With Bitcoin and Ethereum recovering on their very own respective charts, market momentum was captured by a few of the trade’s smaller tokens. Needless to say, thanks to strong bullish momentum, many of these alts were able to register their own record highs in the market.
Now, Cardano and Solana are a few of the commonest family names. However, AVAX has also been making a case for itself as August’s best-performing asset.
On the time of writing, the crypto-asset was up by 265% for the month. But, if its growth is assessed from 21 July to its 24 August peak value, the rise was a whopping 475%. In truth, the asset simply missed its ATH worth of $61 which was set in February 2021.
Interestingly, unlike other crypto-assets, AVAX registered higher trading volumes over the past month. Nevertheless, AVAX has additionally been making a case for itself as August’s best-performing asset.
Is AVAX becoming a breakout project?
You will need to observe that the Avalanche platform has been working in direction of essential developments. The platform recently announced its plans for a $180 million liquidity mining incentive program in order to scale its reach in the DeFi industry.
The time period ‘Ethereum Killer’ is thrown round at each venture that even remotely emulates its performance. Avalanche has been no exception. Like Ethereum, AVAX performs a transaction fee-burning mechanism that allows the circulating supply to reduce over time.
Nevertheless, its impression will take an extended time period to unfold for the reason that provide is hard-capped at 720 million. As of now, only close to 200,000 AVAX have been burned.
Can AVAX break the Ethereum-DeFi stranglehold?
After Avalanche announced its $180 million incentive program, SushiSwap became the first major project to join the initiative. Now, SushiSwap has been in a position to muster a reputation for itself within the trade. But, it isn’t as popular as UniSwap at the moment.
And but, it’s a good begin for the AVAX platform. The project is still in phase 1 and it has been designed over the long term to demonstrate the foundation’s commitment to scaling DeFi on the network.
So far as “breaking Ethereum’s DeFi place” is worried, nevertheless, it’s unlikely to occur anytime quickly. Other platforms such as Binance Smart Chain and Polygon are already capturing a major share of the market. Whereas Avalanche does have potential, its intrinsic worth isn’t totally evident or obvious simply but.