The decentralized finance (DeFi) ecosystem on Avalanche has grown 55% in the last month, currently surpassing $11.000 billion in liquidity.
In the last month, the DeFi ecosystem developing within Avalanche, one of the fastest and most scalable blockchains currently based on the protocol Proof-of-Stake (PoS), has grown by 55%. To date, the liquidity deposited within this blockchain overcomes the 11.010 million, according to data from the monitoring platform for decentralized finance, DeFi Llama.
Avalanche currently has a total of 75 decentralized protocols on its chain; among them, several of the best-known DeFi protocols in the industry, such as Aave, CurveFinance, Kyber Network, Sushi Swap, Pangolin and others, which have been implemented within this blockchain to provide its users with access to faster, more accessible and economical services and functions.
Source: DeFi Llama
With liquidity of over $11.000 billion, Avalanche commands nearly 4,5% of all value currently deposited in the DeFi ecosystem. The network Ethereum, which continues to be the leader of this financial ecosystem built on blockchain, shows a current liquidity of more than 172.000 billion dollars, while the DeFi ecosystem, as a whole, has a liquidity close to 257.500 million.
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Avalanche DeFi Ecosystem
Avalanche's DeFi ecosystem has strengthened significantly in recent months, thanks to constant developments driven by the team. Avalanche recently announced the creation and launch of a $200 million fund to support the development of new next-generation protocols. Through this fund, called Blizzard, the developers of the Avalanche blockchain will be able to access financing to bring their ideas, proposals and projects to life, for the development and growth of the Avalanche decentralized ecosystem.
Likewise, the developers announced the deployment of Avalanche incentive programs, known as Avalanche Rush, which will allow users to unlock liquidity mining incentives in the DeFi ecosystem, with protocols such as Aave and Curve.
Avalanche's native token, AVAX, was also recently listed on a local cryptocurrency platform, which serves US clients. All of these developments are growing interest and adoption of Avalanche.
Alliance between Ava Labs and Deloitte
Ava Labs founder and CEO Emin Gün Sirer also posted about his recent partnership with the accounting firm Deloitte, to build a new cloud-based and Avalanche-based platform to manage, quickly and with a high level of security, reimbursements from the Federal Emergency Management Agency (FEMA). On his Twitter account, Gün Sirer highlighted that Avalanche's technology will help state and local governments manage their eligibility to access emergency funds, in the face of natural and public health disasters, in an efficient and transparent manner, combining speed , resistance and adaptability characteristic of this blockchain.
On the other hand, the volatility in Ethereum gas fees has also been one of the main drivers of the growth of this blockchain. The scalability offered by networks like Avalanche guarantees users high performance and very low commission rates, which is why many have opted for these chains as an alternative solution to the high transaction costs of Ethereum.
AVAX, 2.800% in one year
Avalanche's AVAX token is currently the 12th most important cryptocurrency on the market. AVAX is listed on the market with a current value of $108 per unit, and maintains a market capitalization of more than $23.760 billion. This Wednesday, AVAX reached a new all-time high of $110,2 per unit.
Source: CoinGecko
The price of AVAX has appreciated 91% in the last month, while its growth so far this year is more than 2.800%. With this new milestone, AVAX is challenging the current trend in the crypto market, with several of the industry's main cryptocurrencies suffering a decline in their prices.
Continue reading: Avalaunch, Avalanche's platform for next-generation applications
