Avalanche (AVAX) Decentralized Application Platform (DApp) price dropped 45% in 30 days and meanwhile, the total crypto market capitalization dropped 29%.
A brutal sell-off in risky assets caused AVAX to drop several times to test $14.80 support. while the current market cap is $4.8 billion. It is also important to note that the total value of Locked In Network (TVL) is $3.2 billion.
The value of money locked in the network (TVL) increases, but the number of users decreases.
Avalanche’s core decentralized application has strengthened over the past 60 days as the network’s TVL grows to 184 million AVAX tokens. This shows that despite AVAX prices crashing, investors are not. Withdraw tokens from decentralized applications
In terms of AVAX tokens, the network’s TVL has grown at an efficiency of 35% in two months. By comparison, Ethereum’s TVL is up 10% in Ether terms, while the BNB Chain experienced a 14% drop. during the same period
To confirm whether TVL is increasing in Avalanche, users should analyze some DApp usage metrics such as games and marketplaces.
As shown by DappRadar on June 21, the number inAvalanche network that interacted with the DApp decreased by 42% compared to the previous month. In comparison, BNB Chain saw a 16% decrease in users, while Polygon saw a 29% decrease.
price according to fundamentals falling
While Avalanche’s TVL outperforms other competing Dapp networks, its reduced network usage is a concern. For example, Trader Joe’s 93,130 active addresses are smaller than the app. Polygon’s leading DeFi app QuickSwap with 161,040 active users.
The information above indicates that Avalanche may be in trouble and may explain why AVAX prices are down 45% in 30 days.
refer : LINK
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