The native token of the Avalanche blockchain renewed its all-time high above $110 yesterday despite an overall market correction. Over the last day, the price of AVAX has risen by almost 10%, over the week – by 24%, according to data from CoinMarketCap.
At the moment, the altcoin is trading near $102.72 with a market capitalization of 22.62 billion.
As AVAX tokens are used to pay network fees and are involved in the consensus mechanism, their price grows along with the popularity of decentralized applications based on this blockchain platform. Over the past month, the amount of total value locked (TVL) in its smart contracts increased by 61%, reaching $11.1 billion.
The explosive growth of the indicator took place after the integration with the Aave landing platform. The owners of ERC-20 standard assets were able to transfer them to the Avalanche blockchain using the cross-chain bridge. Aave accounts for 29% of funds locked in protocol smart contracts.
Popular decentralized exchange (DEX) Trader Joe also operates on the basis of Avalanche – its TVL exceeded $2 billion in November. According to CoinGecko, in terms of daily trading volume, the platform has bypassed other large players, including Uniswap v2, Sushiswap and Curve Finance.
On November 16, Ava Labs announced a partnership with auditing firm Deloitte. As part of the cooperation, both parties will launch the Close As You Go cloud platform, focused on helping victims of natural disasters.