Avalanche, (AVAX), is a prominent DeFi project leader including Platypus.
Platypus, a DeFi-based project, is based on AVAX’s ecosystem which won the prestigious Avalanche X Grant.
This protocol, known as DeFi, is intended to make stableSwap easy and accessible.
The dream of the company is to establish an Automated Market Maker on Avalanche, which will boast open liquidity and maximal capital efficiency.
You can add assets to the liquidity pool, which can increase simplicity and ease-of-use, as well as flexibility.
Platypus will incorporate its first batch voting gauges, which will allow owners of vePTP tokens get more rewards and vote for the placing of emissions.
The DeFi community regards voting as a very valuable asset, as it increases liquidity and TVL.
It’s interesting to note that the voting design of Platypus provides emissions without any presence of pause sliced in between votes.
AVAX Posts ATH with 2 Million Transactions
Avalanche made it possible to generate as high as 2,000,000 transactions on Saturday. It is currently the highest ATH of crypto and boasts an astounding 4X increase in transaction volume compared with the last two months.
Crypto analysts agree that AVAX will rise to new heights over the next few days.
Luigi DeMeo from Ava Labs, the head of DeFi believes subnets can be a great help.
The Conscious Lines and Crabada collections from Avalanche are the two most sought-after NFTs, with an increase in volume at $50K and $115K respectively.
NFTs based in Avalanche have seen a surge in popularity and growth, while all other NFTs have experienced a significant decline in the past few days.
Avalanche came up with $168 419 for NFT sales. This is 20% more than the previous week.
Crypto down in the trading arena
AVAX, despite the rise in new transactions is losing ground on the weekly charts.
CoinMarketCap reports that the AVAX market price fell to 0.3%, or $18.81 at press time.
AVAX has seen a decrease of up to 5.83% during the week. Even more, Avalanche’s TVL dropped dramatically overnight.
AVAX has reached a consolidation point. It paused from moving in one direction after a large selling event. AVAX looks to breakout into a downswing.
On August 19, AVAX price successfully breached the ascending parallel channel but wasn’t lucky consistent enough to bounce back.
AVAX’s bearish undertone has led to a $17.44 low and a 28% plunge.
The crypto market is currently looking very bearish. However, it may see a spike in buying activity that will propel it to make a daily candlestick close above $20.18. This could weaken its bearish pressure.
If the bulls are able to turn the tables at this point, it can launch a rally at $22.41 and up to $25.39.
AVAX market capital at $5.35 Billion according to the Daily Chart | Source: TradingView.com Featured image by Forkast. Chart from TradingView.com