AVAX fans have a lot to go long on, even with a brief snowfall for Avalanche. Its ecosystem and DApps could overshadow its current price.
Total value locked drops 10.5%, but follows the market-wide downtrend
Avalanche’s primary DApp metric strengthened in the last 30 days as the network‘s TVL rebounded to 121 million AVAX.The chart above shows how Avalanche's DApp deposits peaked at 132.9 million AVAX on March 14, but drastically declined earlier in April to the lowest level since Jan. 3. As a result, the current $8.5 billion TVL is down 10.5% over the last 30 days.
As a comparison, Solana’s TVL decreased by 9.5% in the same period, reaching $4.8 billion. Similarly, Ethereum smart contract deposits decreased from $88.3 billion to $80.1 billion in the same period, which is a 9% decline. To confirm whether the TVL drop in Avalanche is troublesome, one should analyze DApp usage metrics. Some DApps such as games and collectibles do not require large deposits, so the TVL metric is irrelevant in those cases.As shown by DappRadar, on April 28, the number of Avalanche network addresses interacting with decentralized applications declined by 14% versus the previous month. In comparison, the Solana network faced a 60% user increase, while Ethereum remained flat.
The above data suggest that Avalanche is holding ground versus competing chains. Given that AVAX price plunged 29.5% in 28 days, investors should not panic because the decentralized application network posted a solid TVL and DApp usage data.
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