slug":"avax-smart-contracts-hit-6-mo-high","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/avax-smart-contracts-hit-6-mo-high\/","title":{"rendered":"AVAX Smart Contracts Hit 6-Month High – What This Means For Its Price"},"content":{"rendered":"
AVAX has been expanding its reach in various areas over the past few months, but one aspect that has seen tremendous growth is its smart contract deployment.\u00a0<\/span><\/p>\n With this significant milestone, many investors and traders alike are speculating whether this development could be the catalyst that propels the Avalanche Network native token’s price to new heights.\u00a0<\/span><\/p>\n Will this newfound growth in smart contracts lead to a surge in AVAX’s value?<\/span><\/p>\n According to the latest <\/span>CoinMarketCap<\/span><\/a> data, Avalanche (AVAX) has experienced a minor 2.04% dip in its price over the last 24 hours, but still remains relatively steady at $17.04.\u00a0<\/span><\/p>\n <\/p>\n Despite this slight setback, <\/span>data from Artemis<\/span><\/a> reveals that the network has witnessed a significant spike in contract deployment, which can be a positive indicator for the protocol’s usage and adoption.<\/span><\/p>\n The contract deployment of $AVAX<\/a> has recently hit its highest levels in over six months.<\/p>\n After analyzing the on-chain activity, we found that contract deployment hasn’t seen such growth since May 2022. pic.twitter.com\/ehkVk7ZrrK<\/a><\/p>\n \u2014 Artemis \ud83c\udff9 (@Artemis__xyz) April 28, 2023<\/a><\/p><\/blockquote>\n The increase in the number of smart contracts deployed on the Avalanche network suggests that more developers are building dApps and exploring the potential of the platform.\u00a0<\/span><\/p>\n As the number of dApps on the network grows, it can lead to a wider range of use cases for the protocol, attracting more users and projects. This increased adoption and usage can ultimately drive up demand for AVAX.<\/span><\/p>\n If the trend of contract deployment continues to rise, it could be a sign of a healthy and growing ecosystem on Avalanche. This, in turn, can further boost the token’s value.<\/span><\/p>\n <\/p>\n Despite a significant increase in smart contract deployment on the Avalanche network, the platform’s performance in the decentralized finance (DeFi) sector has been less than stellar.\u00a0<\/span><\/p>\n Recent data shows a sharp decline in the platform’s decentralized exchange (DEX) volume, falling from 311 million to 13.74 million in just a few months. This has had a direct impact on <\/span>Avalanche’s total value locked<\/span><\/a> (TVL), which has also seen a decline.<\/span><\/p>\n One of the contributing factors to the decline in Avalanche’s DeFi performance has been the decreasing interest in BTC.b, a wrapped Bitcoin token on the network used for DeFi purposes.<\/span><\/p>\n According to data from <\/span>Dune Analytics<\/span><\/a>, all DEXes on the Avalanche network have witnessed a decline in BTC.b usage, indicating a lack of interest in the platform’s DeFi offerings.<\/span><\/p>\n <\/p>\nContract Deployment Spike Could Boost AVAX Adoption\u00a0<\/strong><\/h2>\n
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Avalanche Network TVL. Image: Defillama<\/pre>\n
Avalanche\u2019s DeFi Performance Disappoints<\/strong><\/h2>\n
AVAX total market cap at $5.5 billion on the daily chart at TradingView.com<\/a><\/pre>\n