In the late 2023 crypto rally, Avalanche’s AVAX token emerged as a star performer, securing a coveted spot in the top 10 biggest crypto assets by market cap. According to data from CoinMarketCap, AVAX has experienced a remarkable surge, boasting gains of over 22% in the week and sustaining a 14% increase in the daily index. Alongside a select group of altcoins like Polkadot’s DOT, AVAX has witnessed substantial growth in market capitalization.
Overall, AVAX has skyrocketed by an impressive 97%, marking the most significant surge among large-cap digital assets in the last month. The cryptocurrency’s surge is attributed to news that financial giants JPMorgan and Apollo are utilizing the Avalanche network to conduct real-world tokenization experiments.
Avalanche’s blockchain has not only seen a surge in its token’s value but also in transaction volumes. According to a report by blockchain analytics firm IntoTheBlock, the blockchain recorded its highest weekly traffic in a year, with transactions totaling $2 billion.
The report also highlighted substantial inflows to Avalanche during the last two quarters of the year, amounting to $79 million in net inflows in Q3 and an additional $56 million in Q4 through late November. These inflows have contributed to the revitalization of the Avalanche ecosystem.
Taking a closer look at Avalanche’s ecosystem stats, the network has witnessed over 1 billion total transactions, with more than 2.8 million AVAX tokens burned. The blockchain boasts 1.5k total validators responsible for verifying transactions, and it achieves sub-second transaction finality, emphasizing its efficiency and scalability.
Avalanche-Based Blockchain Subnet
The surge in AVAX also coincides with the recent launch of the GUNZ official testnet. In conjunction with this launch, the Gunz crypto and NFT wallet have been introduced for both iOS and Android. The multiplayer shooter game GUNZ has innovatively integrated its entire economic structure and progression on the blockchain. The GUNZ subnet has undergone rigorous testing, executing an impressive tally of over 840,000 transactions across 60,000 wallet addresses.
Vlad Korolev, CEO of Gunzilla Games, explained the choice of Avalanche, stating, “We chose Avalanche because we couldn’t make it work on any other chain,” emphasizing the blockchain’s ability to support the wide-ranging features of the game. The integration of GUNZ into the AVAX network marks a significant milestone, showcasing the platform’s capability to support innovative blockchain applications.