AVAX to rank among the top 3 cryptos by end of 2021, says Trader Joe co-founder
- $20 million incentives in AVAX and JOE kicked off in "JOE Rush" on October 25.
- Crypto.com added support for Avalanche's contract chain and offers low-fee near-instant transfers on AVAX, USDC and ETH.
- Avalanche network's total value locked climbed to 7.91 billion, 24 times growth since announcement of "Avalanche Rush" incentives.
With the latest developments in the AVAX ecosystem, analysts are bullish on the altcoin's price. Anonymous co-founder of Trader Joe exchange, @cryptofishx, has predicted that the altcoin will hit the top 3 cryptocurrencies by market capitalization.
Avalanche network has far greater scalability than Ethereum, and AVAX network TVL has exploded over the past two months. The blockchain currently processes 4,500 transactions per second (TPS) against Ethereum that offers 13 TPS.
Analysts expect AVAX network activity to explode by the end of 2021
Avalanche has capitalized on several Web3 opportunities by offering $180 million in incentives for smart contract projects to build on its blockchain network. The Avalanche network launched its incentive program in mid-August 2021. Since then, the total value locked (the equivalent of market capitalization for DeFi network applications and protocols) has increased over 24 times.
AVAX network TVL has hit $7.91 billion based on data from DeFi data aggregator DeFiLlama. The network's largest decentralized exchange, Trader Joe, kicked off "JOE Rush," its $20 million incentive program earlier today.
$10 million incentives are offered by AVAX token, and JOE offers $10 million incentives in the program.
Crypto.com, a leading cryptocurrency platform, announced support for Avalanche's contract chain. Therefore offering low-fees and near-instant transfers on AVAX, USDC and ETH.
Avalanche’s Contract Chain (AVAX C-Chain) is now supported on the https://t.co/vCNztATkNg App!
— Crypto.com (@cryptocom) October 25, 2021
Enjoy low fees + near-instant transfers on $AVAX, $USDC, and $ETH.
More tokens soon - stay tuned!
Deposit now https://t.co/TAz25EjL51
Details https://t.co/51Xx0TJrj7 pic.twitter.com/oibXS9omnr
Curve Finance and AAVE entered AVAX's ecosystem and brought massive liquidity earlier this year. Of the $180 million incentives, 10% have been spent attracting new users to the ecosystem.
AVAX ecosystem's Phase 1 was all about attracting new projects and liquidity in the ecosystem. Phase 2 is about cultivating a developer ecosystem and projects on the network. New projects built on the AVAX network are preparing to launch next year.
Based on these ecosystem developments, @cryptofishx expects AVAX price to skyrocket before the end of 2021.
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— cryptofish (,) (@cryptofishx) October 24, 2021
The $AVAX Gameplan: How it will propel to top 3 by the end of Q4.
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Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
