Avalanche (AVAX) hits record levels in TVL and network activity despite the correction in crypto markets.
Kevin Sekniqi said on his Twitter account that the Avalanche network broke new records in four key metrics.
Avalanche first saw a record-breaking increase in locked total value (TVL). The net amount of AVAX in Avalanche-based DeFi has exceeded 300 million tokens. This means an increase of 83% in the last three months.
Over 32 million transactions were processed on Avalanche in May. Just a year ago, this metric was below 1 million transactions.
The local supply of the second largest stablecoin USDC also increased by $1.5 billion.
Finally, Avalanche has set a new record for the number of unique smart contracts deployed on the blockchain. The amount has almost doubled in 30 days.
AVAX came pretty close to surpassing Solana (SOL) in net TVL. Avalanche critics, on the other hand, commented on Kevin Sekniqi’s post that some of these metrics are not significant as the price of AVAX continues to fall and the supply increase in USDC is negligible.
AVAX is trading at $24.67 at the time of writing, according to Binance data.
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