Avalanche (AVAX) Makes Waves with One Million Monthly Active Addresses
Avalanche (AVAX), a competing blockchain to Ethereum (ETH), achieved a significant milestone in May by surpassing one million monthly active addresses.
This marks the first time that the proof of stake blockchain has reached this number, according to data from the crypto analytics platform Artemis, as reported by The Avalanche Snow Report.
The growth in decentralized finance (DeFi) and stablecoins has been attributed to the surge in activity on the network. In April, Avalanche broke its previous record of 840,000 monthly active addresses.
Stablecoins now constitute 32% of on-chain users, a significant increase from 6% year to date. Additionally, DeFi accounts for 33% of daily active users.
Avalanche’s recent achievement coincides with the launch of AvaCloud, a web3 launchpad designed to facilitate the development of no-code, fully managed blockchain ecosystems.
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This platform aims to remove barriers and simplify the process of building custom blockchains.
Emin Gün Sirer, CEO of Ava Labs, emphasized that AvaCloud enables businesses to launch their own blockchain at a fraction of the cost and time it would have required previously.
The current trading price for AVAX stands at $14.12, showing a 0.48% increase in the last 24 hours.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
