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Cryptocurrency sector has seen a rise in positive sentiments, which has also resulted in the overall well-being of ecosystems on various networks. Avalanche (AVAX) is no stranger to this surge.
Rising Metrics in AVAX
TraderJoe, a popular DEX on Avalanche, has experienced notable growth on the Avalanche network. The trading volume saw a significant increase of 112% during a specific period. Additionally, fees collected from trading activities also witnessed an impressive rise of 146%. The significant amount of fees reaching $138,000 highlights the increasing usage of the platform.
The majority of transactions took place on the Avalanche chain, while the remaining 25% occurred on Arbitrum (ARB). These numbers reflected the growing popularity and activity on the TraderJoe_xyz platform within the Avalanche network. The remarkable growth of TraderJoe_xyz on the Avalanche network has brought along several benefits. More transaction activities are taking place, thereby enhancing the network’s liveliness. It could also imply a high volume of buying and selling.
AVAX Attracts Investor Interest
Furthermore, fees collected, such as service fees, have increased, adding more funds to the network. The majority of transactions happening on Avalanche indicate a growing trust in the network. Due to these factors, TVL and DEX volumes in Avalanche have increased in the past few weeks. This could be a positive development for Avalanche as it demonstrates people’s trust and belief in the network.
More and more people using a bank make it stronger and more reliable. When TVL grows, it can bring more revenue and fees to the network, which can contribute to its success. Additionally, the sudden increase in TVL could be attributed to more people choosing to use Avalanche. With the influence of these positive factors, the price of AVAX has increased by 9.62% in the past 24 hours.
