The cryptocurrency market has largely been green on Thursday save for a sudden slump that saw most tokens slide before recovering. Though most of the focus has been on Shiba Inu (SHIB) and Ripple (XRP) this week, some lesser-known altcoins have performed equally well. Among them is Avalanche’s AVAX which is up by 40% in the last seven days.
At the beginning of this week, the Avalanche chain eclipsed a Total Value Locked (TVL) figure of $10 billion. DeFi Llama data shows the chain’s TVL is now closing in on $11 billion.
Avalanche maintains TVL above the recently-unlocked $10 billion milestone
As one of the burgeoning Ethereum competitors, Avalanche has recently crossed $10 billion in Total Value Locked, a figure currently at $10.80 billion. This represents a 5.16% DeFi market share, ranking it fourth behind Ethereum, Terra and the Binance Smart Chain. The gap between itself and fifth-ranked Fantom has also widened to roughly $2.2 billion. On the other hand, Avalanche trails Binance Smart Chain by $2.5 billion.
DeFi rankings
Avalanche’s TVL, a metric that defines the total capital value of assets held within a network’s smart contracts, has recorded a massive 20% gain over the past seven days. No chain among the top five DeFi ecosystems has seen a larger change.
Avalanche TVL chart
Notably, Avalanche’s TVL last crossed $10 billion on 8th November and remained above this level until around 21st January, when it plunged as cryptocurrency markets crashed. However, the open-source blockchain is still quite a distance off its record-high $13.8 billion TVL set on 2nd December.
Avalanche has been mooted to have a significantly high potential for scaling while remaining secure and decentralized. Bank of America said in December that this makes the chain a worthy rival to Ethereum for application in NFTs, DeFi and blockchain gaming projects.
Multi-chain Pillar Wallet welcomes Avalanche into the Pillarverse
On Monday, Pillar Wallet, a multi-chain DeFi wallet, announced adding support for the Avalanche ecosystem. The wallet supports EVM-compatible chains, including the Ethereum base layer and claims to offer up to 99% lower fees than the Ethereum mainnet.
With the integration developed on the Etherspot SDK, Avalanche joins rother smart contract ecosystems supported by the wallet, including Polygon, Gnosis Chain, and Binance Smart Chain. It is worth noting that Pillar is community-managed. The Avalanche c-chain wallet integration decision was voted on and approved by Pillar DAO governors before implementation.
The announcement post also disclosed that Pillar Wallet intends to implement more community-proposed endeavors. Launched as the first community-managed multi-chain wallet, decisions are reached with input from the 22k PLR token holders. In addition, the community DAO manages treasury decisions of various matters, including business and marketing initiatives.
DAO governance has become an increasingly popular phenomenon in recent days. This week, the Terra ecosystem followed a similar path involving a community vote before inking a partnership deal with MLB franchise Washington Nationals.
Avalanche (AVAX) market performance
AVAX has gained 4.35% on the day and is, as of publishing, trading at $94.17 as per CoinMarketCap data. The crypto token has been on an impressive run this week and earlier on peaked at $94.85.
AVAX/USD 30-day trading chart
While this is the highest it has traded in over three weeks, AVAX is likely to surpass this level before the end of the day if it stays on its current course. AVAX’s price rise has seen it topple LUNA in market rankings to become the 9th largest cryptocurrency in terms of total circulating value.
Avalanche, as of press, has a market capital of $23 billion – marginally above Terra’s $22.76 billion. Polkadot, just outside the top 10, is not far off with $21.65 billion. It is, however, unlikely that Avalanche will hold onto this lead especially since LUNA and DOT are both currently trading in the red.
To learn more about this token visit our Investing in Avalanche guide.
The post AVAX Price Hits Three-Week High, Avalanche TVL Holding Steady Above $10 Billion appeared first on Securities.io.
