Over the past day, various records have been broken in two popular altcoin projects. Despite the drastic correction that the crypto markets witnessed in May 2022, the Ethereum hash rate reached another high as metrics broke records on the Avalanche (AVAX) Blockchain. Here are the details…
Avalanche metrics break records
Avalanche’s (AVAX) COO and co-founder Kevin Sekniqi recently shared impressive metrics of Avalanche performance. Sekniqi took to Twitter to share some stats on how Avalanche (AVAX) performed in May. He pointed out that Avalanche (AVAX) broke new records in four key metrics. First, the protocol has seen a record-breaking increase in locked total value (TVL). The net amount of AVAX in the Avalanche-based protocol has exceeded 300 million tokens, which is an 83 percent quarterly increase.
Avalanche in May 2022 (AVAX) ) processed over 32 million transactions; a year ago, this metric was under one million transactions. Subsequently, the domestic supply of the second-largest stablecoin USD Coin (USDC) increased by $1.5 billion in equivalent. Finally, a new record has been set in the number of net unique smart contracts deployed on the Avalanche (AVAX) Blockchain. This amount nearly doubled in 30 days.
Avalanche (AVAX) critics noticed in the comments below Sekniqi’s post that some of these metrics may not be representative as the AVAX price decline continued and the USDC supply increase was negligible. According to DeFiLlama statistics, Avalanche’s net TVL stands at $3.71 billion at the time of writing. Solana’s TVL is only 1 percent higher.
Hashrate record in leading altcoin Ethereum
Meanwhile, analysis company Glassnode stated that Ethereum hash rate saw another increase and reported an all-time high of 1,255,783,319,785,900 H/s. According to a chart from Coinwarz, the ETH hash rate has increased from 1.1838 PH/s to 1.2995 PH/s since Friday, June 3. Therefore, the level in question is reported to indicate a fairly significant increase. Therefore, Ethereum mining difficulty also increased, reaching 5,703,436,743,435,700.
As we have previously reported as Cryptokoin.com, mining difficulty is one of the profits rise every now and then with the entry of new miners who come after them to make it harder for them to solve their problems. At the same time, Glassnode reported that the amount of small-size investors with wallets holding more than 1 ETH has increased, reaching a new historical high of 1,484,710. Meanwhile, at the time of writing, Avalanche is up 7.3 percent, changing hands at $24.82. The largest altcoin, Ethereum (ETH), is at $1,781, up 0.4 percent.
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