Ethereum rival altcoin Avalanche (AVAX)continues to elevate itself on the blockchain leaderboards, by surpassing the $10 billion threshold in total value locked in smart contract platforms.
New data from analytics platform DeFi Llama shows Avalanche has now risen to $10.48 billion in total value (TVL) locked, after an increase of over 18% over the past seven days.
The smart contract platform managed to hit an all-time high with TVL of around $13.8 billion in early December.
The total value locked in the blockchain is a value that represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
According to DeFi Llama Avalanche, surpassing Phantom (FTM) last week to become the fourth largest blockchain in terms of TVL. The Phantom had passed the Avalanche in January.
Avalanche’s native token AVAX It’s been a strong week. The 12th-ranked crypto asset by market cap is trading at $83.26, up nearly 20% over the past seven days.
Popular crypto trader Smart Contracter thinks AVAX is poised for a strong rally.
“When it comes to altcoins, I’m really obsessed with AVAX. Not only was it a very strong reaction from a huge 0.618 high, but the move down from the highs was also a ‘three-wave’ US corrector. I expect this to outperform many altcoins, potentially even at all-time highs.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.