AVAX jumps 13% amid significant Avalanche ecosystem growth

avax rallies as avalanche grows
“AVAX jumps 13% amid significant Avalanche ecosystem growth” Image by Washington State Dept of Transportation via Flickr
  • Avalanche continues to grow with leaps and bounds.
  • AVAX/USDT pair jumped 13% in the last 24 hours.
  • AVAX has ascended to the 13th position on the cryptocurrency market leaderboard.

PUNE (Coinchapter.com) – Avalanche has quickly grown to capture the limelight amongst upcoming “efficient smart contract platforms” and “worthy Ethereum killers.” A slew of developments within the ecosystem triggered a 13% rally for the AVAX/USDT pair.

The token pair’s latest upside move brought it closer to $80, its previous all-time high. C-Chain and block fee reductions had caused Avalanche’s native blockchain asset to rally up to the said price.

Related: AVAX rallies 13.29% as Avalanche announces “big upgrade” eyeing reduced fee structures

Avalanche Launches $200M Fund

The Avalanche Foundation, Ava Labs, Polychain Capital, and Three Arrows Capital joined hands to launch Blizzard, a $200 million+ fund. The objective is to foster growth, innovation, and development within the Avalanche ecosystem.

Apart from the above contributors, Blizzard received support from Dragonfly Capital, CMS Holdings, Republic Capital, R/Crypto Fund, Collab+Currency, Lvna Capital, Finality Capital Partners, etc. In addition, early-stage projects floating DeFi, NFT, social tokens, and other applications will receive financial and technical support.

“The fund is focused on four key areas of growth across the Avalanche ecosystem: DeFi, enterprise applications, NFTs and culture applications, and will also look for opportunities to support other emerging use cases such as security token issuances, liquidity providers and self-sovereign identity. Support for projects from Blizzard will include equity investments, token purchases, and various forms of technology, business development and ecosystem integration support.

The latest ecosystem development fund comes after the launch of Avalanche Rush, a $180 million liquidity mining incentive program in collaboration with Aave and Curve Finance. After that, another $230 million fund to infuse liquidity within the smart contract platform’s DeFi ecosystem followed.

Related: AVAX soars as Avalanche announces Aave and Curve Finance integration to a $180M project

However, with the latest funding venture, the smart contract platform’s team intends to ignite application development fervor on the platform.

“The last two months have shown incredible growth across Avalanche, with users, assets, and applications joining the community in record-highs. Blizzard will play a key role in further accelerating this growth, and solidifying Avalanche’s position as the premiere home for projects and people pioneering the next era in our space.”

said Emin Gün Sirer, Director of the Avalanche Foundation

Avalanche Community Growth And Increased Network Usage

Community

The platform’s communities have been growing at an increasingly rapid pace since, with the platform’s Twitter handle crossing 370,000 followers. Overall, the network has gathered a community of 1 million individuals across multiple social media platforms. These include Medium, Twitter, Telegram, Discord, Reddit, LinkedIn, Facebook, YouTube, Meetup, and Clubhouse.

Network Usage

While the aggregated Avalanche community size topped 1 million, the platform’s network usage also logged new milestones.

“New ATHs in user activity, total transactions, wallet addresses, and assets transferred over the bridge.

Avautumn is the season of growth”

as per a latest tweet update

Data from the smart contract platform’s mainnet usage statistics reveal that the daily transaction count has crossed 475,000. In addition, cumulative address count crossed 600,000, 6.4 million, and cumulative block count and transaction count numbers neared 6.5 million and 20 million, respectively.

Related: Avalanche’s TVL shoots 10% higher in 24 hours, while AVAX continues to consolidate

A total of 24,602 contracts have been deployed on the Avalanche mainnet, with the cumulative figure crossing 31,500. Monthly active addresses peaked at 352,273, with daily active addresses nearing 70,000. The Avalanche Bridge (AB) recently helped process more than 100,000 transactions to Avalanche since its launch.

NFT activity also shot up on the young smart contract platform.

AVAX/USDT Technical Setup

Sellers entered the AVAX/USDT market after the token pair made a run for the $75 local top, which shot up relative strength index (RSI) number to 78.41. Then, overvaluation concerns triggered a profit-booking move by bears. But the daily chart shows that there’s more steam left in bulls to resume the uptrend.

AVAX has more upside move left
AVAX has more upside move left. Source: AVAXUSD on TradingView.com

AVAX recently bounced off the lower trendline of the Ascending Channel setup and looked to meet the upper trendline, given that the buying pressure is sufficiently high. As a result, the next upside target falls near $105. However, the token may experience a bout of bearish pressure in the intermittent phase.

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