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- Avalanche’s ecosystem saw a 23.5% trading volume increase in August, with ~53K traders active on the network.
- Trader Joe led the Avalanche ecosystem with ~$2 billion in traded volume and 27.9K active traders in August.
In August, according to Flip Side, Avalanche had a significant increase in activity, with 763.7K deals across several decentralized exchanges (DEXs).
This activity resulted in a huge total traded volume of $2.7 billion, representing a significant 23.5% rise over the previous month of July. Such an increase demonstrates the Avalanche ecosystem’s quick expansion and robust character.
Update on @avax! 🚀
🔺In August, Avalanche recorded an impressive 763.7K trades across DEXs, with a total traded volume of $2.7 billion — a significant 23.5% increase compared to July!
🔺With ~53k traders in August only, the Avalanche ecosystem is thriving and expanding… pic.twitter.com/ph5gKwZneb
— Feyikemi (@_TheFeyi) August 30, 2024
Trader Joe and Uniswap Lead the Charge in Avalanche Growing Ecosystem
The number of traders in the ecosystem also increased significantly, with almost 53,000 active traders registered in August alone. This increase in engagement reflects rising interest and confidence in the Avalanche network. Notably, Mondays had the biggest trading activity of the month.
It appears that traders are especially eager to start their week on a high note, which contributes to the increased activity noticed on the site.
Among the different trading platforms in the Avalanche ecosystem, Trader Joe remains the dominant power, securing its status as the best trading platform.
In August, Trader Joe had a stunning ~$2 billion in traded volume and attracted 27.9K traders. The platform’s continuous growth demonstrates its importance in the Avalanche ecosystem and ability to consistently attract a large number of users.
Close behind Trader Joe, Uniswap demonstrated its continued value in the Avalanche ecosystem. In August, the platform had 15.8K traders and a total trading volume of around $280.4 million.
These data demonstrate that Uniswap continues to play an important role in Avalanche’s decentralized exchange scene, contributing to the ecosystem’s overall growth and dynamism.
On the other hand, CNF reported that Franklin Templeton has expanded its blockchain-based money market fund to the Avalanche network. The U.S. Government Money Fund, often known as Franklin OnChain, is now available through digital wallets on Benji.
This expansion demonstrates the growing integration of traditional financial products with blockchain technology, particularly on the Avalanche network.
Furthermore, as we previously noted, Avalanche issued 9.54 million AVAX tokens in August and announced intentions to release 1.6 million AVAX tokens for distribution every quarter through 2030. This strategic step is likely to increase liquidity and assist the ecosystem’s growth in the long run.
Meanwhile, at the time of writing, AVAX is trading around $22.21, down 3.60% over the last 24 hours, making its market cap down below $9 billion.