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The total value of assets locked on Avalanche-based decentralized finance (DeFi) protocols hit a 9-month high amid the AVAX token market rally.
Interestingly, this increase comes as the number of AVAX tokens locked is at its lowest level since August 2021. Over the past month, network users have withdrawn more than 15 million AVAX tokens from the network’s protocols despite the growing dollar value of AVAX tokens. assets.
DeFiLlama data shows that Avalanche’s TVL currently sits at around $875 million, representing a 66% increase over the past three months and its highest level since March. This also places the network among the top 10 blockchain networks by TVL.
Avalanche’s Thriving Ecosystem
According to DeFiLlama data dashboard, Benqi emerges as the main DeFi protocol on Avalanche. Benqi functions as a non-custodial liquidity market protocol, allowing users to stake and lend their digital assets to earn interest.
The protocol’s TVL recently crossed the $500 million threshold, representing over 50% of the blockchain network’s total TVL.
Other top DeFi protocols on Avalanche include AAVE, Trader Joe, and GMX, with their TVLs currently at $254 million, $110 million, and $61 million, respectively.
In addition to this, the volume of decentralized exchanges (DEX) on Avalanche has also increased in recent times. DeFiLlama data shows the metric improved 193% over the past week to $1.3 billion. If this trend continues, the network will be on track to surpass November’s total volume of $2.7 billion.
In the block data further shows that AVAX transactions exceeding $100,000 reached almost 1,000, signaling a bullish trend for the network. However, this figure remains below the levels seen during the peak of the previous bull market.
Additionally, Avalanche’s thriving gaming ecosystem is starting to attract more attention and praise from the crypto community.
AVAX price increases
Meanwhile, Avalanche’s notable TVL growth mainly comes from the substantial rise in AVAX’s price.
Despite a general decline in the cryptocurrency market today, AVAX stood out with a 7.4% gain that allowed it to print a yearly high of $36, marking its best price performance since May 2022.
During the last 30 days, CryptoSlate the data shows a 108% increase in the token’s value, with a 64% increase recorded in the last week alone.
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