AVAX Jumps 22% As Avalanche Records Another Win For Institutional Adoption

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Avalanche (AVAX) seems to be reaping the benefits of recent partnerships its network sealed with Amazon and finance platform Intain.

In fact, despite experiencing severe price drops together with the rest of the broader crypto market during the final quarter of the previous year, the altcoin has managed to stand out as one of the better performers this week.

At the time of writing, according to tracking from Coingecko, AVAX is changing hands at $21.81 and has gone up by more than 13% over the last 24 hours.

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On a weekly and bi-weekly basis, the crypto is sporting upticks of 22.2% and 38.2%, respectively while during the past 30 days the digital asset’s value recorded a tremendous boost, going up by an astonishing 96%.

Avalanche Records Massive Jump In Daily Transactions Count

This impressive rally that AVAX is currently enjoying seems to have rubbed off in other aspects of its ecosystem, as evidenced by the 85% increase in the average daily transactions its native blockchain processes which now peaks at 288,120.

Moreover, before exiting 2022, the smart contract-focused network tallied a daily active address average of 48,023, 3.2% higher of what was recorded during the third quarter of last year.

In addition, after registering just 18 transactions per second from July to September 2022, Avalanche tallied 33 TPS during the succeeding quarter, nearly doubling its previous tally.

It is important to note that these developments happened despite the greater cryptocurrency market being pummeled by the negative effects of events such as the collapse of the FTX crypto exchange company and the long crypto winter, to name a few.

Avalanche Moves Toward Institutional Adoption

It can be recalled that Amazon Web Services (AWS) was recently in need of a platform where execution and management of smart contracts could be facilitated for transfers of ownerships as well as live market data financial transactions.

With Ethereum being the leader in smart contracts, analysts and experts were surprised when Amazon made the decision to pick Avalanche, sparking hopes of greater and better institutional adoption for the blockchain and its native crypto AVAX.

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The blockchain seems to be playing all the right cards with regards to this as it announced on January 31, 2023 that it will be partnering with Intain – a structured finance platform responsible for the administration of more than $5 billion worth of assets. With this, Intain becomes Avalanche’s first institutional subnet

AVAX is undeniably responding positively to these developments as it continues to paint its charts in green, recording massive upticks in its value over the last few days.

Featured image from Saanich News

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