Avalanche (AVAX) has been leading a couple of prominent DeFi projects including Platypus.<\/p>\n
Platypus is a DeFi project built on the AVAX ecosystem that won the prestigious Avalanche X Grant.<\/p>\n
This DeFi protocol aims to provide a user-friendly and scalable stableSwap platform.<\/p>\n
More so, its dream is to create an Automated Market Maker (AMM) right on top of Avalanche that boasts of open liquidity and maximized efficiency in terms of capital.<\/p>\n
Additional assets can be integrated into the liquidity pool that can greatly enhance simplicity, ease of use, and flexibility.<\/p>\n
Platypus will be incorporating its first batch of voting gauges which will enable owners of vePTP tokens to get more rewards plus decide or vote on the placement of emissions.<\/p>\n
Voting power is regarded as extremely valuable in the DeFi space as it pumps up both liquidity and TVL.<\/p>\n
It\u2019s interesting to note that the voting design of Platypus provides emissions without any presence of pause sliced in between votes.<\/p>\n
AVAX Posts ATH With 2 Million Transactions<\/p>\n
Notably, Avalanche was able to gross as much as 2 million transactions over the weekend which is now the most recent ATH for the crypto, boasting a spike that is astoundingly 4x more as seen in well over two months.<\/p>\n
More so, crypto analysts are in unison that AVAX will soar to new heights in the coming days.<\/p>\n
Evidently, Luigi DeMeo, Ava Labs head of DeFi, believes that subnets are a huge help and are just warming up.<\/p>\n
Conscious Lines collection and Crabada collection from Avalanche, are two of the most popular NFTs with a spike in volume noted at $50K and $115K; respectively.<\/p>\n
Avalanche-based NFT have also surged in terms of growth and popularity while the rest of the other NFTs are on a major decline over the past couple of days.<\/p>\n
Avalanche was able to come up with $168,419 in terms of NFT sales, which shows a 20% dip compared to the past week.<\/p>\n
Crypto Down In The Trading Arena<\/p>\n
Despite the surge in new transactions, AVAX is currently losing it on the weekly chart.<\/p>\n
According to CoinMarketCap, AVAX price has nosedived to 0.63% or trading at $18.81 as of press time.<\/p>\n
Apparently, AVAX shaved off as much as 5.83% in the past week. More so, the Avalanche network also suffered a massive drop in terms of TVL as seen overnight.<\/p>\n
AVAX is at a point of consolidation as it pauses from going to one direction following a massive selling activity. AVAX is looking to go for a downswing breakout.<\/p>\n
On August 19, AVAX price successfully breached the ascending parallel channel but wasn\u2019t lucky consistent enough to bounce back.<\/p>\n
The bearish undertone of AVAX has triggered a low of $17.44 or a 28% plunge.<\/p>\n
While the crypto is looking extremely bearish, a sudden spike in buying activity may propel it to create a daily candlestick that could close right above $20.18, weakening its bearish pressure.<\/p>\n
With that being said, if the bulls can turn the tables around at this stage, this can start a rally at the $22.41 up to the $25.39 levels.<\/p>\n\n