Activity on the Avalanche C-Chain protocol has seen an outstanding uptick, hitting 35.8 million transactions.
By Godfrey Benjamin
Editor Hamza Tariq
Updated
3 mins read
Avalanche C-Chain reached a major milestone in August with 35.8 million transactions, the second-highest monthly total in its history. This achievement has coincided with a potential breakout in AVAX AVAX $25.36 24h volatility: 5.9% Market cap: $10.70 B Vol. 24h: $806.25 M price.
The C-Chain is one of Avalanche’s smart contract chains, alongside the X-Chain, which handles asset transfers, and the P-Chain, which manages validators and staking.
Collectively, these chains facilitate the efficient running of operations on Avalanche, from supporting a wide range of applications to maintaining network security.
By attaining 35.8 million transactions, the Avalanche C-Chain has contributed to boosting the network. It is a reflection of the growing activity on the smart contract platform.
The chain is specifically optimized for Ethereum-compatible ETH $4 467 24h volatility: 2.8% Market cap: $539.19 B Vol. 24h: $32.08 B smart contracts. It focuses on facilitating fast, low-fee transactions for decentralized finance (DeFi) applications, non-fungible token (NFT) projects, and other dApps.
Fortunately, this has had a positive impact on the price of AVAX, the native cryptocurrency of the Avalanche blockchain. With more users interacting with smart contracts, DeFi platforms, and NFT projects, the demand for AVAX is expected to increase. This is because the token is required to pay network fees and participate in staking.
At the time of writing, the AVAX price was pegged at $25.10, representing a 4.83% rally over the last 24 hours. Its 24-hour trading volume is at $877.01 million with a 26.73% increase, and its market capitalization has topped $10.58 billion, making it the 17th largest cryptocurrency by this metric.
Gradually, AVAX is inching closer to the resistance level, and should it break out with strong volume and follow-through, it is expected that it would head to the next upside target around $33.
Approval for the Grayscale AVAX ETF, which was filed in March, could also fuel the AVAX price, probably pushing it to achieve the next upside target.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.