Kevin Sekniqi, COO and co-founder of Avalanche (AVAX), shared impressive metrics of Avalanche performance in recent days
Despite the severe correction that crypto markets witnessed in May 2022, the Avalanche (AVAX) blockchain is seeing its metrics soar, Sekniqi said.
Four ATHs for Avalanche (AVAX)
Mr. Sekniqi has taken to Twitter to share some statistics about how Avalanche (AVAX) performed in May. He pointed out that Avalanche (AVAX) set new records in four key metrics.
First, the protocol sees a record spike in Total Value Locked (TVL), calculated in Avalanche Tokens (AVAX). The net amount of AVAX in Avalanche-based DeFi exceeded 300 million tokens, signifying a quarterly increase of 83%.
In May 2022, Avalanche (AVAX) processed over 32 million transactions; one year ago, this metric was below one million transactions. Then, the native supply of second largest stabelcoin USD Coin (USDC) increased by $1.5 billion in equivalent.
Finally, Avalanche (AVAX) set a new record for the net number of unique smart contracts deployed on its blockchain; this amount almost doubled in 30 days.
Avalanche (AVAX) inches closer to surpassing Solana (SOL) by net TVL
Avalanche (AVAX) critics, in the comments below Mr. Sekniqi’s post, noticed that some of these metrics may not be representative as the AVAX price dropdown continues and the USDC supply increase is insignificant.
As previously reported by U.Today, in 2022 Avalanche (AVAX) enabled subnetting, a unique modular scaling mechanism for decentralized applications.
According to DeFiLlama statistics, the net TVL of Avalanche’s DeFis is sitting at $3.71 billion at press time. Solana’s TVL is only 1% higher. Meanwhile, Avalanche and Fantom are the two worst performers when it comes to TVL dynamics in 30 days of top 10 smart contracts platforms.
