Avalanche (AVAX) Shoots 14% Amid Signs of Institutional Adoption
AVAX, the native cryptocurrency of the Avalanche blockchain network is up by 14% at press time and is trading at $22.32 levels. With this recent price boost, the AVAX price is up by more than 100% on the monthly chart.
The latest price rally comes as Avalanche is reviving the hope for mass adoption after partnering with a structured finance platform Intain. IntainMARKETS is an on-chain marketplace for tokenized asset-backed securities. It allows clients to issue and trade asset-backed securities on-chain.
On Tuesday, January 31st, Avalanche announced that it will host Intain as the first institutional subnet. This is an important milestone for the entire Avalanche ecosystem and could help towards the platform’s institutional adoption.
The first institutional Subnet is here!
.@IntainFT, a structured finance platform that facilitates administration of $5.5B in assets, is launching IntainMARKETS, an on-chain marketplace for tokenized asset-backed securities.
Let’s take a look at why Intain #ChoseAvalanche /🧵 pic.twitter.com/yFGqLIasD1
— Avalanche 🔺 (@avalancheavax) January 31, 2023
Speaking of the development, John Wu, President at Ava Labs said:
“The sheer scale of the opportunity with IntainMARKETS is impressive. We want Avalanche to be the blockchain protocol of choice for traditional financial assets to come on-chain and this platform addresses a $2 trillion issuance market opportunity.”
Avalanche Network Daily Transactions Jump 85%
The recent price rally for AVAX comes amid a strong boost in the daily transactions taking place on the Avalanche blockchain network. The Messari report for the fourth quarter of 2022 shows that both Avalanche’s network and ecosystem have been growing.
Despite several roadblocks like the FTX collapse, the daily Avalanche subnets showed impressive transactions. During Q4 2022, the daily active addresses jumped by 3.2% from the previous quarter reaching 48,023. Similarly, the average daily transactions shot up by a massive 85% from the previous quarter, reaching a high of 2,881,20.
Besides, the total transactions per second also nearly doubled from 18 in Q3 to 33 in Q4. However, the total value-locked on the Avalanche DeFi space declined by 25% during the last quarter. Similarly, developer engagement on Avalanche was also on a decline. The unique smart contracts verification dropped by 23.7% quarter-over-quarter and a decline of 59% year-over-year.
With the recent price rally, AVAX holds the potential to hit $30 in the near term. The next immediate resistance for AVAX is $26.
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