The latest stats on the Avalanche DeFi platform shows a very optimistic feeling about it and a possible price surge for the native token. Some of the most important metrics of this platform show that more people are becoming interested in it, and its usage is rising.
It means more people may become interested in being involved more which may result in considerable price surges for the AVAX token. The token is currently being traded at about $63 after a significant price jump from $9 to about $79 in the July-Sep period.
One of the most important metrics for analyzing DeFi platforms and many other blockchains is the active addresses count. This data has been rising significantly in Avalanche in the last months. According to a tweet by @0xGokek:
Avalanche has just surpassed 300,000 monthly active addresses in October 🔺
Last month was only 190,000 addresses.
Growth is parabolic on @avalancheavax. pic.twitter.com/TvIMUSfWNY
— Gokek (🧊,🔺) (@0xGokek) October 27, 2021
“Avalanche has just surpassed 300,000 monthly active addresses in October 🔺. Last month was only 190,000 addresses. Growth is parabolic on @avalancheavax.”
The chart in this tweet shows very big jumps in terms of active addresses on the Avalanche network. The number was very little in early 2021 and below 50,000 until April. It surpassed that level once in early May, but because of the market conditions, the decline period started. The rising trend started in July 2021. The number of active addresses went from less than 25,000 in that month to more than 300,000 in October, a more than 10x increase.
When the active addresses rise on a DeFi platform, it means more people are using it for their financial needs. More money is coming to the platform, and more fees are paid for swaps and transactions. It can have a direct effect on the native token AVAX.
The number of active addresses isn’t well enough for predicting a bullish situation of a DeFi platform. We should confirm that situation with another metric, and daily active addresses can be a good one. It shows how many people are really willing to use the platform on a daily basis.
In simple terms, it gives us a micro view over the platform. The daily active addresses in Avalanche show a promising trend, too. The number is on the rise, starting the uptrend in early October.
Onchain data about the activity on platforms can be interesting for predicting their situation. Avalanche is one of the most popular DeFi platforms in the market and has experienced considerable interest from users in the last months. It resulted in a price surge for the AVAX token, too. We can expect a domino effect here where people buy more AVAX because of the good situation of the platform that results in more AVAX price surges and, again, more Avalanche usage.