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Surge In Avalanche Transactions: 577,000 Mark New Milestone

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Avalanche, the popular blockchain network, experienced a remarkable surge in transaction activity, reaching a staggering 577,000 transactions, marking its highest point in the past quarter. This unprecedented uptick in activity can be attributed to the recent launch of Star Arena, a social software platform inspired by Friend.tech.

Star Arena’s Impact on Avalanche

Star Arena made its debut in late September, quickly establishing itself as a thriving hotspot on Avalanche­’s C-Chain. This blockchain component is specifically designed for executing smart contracts on the Avalanche­ network. Within a span of just two days, the platform experienced an incredible­ 200% surge in daily transactions.

With over 12,000 unique active wallets now on the Star Arena platform, it is evident that the user base is expanding rapidly. Over the last 48 hours, the platform facilitated millions in total trading volume and processed more than 454,000 transactions, according to the latest data.

image 19

Star Arena not only de­monstrates exceptional transactional prowe­ss but also achieves a commendable­ milestone by reaching over $1 million in total value (TVL), as per data by De­fiLlama. However, it’s important to highlight that this accomplishment falls short of the­ remarkable $44.27 million in TVL held by the­ influential Friend.tech.

image 20

Like its inspiration Frie­nd.tech, Star Arena allows users to easily connect their Twitter accounts. By utilizing the AVAX toke­n, users can purchase “tickets” directly from other users. A portion of the transaction fe­es is allocated to the platform itself, ensuring benefits for both the­ platform and its users when tickets are­ bought and sold.

However, a notable distinction lies in the fact that, unlike Friend.tech, Star Arena features a public feed. This feature enables users to follow others without the need for significant financial commitments, further enhancing the platform’s appeal.

The launch of Star Arena has undoubtedly injected fresh energy into the Avalanche chain, fostering a thriving ecosystem of social interaction and financial transactions. As the platform continues to evolve, it remains a space to watch for blockchain enthusiasts and social networking aficionados alike.

Related Reading | Shiba Inu’s Project Lead Offers Sneak-Peek At Top-Secret AI Projects

Avalanche’s HyperSDK Testnet Breaks Barriers with 140k TPS Milestone

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Avalanche, the leading smart contract platform, has achieved a remarkable milestone with its newly unveiled testnet, HyperSDK, which showcased its capability to handle over 140,000 transactions per second [TPS]. This achievement, as depicted in a shared GitHub screenshot, marks a significant leap for the layer-1 blockchain network.

HyperSDK made its debut on February 21, 2023, with the primary aim of empowering developers to construct high-performance Virtual Machines [VMs] entirely from the ground up. Blockchains created using HyperSDK are aptly named “HyperChains,” offering developers the freedom to tailor them for a myriad of purposes, ranging from NFT marketplaces to DeFi protocols. This innovation heralds a new era of creativity and flexibility for Avalanche’s developer community.

Before the advent of HyperSDK, Avalanche could process up to 4,500 TPS, while Solana managed between 2,000 and 3,000 TPS, and Ethereum lagged far behind with a mere 15-20 TPS, according to Coincodex data.

HyperSDK’s achievement of a staggering 143,322 transactions per second in a controlled testing environment stands as a monumental accomplishment. It aligns with Avalanche’s vision of seamlessly interconnecting a web of highly optimized blockchains, illustrating the network’s commitment to pushing the boundaries of blockchain scalability.

According to a blog post published in February, developers can now seamlessly integrate into a lightning-fast execution environment without the daunting task of writing extensive code from scratch. This streamlined development process reduces the time required to create a customized blockchain runtime from several months to just a matter of days.

Avalanche Achieves Unprecedented Growth in July’s Snow Report

Recently, the AVAX team released its Snow Report, reflecting a flurry of activity in the ecosystem. July proved to be a pivotal month for the Avalanche blockchain, marked by remarkable achievements and network advancements. The Avax ecosystem experienced a surge in activity, boasting over 20 million active addresses and an unprecedented milestone of one million monthly active users for the third consecutive month.

The network’s growth was underlined by significant developments across various sectors. Notably, the renowned decentralized exchange [DEX] Uniswap joined Avalanche, enriching its expanding DeFi ecosystem. Additionally, Struct Finance emerged as a newcomer, introducing decentralized structured financial products to further diversify the offerings within the Avalanche network. This ongoing momentum solidifies Avalanche’s position as a prominent player in the blockchain space.

Avalanche (AVAX) and Filecoin (FIL) Lag Behind: VC Spectra Shines Brighter!

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The cryptocurrency universe is immensely diverse, reflecting the contrasting performance of various tokens. For instance, Avalanche (AVAX) and Filecoin (FIL) have recently disappointed investors with a downward trend on the chart. To start a recovery phase, Avalanche (AVAX) must reclaim a higher recovery level, while Filecoin (FIL) struggles to break past the resistance level. 

Amidst this market volatility, VC Spectra (SPCT) emerges as a more secure option for investors. It continues to please its investors and earns wide recognition as a preferred choice among the crowd.

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Avalanche (AVAX) Invest $50 Million in Tokenized Asset Purchases

On July 25, 2023, Avalanche (AVAX) Foundation committed a $50 million initiative called Avalanche Vista to blow up the world of asset tokenization. Avalanche (AVAX) aims to catalyze the transformation of the financial system, making it more accessible, efficient, and affordable.

Avalanche’s (AVAX) recent announcement highlights key achievements in asset tokenization. One example is Securitize’s move to tokenize a stake in a top KKR fund on the Avalanche (AVAX) blockchain. However, the price of AVAX has hardly changed despite these developments.

In the last 24 hours, Avalanche (AVAX) fell by 2.34%, igniting negative sentiment in investors. Meanwhile, Avalanche (AVAX) is trading at $13.07, with a trading volume of $90 million that has plunged by 24.41%. This illustrates the start of a bearish movement in Avalanche (AVAX) as investors lose interest.

Filecoin (FIL) Falls Short of Investor Expectations

A report by Messari from July 13 revealed that Filecoin (FIL) currently manages an average of 954.2 pebibytes of storage deals. FIL also showed a revenue decline of 40.7% to $11.5 million in the last quarter compared to the previous year’s period due to the 2022 crypto market downturn. 

This resulted in a 66.9% drop in supply-side income, falling to $85.7 million in Q2 2023. To encourage use, Filecoin’s (FIL) storage providers have turned to near-zero fee storage, attracting numerous clients, particularly from the IT sector. Over the past year, Filecoin’s (FIL) price has declined by 25.33%.

Currently, Filecoin (FIL) is trading at $4.40, increasing by 2.26% in the last 24 hours. Filecoin has seen an incline of 1.14% in market cap and a decreased trading volume of 1.35% over the past 24 hours. Crypto analysts suggest that Filecoin (FIL) is consolidating and could break out if further positive developments occur.

VC Spectra (SPCT): The Future of Fintech

VC Spectra (SPCT) is leading fintech and blockchain innovation. This decentralized hedge fund uses AI and cutting-edge tech to pinpoint the best blockchain assets for investment. VC Spectra (SPCT) offers secure investment opportunities by leveraging the team’s vast experience in venture capitalism and risk management.

VC Spectra’s protocol uses smart contracts to automate trading, investment management, and rewards distribution. Their governance token, the Spectra Token (SPCT), is a BRC-20 token that facilitates voting, staking, and rewards collection.

VC Spectra’s (SPCT) presale was a huge hit raising over $2.4 million. In Stage 2 of its presale, they have already sold over 33 million tokens at $0.011 each, up from $0.008 in Stage 1. Early investors from Stage 1 have already seen a remarkable 37.5% ROI.

VC Spectra (SPCT) aims to hit a target price of $0.08 at the launch in different exchanges. If you invest in the VC Spectra (SPCT) now, you could earn a 627.7% return by the end of the presale stages. 

VC Spectra (SPCT) offers a 25% bonus on all deposits made during the presale for a limited time. 

Learn more about the VC Spectra presale:

Buy Presale: https://invest.vcspectra.io/login

Website: https://vcspectra.io 

Telegram: https://t.me/VCSpectra

Twitter: https://twitter.com/spectravcfund

AVAX Eye Key Resistance As Avalanche Surges With Q2 Upgrades & Collaborations

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AVAX, the native token of the Avalanche blockchain, is witnessing a battle between bears and bulls. While bears have been stretching their dominance, all eyes are on a key resistance level. 

On July 14th, AVAX experienced a notable surge on the weekly chart, reaching a month-high price increase of 27% to strong resistance at $15.87, but then all the gains made a reversal and allowed bears to take control. 

AVAX 7D graph coinmarketcap 1
Source: Coinmarketcap

AVAX struggled to hold onto the key mark, and the token is currently trading within a tight range of $14 to $14.90 while seeking support to break through resistance at $14.55.

Despite the setback, AVAX is showing promising signs of potential bullish momentum. Buyers are accumulating AVAX in anticipation of a breakout, leading to growing optimism within the market. 

As of the latest data, Avalanche is trading at $14.03, reflecting a 5.96% price growth within the past week. The token’s total market capitalization stands at $4 billion, with a circulating supply of 345,875,315 AVAX.

Current Avalanche price predictions indicate a Fear & Greed Index reading of 20.41, signaling extreme fear. Technical analysis indicators offer mixed signals, with some pointing towards bullish signs and others indicating bearish sentiments. Overall, there is a neutral sentiment prevailing among Avalanche price predictions.

Over the past 30 days, Avalanche has seen a significant increase of 23.35%. This upward trend suggests a slight recovery in the coming month. By the end of July, Avalanche is projected to have increased by 115.70% and reach a value close to $30.25. 

Avalanche is currently trading below the 200-day simple moving average (SMA), which has been a holding signal for the past 326 days since December 31st, 2023.

Moreover, the token’s price is currently running below the 50-day SMA, indicating a buy signal. Technical indicators suggest that the 200-day SMA will drop soon, with the price expected to reach $15.99 by the end of December.

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Examining the Relative Strength Index (RSI), a popular momentum oscillator currently stands at RSIValue. It implies that the AVAX market is in a neutral position, neither oversold nor overbought.

Avalanche Significant Progress In Q2

Avalanche has made significant progress in Q2 with new upgrades, exciting collaborations, and impressive metrics across the board. Ava Labs introduced the Evergreen testnet, Spruce, partnering with T. Rowe Price Associates and Wellington Management. 

Avalanche Subnet launch by SK Planet facilitates digital collectibles and decentralized communities. Merit Circle DAO’s Beam offers gaming-focused tooling and an NFT marketplace. 

Avalanche shows strong network performance in active addresses, transaction count, and gas usage. Leading DEXs include Trader Joe and GMX, alongside Stargate, Wonderland, and Aave, pursuing multichain goals. Avalanche’s TVL reaches 123 million AVAX, making it the 5th largest chain by TVL ($1.5 billion). 

However, their lot to see. Avalanche’s recent advancements and achievements indicate a promising outlook for the platform, with a multitude of exciting developments on the horizon.

Related Reading | Optimism and Aptos Leave Investors Worried, Holders Moving to Tradecurve For Profits

Avalanche Network Activity Craters, Injective and VC Spectra (SPCT) Updates for 2023

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Avalanche (AVAX) has experienced a decline in network activity in recent times and this has been reflected in its price. On the other hand, Injective (INJ) is sustaining its bull run and investors are considering INJ tokens in 2023. Ultimately, there is a hot new crypto promising to disrupt the crypto investment space. VC Spectra (SPCT) recently raised $2.4 million in private seed sale and the token is trending in the blockchain industry. 

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Avalanche (AVAX) Suffers An Ecosystem User Decline

In April 2023, Avalanche (AVAX) users deployed multiple subnets and the network recorded a huge surge in daily active wallet addresses and number of transactions completed. 

However, this growth phase was only temporary and Avalanche (AVAX) has been in a steady decline ever since. As of July 8, the daily active wallets on the Avalanche (AVAX) blockchain was 90,500. This figure shows a 33% decline from Avalanche’s (AVAX) daily active wallets in April.

The exit of Avalanche (AVAX) investors and users is also reflected in its daily price. As of July 9, Avalanche (AVAX) was trading at $14.18. Barely 48 hours later, Avalanche (AVAX) is trading at $13.30.

Following these events, analysts are predicting that Avalanche (AVAX) will remain on its bearish trajectory till another major investor inflow occurs.

Injective (INJ) Sustains 30-day Bull Run, Expands Partnerships  

Injective (INJ) is a blockchain built exclusively for finance and the DeFi industry. In the last month, Injective (INJ) has added more than 37% to its total value. Injective (INJ) traded at $5.57 on 15 June 2023, and it is currently trading at $8.11 on July 11. Analysts believe that one of the reasons for this sustained Injective (INJ) bull run is its recent Pyth integration.

With the integration of Pyth (a market data/price feed platform), Injective (INJ) users now have complete access to on-chain prices and market data for commodities, currencies, and tradable assets. 

Currently, investors are watching to see if Injective (INJ) can move for an even greater price surge and surpass its ATH of $25. Aside from Injective (INJ), another token that investors are researching in 2023 is VC Spectra. 

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VC Spectra (SPCT) Set to Exceed all Expectations in 2023

VC Spectra (SPCT) is a decentralized hedge fund that aims to drive innovation and development in the blockchain industry through strategic investments. As a VC Spectra (SPCT) holder, you get exclusive access to promising web3 startups, private seed sales, and ICOs before they hit the market.

To ensure consistent returns, VC Spectra (SPCT) uses algorithmic and systematic trading to execute its daily market operations. This way, the hedge fund ensures maximum returns and minimal losses. VC Spectra (SPCT) holders also get quarterly rewards and share in profits from buybacks of profitable blockchain investments.

2023 has been an eventful year for VC Spectra (SPCT). The platform was able to raise $2.4M in its private seed sale, and it is recording high numbers in its first public presale. Right now, VC Spectra (SPCT) has completed 81% of this presale stage, and the token is still selling for $0.008.

When the second presale stage starts, VC Spectra (SPCT) tokens will sell for $0.011, representing a 37.5% increase in price. Soon, VC Spectra (SPCT) will launch fully in the crypto market, and the token is expected to trade for $0.08 when that happens. Consequently, early investors of VC Spectra (SPCT) are set to record a 900% surge in their tokens.

Learn more about the VC Spectra (SPCT) presale here:

Presale: https://invest.vcspectra.io/login 

Website: https://vcspectra.io/ 

Telegram: https://t.me/VCSpectra 

Twitter: https://twitter.com/spectravcfund

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.

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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.

Related Reading | Uniswap Eyes Fantom Blockchain: Unlocking New Horizons In DeFi Expansion

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.

Related Reading | Bitcoin Transactions Break Records: On-Chain Activity Surges To Unprecedented Heights

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.

Related Reading | Glassnode Co-founder’s Insight Into Bitcoin’s Future Trajectory: Battleground At $28K

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.

Related Reading |  How Cardano’s Aiken Launch Pushes ADA To New Heights In The Crypto Market