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- Avalanche’s C-Chain trading volumes surged over $800M, with 53,000 active traders in August.
- Franklin Templeton’s $1.6T expansion into Avalanche boosts institutional confidence and bullish momentum.
Avalanche’s C-Chain decentralized exchange (DEX) trading volumes have rebounded dramatically following a brief period of stagnation earlier this year.
After a fall in mid-2024, DEX volumes rebounded, exceeding $800 million in early August. This recovery shows renewed investor confidence and represents a watershed moment for the Avalanche network, which is gaining traction in the decentralized finance (DeFi) industry.
.@avax C-Chain DEX Trading Volumes: Rebounding Growth After Brief Stagnation
🔹After a period of lower activity in mid-June 2024, Avalanche's C-Chain Weekly DEX trading volumes have shown a strong rebound, reaching over $800M in early August.
🔸This surge suggests renewed… pic.twitter.com/9c57jZ2bPN— House of Chimera (@HouseofChimera) September 2, 2024
Avalanche: Speed and Low Costs Drive DEX Growth
Several causes have led to this expansion. First and foremost, Avalanche’s fast transaction speeds and low costs have made it a popular alternative for decentralized trade, particularly when compared to Ethereum. The C-Chain enables faster and more affordable trading, allowing platforms such as Pangolin and Trader Joe to thrive.
Pangolin, a major Avalanche DEX, has gained notice for its liquidity mining programs and ability to execute transactions significantly more efficiently than Ethereum-based rivals.
Furthermore, as we previously reported, the Avalanche ecosystem as a whole has shown consistent expansion. In August 2024, the platform experienced 23.5% growth in trading volume, with around 53,000 active traders. Trader Joe led the assault, with an astonishing $2 billion in trading volume and roughly 28,000 active traders.
This growth reflects the growing popularity of DeFi solutions on Avalanche, which continues to attract traders seeking a quick and scalable blockchain network.
Institutional trust in Avalanche is also rising. One of the most significant events in recent months has been Franklin Templeton’s move into the blockchain world through Avalanche.
With over $1.6 trillion in assets under control, Franklin Templeton’s investment in Avalanche demonstrates that institutional investors are rapidly recognizing the promise of blockchain technology. This move has boosted AVAX’s bullish sentiment, confirming its position as a prominent participant in the cryptocurrency sector.
Meanwhile, as of writing, the AVAX price has been trading around $21.58, with a 3.85% drop over the last 24 hours. According to CoinMarketCap, AVAX is now ranked 12th among cryptocurrencies in terms of market cap, with a valuation of over $8.745 billion.