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AVAX Retains Top Rank in Smart Contract Deposits Despite Plummetted Price

BlockNews Team by BlockNews Team
June 28, 2022
in Crypto
AVAX Retains Top Rank in Smart Contract Deposits Despite Plummetted Price
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The market capitalization of the entire cryptocurrency sector has dropped by 29% in the past 30 days, and 45% of Avalanche’s (AVAX) value vanished during that period. Despite AVAX’s price fall, the decentralized application platform maintains a top spot regarding smart contract deposits and active addresses. It is a fierce competitor to Ethereum and other smart contract platforms. 

Meanwhile, Solana (SOL) has a $1.8 billion TVL and reduced network fees, which is why it has a significant market valuation of $12.9 billion. Nonetheless, the market value of SOL tokens is currently about three times that of Avalanche at an equivalent price level ($14.8).

The TVL indicator is crucial since it examines the smart contracts’ deposits in the network.

Polygon (MATIC), an Ethereum layer-2 solution, serves as a proxy for the network, with a total value of $1.8 billion in TVL. Given how similar networks’ market capitalizations far exceed their TVLs, the Avalanche Network is severely undervalued.

AVAX Price Way Below Previous ATH

In the last two months, the TVL for the network has grown to 184 million AVAX tokens, reinforcing Avalanche’s major decentralized application indicator. This implies that while the AVAX price fell, investors did not pull assets from its decentralized applications. The price of AVAX tokens has risen by 35% in 60 days, according to the network’s TVL. In Ether terms, Ethereum’s TVL increased by 10%, while BNB Chain decreased by 14%.

Traders should look at DApp usage statistics to determine whether the Avalanche TVL rise is encouraging. The statistic, however, is irrelevant since some programs, such as games and marketplaces do not need hefty deposits. According to DappRadar, the number of Avalanche network addresses engaged with decentralized applications dropped by 16% on June 21 compared to the previous month. Polygon had a 29% decrease in users, while the BNB Chain saw a 16% decline.

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