The public chain Avalanche has recently attracted attention for its strong momentum, with a 14.7% increase in the past 24 hours, successfully ranking among the top ten cryptocurrencies by market capitalization. The ecological projects have also benefited from this, with impressive performances in their token prices.
With Bitcoin recently surging to $42,000-$43,000, major public chains have also performed well in the wake of Bitcoin’s gains. Following Solana, the public chain Avalanche has attracted market attention and its ecological projects have also gained significant attention. According to CoinGecko data, AVAX has seen an 83.5% increase in the past week, with a 14.7% increase in a single day, reaching $41.92 at the time of writing, entering the top ten cryptocurrencies by market capitalization.
As the largest lending protocol on Avalanche, Benqi provides liquidity collateral services. Its current Total Value Locked (TVL) is $610 million, making it the protocol with the highest TVL in the Avalanche ecosystem. The protocol token, QI, has seen a staggering 300% increase in the past seven days, with an 84% increase in a single day. It is worth noting that QI is also the only token listed on Coinbase among the Avalanche ecosystem projects.
TraderJoe, the largest DEX on Avalanche, has seen a 43% increase in the past seven days. It was launched in June 2021 and has been a star DeFi project on the Avalanche chain since its inception. It expanded to the Arbitrum ecosystem at the end of last year and continues to attract users to add liquidity (LP) through high APR rewards. It has once again attracted market attention, with its token, Joe, achieving a 220% monthly increase in February.
Driven by Avalanche recently, Joe has surpassed its previous high from February, with a 43% increase in a single week, reaching $0.711. For the period of November 12th to November 18th, TraderJoe alone accounted for 67% of the trading volume on Avalanche. The current TVL of the protocol is $116 million.