- $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.
1/
— cryptofish (,) (@cryptofishx) October 24, 2021
The $AVAX Gameplan: How it will propel to top 3 by the end of Q4.
A thread :
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.