Avalanche’s TVL puts up a challenge as AVAX puts its best foot forward

Avalanche’s TVL puts up a challenge as AVAX puts its best foot forward

April 14, 2023

By Himalay Patel

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Avalanche observes institutional interest in its protocol as new partnerships emerge, but will that be enough to improve its declining TVL?

Avalanche’s TVL declines despite success of dApps and DEX’s on the protocol.

AVAX’s prices continue to surge along with its volume, however volatility declines.

While the cryptocurrency market experienced an optimistic phase, and several protocols showed progress on the DeFi front, Avalanche [AVAX] didn’t reflect the same trend. Although Avalanche‘s Total Value Locked (TVL) increased, it didn’t manage to match the value it had reached in November 2022.

According to DefiLlama’s data, the overall TVL for Avalanche was around $862.72 million. However, AVAX’s TVL can expect some recovery thanks to the performance of dApps and DEX’s on the Avalanche network.

Not your average “Joe”

An example of this would be Trader Joe, which is one of the most well-known DEXs on the Avalanche network, and has been observed to experience considerable growth.

Messari’s data indicated that Trader Joe was among the DeFi market’s fastest-growing DEXs over the last six months. The reason for this substantial growth in Trader Joe’s popularity could be attributed to its concentrated liquidity model, Liquidity Book.