Avalanche’s on-chain metrics show that a new all-time high may be close

An explosion of activity across the Avalanche ecosystem has seen a number of key metrics reach new highs as the DeFi space continues its rampant growth.

A tweet from Jay Kurahashi-Sofue, the VP of marketing at Avalanche developer Avalabs official, outlined the key activity metrics that have fuelled the surge across the ‘Avalanche C-Chain’.

The key metrics outlined include the daily transaction count, cumulative contracts deployed on the C-Chain and the daily/monthly active addresses across the ecosystem.

All of these metrics are indicative of a marked increase in active users and the use of DeFi platforms such as Trader Joe and Aave across the Avalanche ecosystem.

The data, which was collected from Avalanche Stats, also shows an increase in a vast array of metrics across the C-Chain ecosystem – signalling that more and more users are starting to flock towards Avalanche for cheap, affordable and lightning-quick DeFi.

The Avalanche contract chain (C-Chain) is the chain that facilitates the creation and deployment of smart contracts across the ecosystem – allowing for DeFi protocols to be built and used.

DeFi the main driver

The DeFi space, which is the main driving force behind the increased activity, has since seen incredible growth following the introduction of lending and borrowing platforms to the ecosystem via Trader Joe’s lending platform, Banker Joe, and Aave’s native protocol.

The two projects now top the Avalanche DeFi rankings both in volume and total value locked (TVL) according to data from DefiLlama.

Additional data from DefiLlama shows the TVL across Avalanche DeFi now equals $8.62bn, with the recent surge pushing Avalanche into the top 5 chains by TVL behind Ethereum, BSC, Solana and Terra.

The rise in popularity of Avalanche DeFi comes after the launch of incentive program Avalanche Rush, which provides liquidity incentives across the entire ecosystem to encourage users to participate in DeFi protocols.

As metrics in both on-chain activity and TVL continue to increase, the price of Avalanche’s native token, AVAX, has also reacted in kind.

AVAX is now above $70 – currently sitting at the $71 mark –  and has great strength following recent dips to previous all-time high levels of around $60.

With the growth of DeFi, the attraction of new users and on-chain metrics continuing to flourish across the Avalanche ecosystem, it’s expected that if market strength continues, AVAX could break its recent all-time high of $79.80 and continue its upward momentum as a leading Layer-1 blockchain.