DeFi dapps attract more users as AVAX gains 41% in 7 days
Avalanche dapps, especially in the DeFi sector, have seen an influx of unique active wallets, as the blockchain’s native token AVAX has seen its valuation skyrocket. All top 5 Avalanche dapps boosted their user base in the past seven days.
Amidst the AVAX price action Trader Joe, the most popular dapp on the blockchain attracted 38% more traders. The DeFi dapp boosted its total number of active wallets to more than 150.000 in the past week alone. With trading volume surpassing the $1 billion mark, Trade Joe solidifies its position as the biggest and most popular dapp on Avalanche.
The other four DeFi dapps at the top of Avalanche Rankings on DappRadar also increased their user base. Pangolin Exchange pushed past the 25.000 unique active wallets mark, as activity surged by more than 28%. Aave and Lydia Finance also attracted more wallets in the past week, surpassing the 5.000 mark by a stretch. Last but not least, the funky Abracadabra.Money platform also saw a spike in activity, even if minimal, at only 3%.
AVAX pushes Avalanche dapps forward
The main driver for this spike in activity across the DeFi ecosystem on Avalanche is the stellar performance of the native token AVAX. All Avalanche dapps rely on AVAX as a tight connection to the protocol ecosystem. Consequently, positive price changes to the AVAX token will seduce users into using dapps. As more money and value flows into the Avalanche ecosystem, DeFi dapps will be the first to feel this success.
In the past thirty days, AVAX gained more than 106% in valuation. With an all-time low of $2.80 about a year ago, one AVAX token is currently worth $135.70, according to CoinGecko data. This is a massive gain in only 11 months.
Of course, as much as AVAX contributes to the increase in activity across Avalanche dapps, the same is valid in the opposite direction. As more users discover benefits including fast transactions and low gas fees on platforms like Trader Joe and Pangolin Exchange, the AVAX pool of investors becomes larger.
Aside from natural boosts following increased usage, news surrounding the Avalanche ecosystem also influences AVAX pricing. For example, on November 16, Deloitte announced that the company would use Avalanche to create a cloud-based platform. The platform seeks to limit the damage of natural disasters and public health emergencies across the globe. Such huge integrations boost users’ trust in the protocol as a whole. This, in turn, impacts the price of the blockchain’s native token positively.
DappRadar will continue monitoring Avalanche dapps as the protocol continues on its upwards trajectory alongside its native token, AVAX. To view the full DappRadar Avalanche Ranking, check out this page. If you want to learn the latest news about Avalanche dapps, follow DappRadar on Twitter and join our Discord community.