AVAX Rides The Crypto Avalanche To Success: Market Cap Skyrockets By 344%
Avalanche (AVAX) had a strong Q4 2023, with its market cap increasing by 344% QoQ and 326% YoY, reaching $14.4 billion. A surge in inscriptions, particularly Avascriptions (ACS-20 tokens), drove significant revenue growth, with a 2,874% increase in revenue from November to December. Daily transactions jumped 450% QoQ to 1.5 million, mainly due to Avascriptions. Avalanche's C-Chain saw a record-breaking 6.3 million transactions in a single day. The number of active validators grew by 20% QoQ, and AVAX stakes increased by 11% QoQ. Avalanche's Total Value Locked (TVL) denominated in USD surged by 78% QoQ to $1.03 billion, positioning it as the 7th chain by TVL. AAVE, Benqi, and Trader Joe demonstrated strong growth in TVL, with smaller-sized protocols also showing impressive gains. Avalanche's token trading pair AVAX/USD experienced significant growth during Q4 but underwent a sharp correction in December before rebounding.
