AVAX Sees $800 Million Growth in TVL, Social Dominance Suggests Further Growth

• Protocols under the Avalanche chain have contributed to a $800 million growth in Total Value Locked (TVL).
• Yield Yak, GMX, and Benqi have all made double digit upticks to the AVAX TVL in the past month.
• The AVAX social dominance is 0.527%, suggesting that there may be further growth in the TVL.

The Avalanche [AVAX] blockchain ecosystem has seen a surge in its Total Value Locked (TVL) over the last 30 days, reaching $890.3 million at the time of writing. This impressive growth was made possible with the help of several protocols in the AVAX ecosystem, with Yield Yak, GMX, and Benqi leading the way. These protocols have all made double digit upticks to the AVAX TVL in the past month.

However, in the last 24 hours, most of the contributors ended with reds, suggesting that some investors had withdrawn their funds from the dApps under the AVAX network. Nevertheless, there may still be a chance for AVAX to overcome the fall, due to its current social dominance score of 0.527%. This score reveals that the cryptocurrency is still very much in the discussions around the crypto community, which may be enough to draw investors back in and increase the TVL.

Unfortunately, AVAX’s volume is not showing much promise, as it has been decreasing since hitting over 500 million. At press time, the AVAX volume was down to 395.02 million, indicating that traders are not actively looking to take advantage of a potential price increase. Moreover, Santiment’s analysis of the AVAX NFT volume reveals that trades are also not being made in this area.

Despite the current downtrend, there is still hope for AVAX. If the social dominance score is sustained, combined with uptrends from other metrics, investors may reconsider scaling the TVL. For now, it will be best to keep a watchful eye on AVAX’s performance, as the future may hold further growth for the cryptocurrency.

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