Avalanche, a high-throughput blockchain, has been recently on a roll with the total value locked and native token prices hitting their highest levels ever.
Therefore, the top protocol on Avalanche is Benqi, an algorithmic liquidity market protocol that has $1.28 billion locked, represents around 47% of the market share. On the other hand, the decentralized exchange, Trader Joe, is the second-largest platform in terms of TVL with $656 million, or 24% of the total.
This TVL surge has been catalyzed by the launch of last month’s “Avalanche Rush” liquidity mining incentive.
AVAX Hits ATH
In addition to the TVL peak, Avalanche’s native token AVAX has also made a new all-time high during today’s Asian trading session.
On the other hand, according to Coingecko, $AVAX prices hit a record high of USD 68.34 on September 17th and are currently up 4.9% on the day, trading a little lower than that peak.
Also, over the past week, $AVAX has made a boosting increment of 57.8% and an even more impressive 173% over the past month. Since the beginning of the year, this native token has skyrocketed a monumental 1,900% to current prices.
With 377.7 million $AVAX tokens in circulation, it has a current market capitalization of $13.9 billion, ranking $AVAX at the 12th position.
Major Investments Inbound
Token prices spiked when news about Avalanche had raised USD 230 million in a token sale coordinated by Polychain and Three Arrows Capital.
The funds will focus on supporting DeFi projects built on Avalanche. It stated in an announcement on September 16th.
— Avalanche 🔺 (@avalancheavax) September 16, 2021
On the other hand, Avalanche has come along leaps and bounds since its launch in September 2020. There are now more than 270 projects building on it—for example, Tether, SushiSwap, Chainlink, Circle, Pangolin, among others.
Also, on September 17th, Kyber announced that it was porting its multi-chain dynamic market maker, KyberDMM, over to Avalanche. Therefore, the Kyber Network collaborates with the Avalanche Foundation on a USD 5.8 million liquidity mining campaign as part of the previously mentioned Avalanche Rush program.
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