{"id":529372,"date":"2023-05-01T13:40:20","date_gmt":"2023-05-01T13:40:20","guid":{"rendered":"https:\/\/wncen.com\/?p=529372"},"modified":"2023-05-01T13:40:20","modified_gmt":"2023-05-01T13:40:20","slug":"avax-smart-contracts-hit-6-mo-high","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/avax-smart-contracts-hit-6-mo-high\/","title":{"rendered":"AVAX Smart Contracts Hit 6-Month High &#8211; What This Means For Its Price"},"content":{"rendered":"<p><span style=\"font-weight: 400\">AVAX has been expanding its reach in various areas over the past few months, but one aspect that has seen tremendous growth is its smart contract deployment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With this significant milestone, many investors and traders alike are speculating whether this development could be the catalyst that propels the Avalanche Network native token&#8217;s price to new heights.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Will this newfound growth in smart contracts lead to a surge in AVAX&#8217;s value?<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/terra-classic-recent-efforts-could-benefit-luncs-growth-potential\/\" target=\"_blank\" rel=\"noopener \">Terra Classic Recent Efforts Could Benefit LUNC\u2019s Growth Potential<\/a><\/div>\n<h2><strong>Contract Deployment Spike Could Boost AVAX Adoption\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">According to the latest <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/avalanche\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400\"> data, Avalanche (AVAX) has experienced a minor 2.04% dip in its price over the last 24 hours, but still remains relatively steady at $17.04.\u00a0<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-529377 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a.png?resize=1159%2C85\" alt=\"\" width=\"1159\" height=\"85\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a.png?w=1159 1159w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a.png?w=1140 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/p>\n<p><span style=\"font-weight: 400\">Despite this slight setback, <\/span><a href=\"https:\/\/twitter.com\/Artemis__xyz\/status\/46323712\" rel=\"nofollow\"><span style=\"font-weight: 400\">data from Artemis<\/span><\/a><span style=\"font-weight: 400\"> reveals that the network has witnessed a significant spike in contract deployment, which can be a positive indicator for the protocol&#8217;s usage and adoption.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The contract deployment of <a href=\"https:\/\/twitter.com\/search?q=%24AVAX&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$AVAX<\/a> has recently hit its highest levels in over six months.<\/p>\n<p>After analyzing the on-chain activity, we found that contract deployment hasn&#8217;t seen such growth since May 2022. <a href=\"https:\/\/t.co\/ehkVk7ZrrK\" rel=\"nofollow\">pic.twitter.com\/ehkVk7ZrrK<\/a><\/p>\n<p>\u2014 Artemis \ud83c\udff9 (@Artemis__xyz) <a href=\"https:\/\/twitter.com\/Artemis__xyz\/status\/46323712?ref_src=twsrc%5Etfw\" rel=\"nofollow\">April 28, 2023<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The increase in the number of smart contracts deployed on the Avalanche network suggests that more developers are building dApps and exploring the potential of the platform.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As the number of dApps on the network grows, it can lead to a wider range of use cases for the protocol, attracting more users and projects. This increased adoption and usage can ultimately drive up demand for AVAX.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If the trend of contract deployment continues to rise, it could be a sign of a healthy and growing ecosystem on Avalanche. This, in turn, can further boost the token&#8217;s value.<\/span><\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-529376 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/s.png?resize=860%2C276\" alt=\"\" width=\"860\" height=\"276\"><\/p>\n<pre style=\"text-align: center\">Avalanche Network TVL. Image: Defillama<\/pre>\n<h2><strong>Avalanche\u2019s DeFi Performance Disappoints<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">Despite a significant increase in smart contract deployment on the Avalanche network, the platform&#8217;s performance in the decentralized finance (DeFi) sector has been less than stellar.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Recent data shows a sharp decline in the platform&#8217;s decentralized exchange (DEX) volume, falling from 311 million to 13.74 million in just a few months. This has had a direct impact on <\/span><a href=\"https:\/\/defillama.com\/chain\/Avalanche\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Avalanche&#8217;s total value locked<\/span><\/a><span style=\"font-weight: 400\"> (TVL), which has also seen a decline.<\/span><\/p>\n<p><span style=\"font-weight: 400\">One of the contributing factors to the decline in Avalanche&#8217;s DeFi performance has been the decreasing interest in BTC.b, a wrapped Bitcoin token on the network used for DeFi purposes.<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to data from <\/span><a href=\"https:\/\/dune.com\/queries\/1860833\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">Dune Analytics<\/span><\/a><span style=\"font-weight: 400\">, all DEXes on the Avalanche network have witnessed a decline in BTC.b usage, indicating a lack of interest in the platform&#8217;s DeFi offerings.<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/7yZlNgYf\/\" width=\"2047\" height=\"979\"><\/p>\n<pre style=\"text-align: center\">AVAX total market cap at $5.5 billion on the daily chart at <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/pre>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/render-delivers-40-gain\/?swcfpc=1\" target=\"_blank\" rel=\"noopener \">Render Delivers With 40% Gain As RNDR Dominates Sunday Charts<\/a><\/div>\n<h3 class=\"related-reading-shortcode\"><strong>Outlook For AVAX<\/strong><\/h3>\n<p><span style=\"font-weight: 400\">Despite the disappointing DeFi performance, the increase in smart contract deployment on the Avalanche network remains a positive indicator for the platform&#8217;s future prospects. <\/span><\/p>\n<p><span style=\"font-weight: 400\">As more developers build dApps and explore the network&#8217;s potential, it can lead to a wider range of use cases and attract more users and projects.<\/span><\/p>\n<p><em>-Featured image from Analytics Insight<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>AVAX has been expanding its reach in various areas over the past few months, but one aspect that has seen tremendous growth is its smart contract deployment.\u00a0 With this significant milestone, many investors and traders alike are speculating whether this development could be the catalyst that propels the Avalanche Network native token&#8217;s price to new heights.\u00a0 Will this newfound growth in smart contracts lead to a surge in AVAX&#8217;s value? Related Reading: Terra Classic Recent Efforts Could Benefit LUNC\u2019s Growth Potential Contract Deployment Spike Could Boost AVAX Adoption\u00a0 According to the latest CoinMarketCap data, Avalanche (AVAX) has experienced a minor 2.04% dip in its price over the last 24 hours, but still remains relatively steady at $17.04.\u00a0 Despite this slight setback, data from Artemis reveals that the network has witnessed a significant spike in contract deployment, which can be a positive indicator for the protocol&#8217;s usage and adoption. The contract deployment of $AVAX has recently hit its highest levels in over six months. After analyzing the on-chain activity, we found that contract deployment hasn&#8217;t seen such growth since May 2022. pic.twitter.com\/ehkVk7ZrrK \u2014 Artemis \ud83c\udff9 (@Artemis__xyz) April 28, 2023 The increase in the number of smart contracts deployed on the Avalanche network suggests that more developers are building dApps and exploring the potential of the platform.\u00a0 As the number of dApps on the network grows, it can lead to a wider range of use cases for the protocol, attracting more users and projects. This increased adoption and usage can ultimately drive up demand for AVAX. If the trend of contract deployment continues to rise, it could be a sign of a healthy and growing ecosystem on Avalanche. This, in turn, can further boost the token&#8217;s value. Avalanche Network TVL. Image: Defillama Avalanche\u2019s DeFi Performance Disappoints Despite a significant increase in smart contract deployment on the Avalanche network, the platform&#8217;s performance in the decentralized finance (DeFi) sector has been less than stellar.\u00a0 Recent data shows a sharp decline in the platform&#8217;s decentralized exchange (DEX) volume, falling from 311 million to 13.74 million in just a few months. This has had a direct impact on Avalanche&#8217;s total value locked (TVL), which has also seen a decline. One of the contributing factors to the decline in Avalanche&#8217;s DeFi performance has been the decreasing interest in BTC.b, a wrapped Bitcoin token on the network used for DeFi purposes. According to data from Dune Analytics, all DEXes on the Avalanche network have witnessed a decline in BTC.b usage, indicating a lack of interest in the platform&#8217;s DeFi offerings. AVAX total market cap at $5.5 billion on the daily chart at TradingView.com Related Reading: Render Delivers With 40% Gain As RNDR Dominates Sunday Charts Outlook For AVAX Despite the disappointing DeFi performance, the increase in smart contract deployment on the Avalanche network remains a positive indicator for the platform&#8217;s future prospects. As more developers build dApps and explore the network&#8217;s potential, it can lead to a wider range of use cases and attract more users and projects. -Featured image from Analytics Insight<\/p>\n","protected":false},"author":557,"featured_media":529378,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,87280,86413,4735],"class_list":["post-529372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-avalanche-network","tag-avax-price","tag-price-action"],"acf":[],"yoast_head":"\n<title>AVAX Smart Contracts Hit 6-Month High<\/title>\n<meta name=\"description\" content=\"AVAX has been expanding its reach in various areas over the past few months, but one aspect that has seen tremendous growth is its smart contract\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wncen.com\/news\/avax-smart-contracts-hit-6-mo-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AVAX Smart Contracts Hit 6-Month High\" \/>\n<meta property=\"og:description\" content=\"AVAX has been expanding its reach in various areas over the past few months, but one aspect that has seen tremendous growth is its smart contract\" \/>\n<meta property=\"og:url\" content=\"https:\/\/wncen.com\/news\/avax-smart-contracts-hit-6-mo-high\/\" \/>\n<meta property=\"og:site_name\" content=\"NewsBTC\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/newsbtc\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-01T13:40:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"780\" \/>\n\t<meta property=\"og:image:height\" content=\"386\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Christian Encila\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:site\" content=\"@newsbtc\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Christian Encila\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/wncen.com\/news\/avax-smart-contracts-hit-6-mo-high\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/wncen.com\/news\/avax-smart-contracts-hit-6-mo-high\/\"},\"author\":{\"name\":\"Christian Encila\",\"@id\":\"https:\/\/wncen.com\/#\/schema\/person\/a2d6e9b600c0ed5252bbfc4170c3dd80\"},\"headline\":\"AVAX Smart Contracts Hit 6-Month High &#8211; 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"AVAX Smart Contracts Hit 6-Month High &#8211; What This Means For Its Price","url":"http:\/\/wncen.com\/news\/avax-smart-contracts-hit-6-mo-high\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/avax-smart-contracts-hit-6-mo-high\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-1.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-1.png?fit=780%2C386"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","avalanche network","avax price","price action"],"dateCreated":"2023-05-01T13:40:20Z","datePublished":"2023-05-01T13:40:20Z","dateModified":"2023-05-01T13:40:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"AVAX Smart Contracts Hit 6-Month High &#8211; What This Means For Its Price\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/avax-smart-contracts-hit-6-mo-high\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/avax-smart-contracts-hit-6-mo-high\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-1.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/05\\\/a-1.png?fit=780%2C386\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"avalanche network\",\"avax price\",\"price action\"],\"dateCreated\":\"2023-05-01T13:40:20Z\",\"datePublished\":\"2023-05-01T13:40:20Z\",\"dateModified\":\"2023-05-01T13:40:20Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/05\/a-1.png?fit=780%2C386","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/529372"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=529372"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/529372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/529378"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=529372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=529372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=529372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}