The increase in activity occurred at the same time as a number of financial institutions joined the Evergreen subnet known as “Spruce.”
Protocol for the first layer of the blockchain Avalanche is gaining momentum, as shown by the fact that just this week it hit a six-month high in the number of daily active addresses.
On April 12, the number of daily active addresses associated with Avalanche reached approximately 80,000, as reported by the blockchain analytics company Artemis. Its daily active user population increased by 85% in the previous 90 days, making it one of the protocols with the fastest-growing user bases. It now has more daily active users than BNB Chain, Tron, Ethereum, Aptos, and Bitcoin combined. According to Artemis, there were only four protocols that expanded faster: StarkNet, Arbitrum, Stacks, and Canto.
It was on April 12 that Avalanche announced a cooperation with a multitude of financial institutions that would contribute to its network architecture. This corresponded with the high-water mark, which signaled conventional finance businesses’ greater interest in the Avalanche ecosystem.
According to statistics provided by CoinDesk, the price of Avalanche’s native token AVAX is now sitting at $18.53, reflecting a loss of 1.34% over the course of the last twenty-four hours. According to the statistics website DefiLlama, Avalanche is presently the sixth biggest blockchain in terms of the total value locked, which stands at $878.7 million at the time of this writing.