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Avalanche’s Monthly Active Users Surge: Scaling New Heights In May 2023

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In a recent announcement, the Vice President of Marketing at AvaLabsOfficial, one of the leading blockchain platforms, took to Twitter to share some exciting news. 

Last month, in April 2023, Avalanche achieved a remarkable milestone by recording a staggering 840,000 monthly active users. However, the Avalanche community now eagerly anticipates an even more remarkable feat in May 2023.

Currently, with approximately 845,620 monthly active users, Avalanche surpassed its previous record and is poised to establish a new all-time high. The surge in user engagement has sparked conversations and speculation within the community about the factors driving this impressive growth.

Among the various responses from the community, several enthusiasts have expressed their excitement, attributing the success to Avalanche’s exceptional technology and the recent surge in user numbers. Their bullish sentiments suggest an optimistic outlook for the platform’s future.

Others have pointed out the broader market trends, suggesting that the growing interest and demand for cryptocurrencies in May 2023 could play a significant role in Avalanche’s success. They believe that the platform stands to benefit from the increasing popularity of digital assets during this period.

Some community members acknowledged its strong performance in April but remained cautious about making predictions. This individual acknowledged the positive sentiment prevailing in the community and expressed a belief that this month would surpass the previous one in terms of user numbers.

Avalanche’ Active Users Predictions Vary: Ranging From 845k To 900k

When it comes to predictions for this month’s user count, opinions vary. Some optimistically estimate that Avalanche could reach as high as 845,000 or even 850,000 monthly active users. 

However, a few daring individuals are already looking ahead to mid-June, speculating that the platform could potentially achieve a remarkable milestone of 900,000 monthly active users.

image 87

Meanwhile, a group of individuals remains cautiously optimistic, predicting that it will at least reach the 850,000 mark this month, with the majority leaning toward an 850,000 user count in the coming month. Amidst the diverse range of guesses, another member confidently puts their bet on 860,000 monthly active users.

As the month progresses, all eyes are on Avalanche and its rapidly growing user base. Will May 2023 be the month that sets a new all-time high record for the platform? Only time will tell. 

Related Reading | Avalanche’s Price Battles Bearish Momentum Amidst Encouraging Network Developments

Avalanche’s Price Battles Bearish Momentum Amidst Encouraging Network Developments

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Avalanche (AVAX), the 17th-ranked cryptocurrency in the market, valiantly countered the recent bearish trend in recent days. In just one week, AVAX experienced a decline from $15.28 to a daily low of $14.03 yesterday. 

However, hope is on the horizon as the network displays promising signs with a series of recent developments, which could potentially lead to a price surge in the coming days.

Currently, AVAX is trading at $14.17, with a slight increase of about 0.16% in the daily chart and a 2.93% dip in the weekly chart. The trading volume is also down in the last 24 hours.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

According to data obtained from PricePredictions, a prominent site known for its accurate cryptocurrency forecasts, technical analysis of AVAX indicates a bullish trend in the long term. 

Based on this analysis, experts predict that the price will witness an increase of $0.00389 over the next seven days, reaching an estimated value of $14.23 by the 1st of June 2023.

In the short term, a machine learning algorithm has identified a bullish trend for AVAX. It suggests that investors should anticipate a slight increase in value over the next few hours. It’s a positive signal for those who have invested in Avalanche and are closely monitoring its performance.

However, the battle against the bearish trend by Avalanche brings a glimmer of hope for enthusiasts and stakeholders alike as they await the potential recovery in the days to come.

Avalanche Network Developments

Avalanche made a significant announcement today on Twitter, revealing the introduction of AvaCloud, a Web3 Launchpad, by Avalabs official. The tweet stated that launching your own Subnet has become even more convenient with this new platform. 

AvaCloud aims to assist various entities, including large consumer enterprises, AAA games, and Web3 startups, in expediting the process from concept to launch while reducing expenses.

Meanwhile, Global digital financial technology firm Circle has launched Euro Coin on Avalanche, marking the first in a series of multi-chain launches for the euro-backed stablecoin. The move aims to enhance payment efficiency and financial services for developers and users. 

By introducing Euro Coin to Avalanche, Circle aims to boost euro liquidity and offer global users the option to transact in euros with Euro Coin and in U.S. dollars with USDC. The integration is seamless for Avalanche developers already supporting USDC, as the two stablecoins share similar smart contract designs. 

However, the launch of Avalanche’s platform allows for near-instant and cost-effective financial transactions, expanding possibilities for payments, remittances, and foreign exchange. Circle Account holders can access Euro Coin liquidity on Avalanche for trading, lending, custody, and payments. 

As per the announcement, Leading apps and wallets, including Coinbase Wallet, MetaMask, and Trader Joe, will support Euro Coin on Avalanche, while developers can integrate with the Euro Coin smart contract to tap into growing liquidity.

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Chainlink Functions Launches On Avalanche, Bridging The Gap Between Web2 & Web3

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Chainlink, a decentralized oracle network, has launched its serverless developer platform, Chainlink Functions, on the Avalanche Fuji testnet. According to an announcement post, the new offering enables smart contract developers to securely connect to any Web2 API, including social media signals, AI computation, messaging services, and more. 

With Chainlink Functions, developers can connect their smart contracts to existing Web2 APIs in minutes, unlocking a new frontier of Web3 and Web2 integrations.

The post emphasized that until now, Web3 developers had no means to connect their smart contracts to existing Web2 APIs, while Web2 developers could not leverage their existing infrastructure when building a Web3 app. 

Chainlink Functions fills this gap by providing the missing infrastructure required to build sophisticated applications that combine the best of both worlds.

Developers building in the Avalanche ecosystem can use it to connect Web2 APIs and cloud services in their smart contracts. By doing so, they can access a wide range of benefits, including extensive connectivity, customizable computation, trust-minimized security, and self-service in minutes.

Trust-minimized computing with Chainlink Functions

Chainlink Functions operate as a decentralized runtime for computing, allowing for the testing, simulation, and execution of customized logic off-chain in Web3 applications. 

It serves as a blockchain-enabled and more trust-minimized alternative to traditional cloud-based serverless solutions like AWS Lambda, GCP CloudFunctions, and Cloudflare Workers.

As per the post, Chainlink Functions provides a self-service platform that enables developers to meet their external data and computation requirements without interacting with node operators. 

This feature enables developers to focus on their decentralized applications while relying on the network’s connectivity, security, and reliability.

By integrating on Avalanche, the process of linking Web3 applications with Web2 data sources is streamlined, resulting in a more straightforward and hassle-free developer experience. 

Avalanche developers can now connect their smart contracts to existing Web2 APIs in minutes, unlocking a new frontier of capabilities and applications. Its effortless connectivity enables developers to integrate robust Web2 APIs and data sources into their smart contracts without difficulty.

Nevertheless, the launch of Chainlink Functions on the Avalanche Fuji testnet unlocks a new frontier of Web3 and Web2 integrations. However, developers building in the Avalanche ecosystem can use it to connect their smart contracts to existing Web2 APIs.

Thereby unlocking many benefits, including extensive connectivity, customizable computation, trust-minimized security, and self-service in minutes.

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Avalanche (AVAX) Drops From $21 To $16 Despite A 10.8% QoQ Revenue Surge

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Avalanche (AVAX) has been struggling lately. The bearish trend has been persistent, with the coin’s value plummeting from its peak of $21 on April 19th to a current low of $16. 

Despite this downward trend, the network’s Q1 performance was certainly something to take note of. In fact, AVAX revenue increased by an impressive 10.8% QoQ. Only time will tell if this promising performance can be sustained amidst the current market challenges.

According to the data from CoinMarketcap, AVAX is currently trading at $16.52. Over the past 24 hours, it has experienced a decrease of approximately 1.28%, with a notable drop of around 8.48%. Moreover, the trading volume within the last 24 hours has decreased by 20.93%.

AVAXUSDT 2023 05 03 08 57 41
Source: Tradingview

Avalanche’s price prediction suggests that current sentiment is Bearish, and the Fear & Greed Index is at 10.42, indicating extreme fear. Over the last 30 days, AVAX decreased by -3.64% but is expected to recover slightly in May, with a 115.14% increase to $35.51. 

All indicators are still in the Bearish zone. However, AVAX trades below the 200-day and 50-day simple moving averages, indicating a Sell signal. The RSI is at RSIValue, indicating a BUY position for the AVAX market. 

image 6
Source: Digital coin price

According to the technical indicators, the 200-day SMA will drop, and the price will hit $16.11 by the end of December. By December 2023, the short-term 50-Day SMA shows $17.63 for AVAX.

Avalanche’s Q1 2023: Rebound & Challenges

According to a report by Messari, Avalanche’s Q1 2023 Key Insights showed a rebound in the market cap, which increased by 65.8% QoQ. Avalanche’s revenue (in AVAX) also increased by 10.8% QoQ. 

However, the daily average active addresses and transactions declined by 20.7% and 31.9%, respectively, following an anomalous spike in Q4.

Despite this decline, mainstream interest in Avalanche’s network infrastructure continued to grow, with partnerships with AWS and Tencent Cloud. The launch of HyperSDK, Glacier API, and integration with The Graph aimed to usher in developers.

Avalanche’s network health was impacted by two periods of instability, leading to a dip in transaction throughput, but did not halt the network. 

Avalanche’s user activity remained stable, and its financial performance improved, with stable stake amounts and a growing number of delegators indicating that the network continued to become more decentralized.

Despite some challenges, Avalanche looks to remain competitive, continue its growth strategies, build community, and pursue its robust plans for 2023. 

The incoming launch of Uniswap and early traction seen across new DeFi applications should expand DeFi beyond Aave, while more NFT and GameFi projects continue to launch.

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Sprucing Up Finance: AVAX Soars 17% In Weekly Chart As Institutions Join Evergreen Subnet

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The cryptocurrency Avalanche (AVAX) has been drawing attention with its impressive performance in the past week, as it has risen by approximately 16.72%. According to the daily chart, there seems to be a bullish trend with a 5% gain.

Currently, the token is being traded at $21.45, indicating that it has shown signs of recovery since the beginning of the week when it opened at $17.93. The token is now approaching its key resistance level at $21.60, leading many to believe that the price will continue to rise.

AVAX 7D graph coinmarketcap
Source: CoinMarketcap

AVAX has successfully maintained its upward trend line throughout the week, with continuous green candlesticks appearing for the token. Although the price function remained slow at the beginning of the week, it has steadily risen in the last few days.

As a result of heightened volatility, the Bollinger Bands average has climbed to $18.33. The lower limit of the Bollinger Bands, currently sitting at $16.12, is considered the most robust support level, whereas the upper limit, now at $20.54, has transformed into a support level.

image 59
Source: Tradingview

Following today’s positive actions, the Relative Strength Index (RSI) score has increased to 73, indicating that the indicator trades in the overbought zone. Overall, it seems that Avalanche (AVAX) has been performing well in the cryptocurrency market, with many expecting the price to continue to rise in the near future.

Avalanche (AVAX) Launches Spruce Testnet 

Avalanche, the high-performance blockchain platform, earlier this past week announced the launch of its latest Evergreen Subnet, “Spruce,” with a group of institutional partners that includes Cumberland, T. Rowe Price Associates, Wellington Management, and WisdomTree. 

Spruce is designed to allow institutional buy- and sell-side firms to engage with public blockchain infrastructure in a low-risk, low-barrier-to-entry way. Participating institutions will use Spruce as a testnet to test applications and assets and to measure the benefits of on-chain trade execution and settlement.

In addition to foreign exchange and interest rate swaps, future phases of Spruce will include the exploration of tokenized equity and credit issuance, trading, and fund management. The platform will enable financial transactions with enhanced operational efficiencies, reduced risks, and regulatory compliance without creating liquidity islands or reducing interoperability.

John Wu, President of Ava Labs, stated that Spruce is a significant step towards exploring the possibilities of digital finance, and the Evergreen Subnets aim to address many of the issues with permissioned DeFi precluding broader institutional adoption of public blockchain infrastructure.

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Avalanche’s Evergreen Subnets: Paving The Way For Institutional Blockchain Deployments

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Ava Labs’ Blockchain platform, Avalanche, is gearing up to introduce new institutional deployments in a bid to enhance the blockchain ecosystem, according to the platform’s latest blog post.

The platform’s latest offering, the Avalanche Evergreen Subnets, is a suite of customized institutional blockchain deployments and tools aimed at catering to the unique needs of various financial services companies and the broader industry. 

This move is set to further bolster the network’s reputation as a leading player in the rapidly evolving blockchain space.

The Evergreen Subnets blend public network advantages with exclusive enterprise features, empowering financial institutions to execute blockchain and digital asset plans in private, permissioned chains with trusted counterparts. Plus, they can still connect and interact with other subnets via Avalanche’s inbuilt communication protocol.

Subnet architecture enables builders, teams, institutions, and government agencies to launch custom blockchains that are optimized for their specific use cases. 

These subnets are interoperable with the Avalanche network and isolate traffic to dedicated infrastructure, ensuring the chain’s security and enabling limitless scaling for Avalanche.

Director of Business Development for Institutions and Capital Markets at Ava Labs, Morgan Krupetsky, said:

The Avalanche network ultimately offers a perfect synthesis of the strengths of public and private blockchains, which is why we’re so thrilled to debut Avalanche Evergreen.

According to the post, the network currently has multiple EVM-based Subnet deployments on Mainnet and Testnet, catering to a range of industries and use cases such as DeFi, gaming, NFTs, enterprises, and institutions.

Nevertheless, the launch of Evergreen Subnets marks a notable milestone in advancing blockchain technology, particularly in addressing the intricate needs of institutional finance. With this breakthrough, Ava Labs is poised to strengthen its leadership in the blockchain industry.

Avalanche Latest Move: Positive Reaction From Blockchain Community

The launch of Evergreen Subnets has garnered positive reactions from the blockchain community, with many expressing enthusiasm for the new development. Some have questioned the choice of the name “Evergreen,” but most seem to agree that the power and potential of the subnets are what really matters.

One user noted that it’s time to drive institutional adoption and empower institutions with the power of Avalanche and its subnets. While another praised the accuracy of the name given to the overpowered subnets offering such capabilities.

Others believe that this new development is a step in the right direction for blockchain technology and will change the digital and physical world as we know it. Many are excited about the potential for a wave of institutions to adopt subnet technology in the near future.

However, the response to Avalanche Evergreen Subnets has been overwhelmingly positive, with many looking forward to seeing how this new development will impact the blockchain industry.

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Hour-long Block Halt On Avalanche Network Causes Korean Exchange Suspensions

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The Avalanche C chain, a blockchain platform, has faced an hour-long block production halt, as per reports from earlier today. According to the Avalanche blockchain browser, the latest block time is 7:26 UTC+8, with a block height of 27788298. However, it has been resolved, according to the latest update.

As a result of this, several Korean exchanges, including Upbit and Bithumb, have suspended Avalanche (AVAX) network-related deposit and withdrawal services. Upbit stated that the deposit and withdrawal service for AVAX would be temporarily suspended to perform maintenance on the AVAX wallet system, and once the maintenance is completed, the services will resume.

However, during the suspension period, the deposit return process will also be temporarily halted. The deposit return process will be carried out sequentially after the deposit/withdrawal services resume, and deposits may experience delays due to network congestion or other reasons, the exchange added.

Likewise, Bithumb also announced that it has temporarily suspended deposit and withdrawal services for Avalanche (AVAX) and AVAX-C Step App (FITFI) due to network issues. 

The exchange stated that the market price of Avalanche (AVAX) and Step App (FITFI) might experience high volatility due to the suspension of deposits and withdrawals. Once the stability of the network is confirmed, Bithumb will notify its members of the resumption of deposit and withdrawal services through a separate notice.

Avalanche C Chain Faces Stability Issue, Urges Upgrade To Fix

This issue was first discovered by Conflux’s Co-founder in a tweet earlier today. He shared a screenshot, asking whether the Avalanche C Chain had stopped for an hour or it was just an explorer problem. 

image 73

According to Kevin Sekniqi, co-founder of Ava Labs, the network has been unstable for over an hour, and the problem is with version 1.9.12, for which a fix has just been released. Sekniqi added that if any validator was using this version, they should upgrade to version 1.9.14 immediately to stabilize the network. But in a surprise turn of events, the co-founder deleted the tweet just hours after posting.

In response to this tweet, some community members commented that it is similar to the issues faced by the Solana network in the past, where they had to upgrade their versions to stabilize the network. Others raised concerns over Avalanche’s slow transaction speed and questioned why it has so many supporters despite this limitation. 

Some commented that all dApps would soon be using Hydra, and users could re-evaluate the user experience then. Others suggested that Cardano was the most dependable and decentralized L1.

The halt in block production has caused significant inconvenience to users and traders alike, particularly with deposits and withdrawals being temporarily suspended. Avalanche will need to address the issue as soon as possible and stabilize the network to prevent further disruptions.

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Quant (QNT) Bucks Trend With 10% Gain & Amidst Crypto Market Bloodbath

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Amidst the recent turmoil in the cryptocurrency market, Quant (QNT) stands out as a shining star with its impressive performance in the past 24 hours. 

Despite the bearish mode of the leading currencies, QNT managed to gain about 10% earlier today, along with a significant rise in its 24-hour trading volume.

The QNT token has witnessed a surge in its trading volume, which is up by over 50%, and the market cap has also seen an 8% increase. According to the latest data from CoinMarketcap, QNT is currently trading at $118.47, and it seems to be under bullish pressure.

QNT 1D graph coinmarketcap

As per the technical analysis of the price action of QNT, a new resistance level is likely to form at $124. The old resistance levels are expected to turn into support levels, which will further strengthen the bullish sentiment. 

Today’s trading activity has been dominated by the bulls, as indicated by the formation of a long green trend on the chart. However, if QNT fails to hold the $124 level, it may experience a minor correction. The support levels to watch out for in this scenario are $124 and $110.

Quant Connectivity To Avalanche Blockchain

There are some factors by which Quant (QNT) has been gaining attention, one of which is that Quant (QNT) announced its connectivity to the Avalanche blockchain.

This enables firms to launch projects that work alongside their legacy systems without disruption, as well as across different blockchains.

Last month, the company released Overledger 2.2.24, which includes support for Avalanche’s main smart contracts chain, C-chain, opening up another area of functionality for customers. 

According to Martin Hargreaves, Quant’s chief product officer, the addition of Avalanche to their supported blockchains will enable customers to issue, manage, and interact with assets on the platform, as well as its ESG-friendly innovative consensus protocol.

Quant’s core focus is interoperability, both between different blockchains and between blockchains and legacy systems. The other chains supported by the company include Bitcoin, Ethereum, Ripple, Polygon, Polkadot, XDC, Fabric, and Besu.

The move to connect with Avalanche comes as public blockchains offer advantages in terms of speed and cost. Private equity pioneer KKR recently opened its $4 billion Health Care Strategic Growth Fund to distribution via Avalanche. 

The platform claims to be the fastest smart contracts platform in the blockchain industry, with transactions on its blockchain increasing 1,500% year-on-year in 2022. Its enterprise users include CME Group, payments company FIS, and Mastercard.

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Avalanche Network Upgrade Boosts AVAX 22% In 7 Days & 180% In Trading Volume

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Avalanche (AVAX) has been experiencing growth, fueled by its recent partnerships with tech giant Amazon and finance platform Intain over the past few weeks. 

However, the network’s latest upgrade has also played a key role, propelling AVAX to reach new highs with a remarkable 18% increase over the past 24 hours.

Despite being impacted by the widespread price drops in the crypto market during the final quarter of the previous year, Avalanche (AVAX) has been making waves as one of the strongest performers in recent weeks. 

With a 22% increase in the past week and a remarkable 40.6% growth in the last two weeks, the altcoin has demonstrated its resilience and potential for continued success.

AVAXUSDT 2023 02 02 08 06 41
Source: Tradingview

According to the data from CoinMarketcap, AVAX is trading at $22.13, with an astonishing 112% boost in trading volume over the last 24 hours. It comes on the heels of a tremendous 30-day period, where the token’s value skyrocketed by a remarkable 99%, per CoinGecko’s statistics.

AV
Source: CoinMarketcap

Technically, the token’s price may continue to rise toward the $24 level or even $26. However, it is essential to note that if the price fails to clear the $22 resistance, it could continue to move down toward the support at $18.

Avalanche (AVAX) Price Driving Factor

AVAX’s impressive rally is spilling over into other areas of its ecosystem, as Avalanche, the blockchain platform for decentralized finance, has released version 1.9.8, known as Banff 8. 

According to Patrick O’Grady, the update includes PROXY Protocol v1/v2 support and optimized P-Chain validator lookup, as well as a new P2P network client helper utility.

Banff 8 is backward compatible with version 1.9.0, but its use is recommended for optimal performance. The update does not affect custom virtual machine interfaces, and users running version 1.9.7 do not need to upgrade to Banff 8.

One of the key features of Banff 8 is the support for P2P traffic proxied through the PROXY Protocol, allowing validators to implement custom networking logic and protect their node from specific inbound connections or traffic.

Additionally, the update significantly reduces the latency of getCurrentValidators by 80% through better caching of delegator information. In a future release, getCurrentValidators will only return delegators if specific NodeIDs are provided.

image 9

Lastly, Banff 8 introduces a P2P network client helper utility, making it easier for applications to connect directly to the Avalanche mesh network and exchange messages with validators without running a full node. This utility can be used to build network monitoring tools, stateless clients, and even Avalanche Warp Messaging relayers.

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Avalanche (AVAX) Rises 24% in Last 24 Hours Following AWS Partnership

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According to the official Avalanche Medium blog post, Ava Labs has teamed up with leading cloud provider, AWS, to bring scalable solutions to both enterprises and governments in a significant development for the blockchain industry.

The Avalanche (AVAX) token has seen significant gains, with a 24% increase in the last 24 hours due to this partnership. It has led to the token reaching heights, surpassing its previous record approximately two months ago, as seen in both daily and weekly charts, and it’s currently on the top of the daily gainers’ list.

AVAX has been performing exceptionally well in the market, with a 28.88% increase in value over the past week, according to Coinmarketcap. Additionally, its trading volume has seen significant growth of 378.89% in the past 24 hours. As a result, the token’s market capitalization has also risen by 23.41%.

Avalanche New Infrastructure Features’ Launch On AWS

Under this partnership, Avalanche node operators can now run on AWS GovCloud, meeting the compliance requirements of FedRAMP regulations. 

Furthermore, Ava Labs plans to introduce Subnet deployment as a managed service on the AWS Marketplace, enabling easy access to custom Subnets for individual and institutional users.

It aims to include a feature that spreads out validators responsible for securing the Subnet to different regions and availability zones. This strategy is aimed at increasing the strength and stability of the network.

Additionally, Ava Labs has taken another step forward in its development by joining the AWS Partner Network (APN). As a member of APN, the company can now assist its clients in deploying tailored solutions on AWS, which are linked to over 100,000 partners in over 150 countries.

Emin Gün Sirer, Founder and CEO of Ava Labs, stated that the ability for developers to quickly launch nodes and test networks on AWS in various legal jurisdictions had been a major advantage. 

However, this partnership with AWS simplifies launching and managing nodes on Avalanche, enhancing the network’s strength and versatility for developers. Furthermore, being a member of AWS Activate, Ava Labs extends AWS credits to developers in the Avalanche ecosystem.

VP and Global Head of Startups, AWS, Howard Wright, said:

At AWS, we are all about bringing the most cutting-edge technologies to builders, no matter if they sit in a multi-million-dollar enterprise, a government office, or a dorm. The new capabilities brought by Avalanche enable us to do just that.

In addition to technical collaborations, they are also working together on events for entrepreneurs and developers, including the Avalanche Summit, Avalanche Creates, and hackathons. These events are designed to assist people of all skill levels in achieving their goals of building on Avalanche.

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