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As the number of validators on the Avalanche network surpasses its all-time high, the AVAX cryptocurrency is experiencing a positive effect, with its price rising.
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The number of validators on the Avalanche network has reached an all-time high of 1,729, with the current number of validators. Despite a decline in network activity, the price of AVAX has not been affected.
According to additional staking statistics, the total number of staked tokens reached 231.99 million AVAX on January 30, which means that the staking rate is 52.82%. For those who don’t know, this rate represents the percentage of the total circulating AVAX tokens that are participating in staking on the network at any given time.
These increasing numbers highlight the growing interest and commitment from participants in the Avalanche network. This shows the strength and attractiveness of the network for both validators and stakers.
Avalanche Validators hits another ATH at 1,729, continuing to increase the decentralization of the network 📈
More staking stats:
🔺 Total Stake 231.99M $AVAX
🔺 Staking Ratio 52.82%
🔺 Validators 1,729
🔺 Delegations 73,706Sources:https://t.co/P6R5iwqrbu… pic.twitter.com/2XjJZgx2H2
— Avalanche 🔺 (@avax) January 29, 2024
DEX volumes on Avalanche have seen growth
In particular, Trader Joe, one of the largest DEXs on the network, saw a 4.92% increase in unique active wallets. Additionally, the volume of transactions taking place on the network also increased by 23.27%.
Despite these factors, overall activity on the Avalanche network has declined. According to data analysis, Daily Active Addresses fell from 87,000 to 44,000 throughout January.
In addition, the number of transactions on the network fell from 2.97 million to 208,000 during the same period.
This significant drop in activity shows that the protocol still has a wide margin for growth. If this trend continues, it could have a serious impact on the status of the AVAX token.
At the time of the latest update, AVAX was worth $34.87 and had fallen by 1% in the past 24 hours.
Additionally, the token’s trading volume has also risen from 326.45 million on January 21 to 741 million at the time of writing.
