As the crypto market struggles to recover from the shakedown last week, let\u2019s take a look at #10 on the top 10 crypto list<\/a>. Avalanche<\/a> [AVAX<\/a>], sandwiched between Terra [LUNA] and Dogecoin [DOGE], was trading at $76.90 at press time. This was after slipping by 0.86% in a day but losing 12.03% of its value in the past week.<\/p>\n However, these numbers don\u2019t quite do justice to the drama-filled first quarter Avalanche had in 2022 \u2013 and the hopes riding on it for the future.<\/p>\n Messari\u2019s Q1 report on Avalanche<\/a> told the story of a rising crypto asset and ecosystem which was experiencing both growth and stability after breaking through multiple all-time highs in the last quarter of 2021.<\/p>\n 2\/ Adoption continued as active addresses reached an all-time-high of 140,000 in January. <\/p>\n For perspective, Avalanche had more active users in the first week of January than in all of October 2021. pic.twitter.com\/wzUbOawOU0<\/a><\/p>\n \u2014 James Trautman (@JamesTrautman_) April 12, 2022<\/a><\/p>\n<\/blockquote>\n In particular, Messari\u2019s report repeatedly stressed the importance of subnets when it came to Avalanche\u2019s ecosystem. Apart from the Ethereum Virtual Machine [EVM] subnet that would boost interoperability between Avalanche and Ethereum, the launch of GameFi subnets also triggered excitement and activity within the community. About one such subnet, the report stated<\/a>,<\/p>\n \u201cCrabada quickly passed 5,000 users\u2026Daily transactions grew from 60,000 to over 400,000 over Q1, measured by transactions made to Crabada\u2019s smart contracts.\u201d<\/p>\n<\/blockquote>\n Keeping this in mind, it\u2019s apt to look at Avalanche\u2019s development activity to see how the metric is faring. According to Santiment, however, dev activity has been gradually falling since about early March.<\/p>\n January 2022 was a key month for Avalanche in terms of adoption, but now investors need to see when this ATH will be crossed.<\/p>\n Source: Santiment<\/a><\/p>\n<\/div>\n No project can be perfect and Avalanche is no exception. One particular challenge was the ecosystem\u2019s falling total value locked [TVL]. Messari\u2019s report stated<\/a>,<\/p>\n \u201cWhile TVL on Avalanche experienced a slight decline, top DeFi protocols Aave, Benqi, and Trader Joe experienced TVL declines of 4%, 18%, and 20%, respectively. Their collective TVL declined by 12% \u2014 more than twice the total Avalanche DeFi ecosystem\u2019s decline.\u201d<\/p>\n<\/blockquote>\n At press time, Avalanche\u2019s TVL had recovered from its January dip but was still below its levels achieved in 2021.<\/p>\n Source: Defi Llama<\/a><\/p>\n<\/div>\n Most recently, Avalanche was making headlines as Bloomberg<\/em> reported that Terra\u2019s Luna Foundation Guard had plans to add $100 million in AVAX<\/a> to its reserve for the TerraUSD [UST] stablecoin.<\/p>\n This is yet another milestone for the project, and one for investors to note since Terraform Labs co-founder Do Kwon reportedly picked AVAX due to its \u201cuser familiarity.\u201d<\/a><\/p>\n<\/p><\/div>\nDon\u2019t take SNOW for an answer<\/h3>\n
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<\/a><\/p>\nAll work and no play makes Jack a dull boy<\/h3>\n
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