The recent data about the GameFi market has seen market players questioning Avalanche. DappRadar data shows GameFi addresses saw a substantial uptick to 1.5 million in the 2021 second half. Meanwhile, gradual declines took the metric to around 1 million.
Meantime, this’s a somewhat better performance than DeFi addresses performance during that period. That means the GameFi market has matured and might retain users amid downtrends.
Despite the drawdown, Avalanche has witnessed a development surge in some subnets within GameFi. The latest update shows a massive surge in 24hr active users & transaction numbers since the launch of Swimmer Network & DeFi Kingdoms.
Concerning the former, recent sessions saw a massive upside due to new functionalities plus the Harmony Bridge update. Nevertheless, the numbers have plummeted gradually.
Creating the Future
Meanwhile, Ava Labs remained busy through August, with most projects outpacing their July performances.
In return, top-progressing projects on AVAX saw social acknowledgment from the community in August. They include ImpremiumEmires, Avalaunch, CertiK, and VaporFi.
Avalanche has recorded a minor network performance since August 21. It noted a 0.54% surge in its decentralized financial TVL (total value locked) to $2.07 billion. Aave still leads the AVAX DeFi, with its TVL at $925.3 million by August 22.
Also, Avalanche’s market capitalization witnessed a decent hike, gaining 0.9% to $6.48 billion during this publication. Among its projects, SNX, ODDZ, and GMX performed best on the 24hr chart on August 22.
Final Thought
GameFi continues to print impressive moves while bear markets dent the virtual asset marketplace. Meanwhile, Avalanche builds on all fronts, steaming past the 2022 Q3 halfway mark.
Nevertheless, AVAX seems unable to maintain the pace, showing weak growth signals. The previous week saw AVAX dropping by a whopping 22%, dragging the altcoin towards $21.69 (Coinmarketcap data).
Meanwhile, the cryptocurrency market attempts a new upside following recent declines. While writing this post, the global cryptocurrency market capitalization stood at $1.03 trillion, surging 1.75% over the last day.
Meanwhile, the crypto market volume increased by 14.49% within 24 hours to $70.10 billion. However, upcoming tendencies remain unclear. Time will tell.
