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Avalanche Protocol Sees Explosive Growth Thanks to DeFi, Stablecoins

• Avalanche protocol experienced significant growth in user activity due to advancements in DeFi and Stablecoin sectors.
• Collaboration with Cercia and potential AirDrop drove interest in the Avalanche network.
• Despite the rise in user activity, AVAX’s price has not reflected this growth.

Avalanche Protocol Experiences Significant Growth

The Avalanche [AVAX] protocol has experienced a 154% increase in users since the beginning of 2023, driven by advancements in DeFi and stablecoin sectors. Collaboration with Cercia and potential AirDrop have driven interest in the network.

DeFi Protocols Contribute to User Activity Surge

Top DeFi protocols such as BenQi and GMX have played an important role in driving user activity on the Avalanche platform. According to data from DappRadar, there has been a sharp surge of unique active wallets associated with these protocols over the past week, as well as a 12.29% increase in transactions within BenQi during this period.

AirDrop Rumors Push Activity Further

Rumors surrounding an upcoming AirDrop by Layer Zero Labs that is strongly linked to Avalanche may have further fueled this surge in activity. If it materializes, it could potentially result in an even higher surge of users on the platform.

AVAX Price Not Reflecting User Growth

Despite the notable rise of user activity on Avalanche, AVAX’s native cryptocurrency has not reflected this growth yet – its price has declined and fluctuated between 15.49 and 13.68 levels over the past weeks – while On-Balance Volume (OBV) metric experienced a noticeable decrease during this time frame as well.

With various projects contributing to its development, Avalanche’s prospects look promising for future expansion despite current market conditions – especially considering its growing user base propelled by developments within DeFi and stablecoins sectors alike