Avalanche Welcomes New Positive Developments, Yet On-Chain Data Still Far from Historical Highs

BlockBeats news, November 9 - According to official sources, Avalanche will become the core ledger technology provider for the clearing process of the NYSE-affiliated tokenized securities platform, supplying the underlying ledger infrastructure for the clearing institution behind the platform. Following the announcement, AVAX briefly rose 6.4% and is currently quoted at $8.52.

In terms of network activity, over the past 7 days, the Avalanche C-Chain recorded approximately 2.3 million on-chain transactions, averaging about 329,000 per day, up roughly 13% from the previous week. However, the rebound in transaction count has not yet translated into stronger DeFi trading demand. During the same period, DEX trading volume was approximately $471 million, down about 18% week-over-week; on-chain fees were approximately $1.5 million, down about 34% week-over-week.

Capital flows also show divergence. Avalanche's current DeFi TVL is approximately $608 million, up about 14% over the past week, mainly driven by capital growth in protocols such as Aave V4; however, on-chain stablecoin reserves are approximately $1.32 billion, still below previous levels.

Compared with historical peak data, Avalanche's current situation can still be described as "dismal." Its TVL once reached approximately $11.5 billion in December 2021, and is now only about 5% of that peak; stablecoin reserves once reached approximately $4.7 billion in March 2022, and are now about 28% of that level. The historical high for 7-day DEX trading volume was approximately $6.7 billion, and the current figure is about 7% of that peak.

Transaction count also shows a clear gap from peak levels. Avalanche C-Chain's 7-day transaction count once reached approximately 41.8 million in December 2023, and is currently about 2.3 million.