{"id":380885,"date":"2023-12-11T20:30:50","date_gmt":"2023-12-11T20:30:50","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=380885"},"modified":"2023-12-11T21:52:42","modified_gmt":"2023-12-11T21:52:42","slug":"avalanche-defi-protocols-hit-9-month-high-as-avax-token-rallies","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/avalanche-defi-protocols-hit-9-month-high-as-avax-token-rallies\/","title":{"rendered":"Avalanche DeFi protocols hit 9-month high as AVAX token rallies"},"content":{"rendered":"<p>The total value of assets locked on decentralized finance (DeFi) protocols based on Avalanche has reached a 9-month high amid the market rally of the <a href=\"https:\/\/cryptoslate.com\/coins\/avalanche\/\">AVAX<\/a> token.<\/p>\n<p>Interestingly, the increase is coming when the number of locked AVAX tokens has been at its lowest since August 2021. Over the past month, the network users have withdrawn more than 15 million AVAX tokens from protocols on the network despite the increasing dollar value of the assets.<\/p>\n<figure id=\"attachment_380976\" aria-describedby=\"caption-attachment-380976\" style=\"width: 1066px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-380976\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-192525.jpg\" alt=\"Avalanche DeFi\" width=\"1066\" height=\"453\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-192525.jpg 1066w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-192525-300x127.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-192525-1024x435.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-192525-768x326.jpg 768w\" sizes=\"(max-width: 1066px) 100vw, 1066px\" \/><figcaption id=\"caption-attachment-380976\" class=\"wp-caption-text\">AVAX tokens locked on Avalanche Network (Source: DeFiLlama)<\/figcaption><\/figure>\n<p>DeFiLlama <a href=\"https:\/\/defillama.com\/chains\">data<\/a> shows that Avalanche's TVL currently sits at around $875 million, representing a 66% increase within the last three months and its highest level since March. This also places the network among the top 10 blockchain networks by TVL.<\/p>\n<h2>Avalanche's thriving ecosystem<\/h2>\n<p>As per data from DeFiLlama's <a href=\"https:\/\/defillama.com\/chain\/Avalanche?currency=AVAX\">dashboard<\/a>, Benqi emerges as the leading DeFi protocol on Avalanche. Benqi operates as a non-custodial liquidity market protocol, enabling users to stake and lend their digital assets to earn interest.<\/p>\n<p>The protocol's TVL recently crossed the $500 million threshold, accounting for over 50% of the blockchain network's total TVL.<\/p>\n<figure id=\"attachment_380977\" aria-describedby=\"caption-attachment-380977\" style=\"width: 1318px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-380977\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-193407.jpg\" alt=\"Avalanche DeFi Protocols\" width=\"1318\" height=\"396\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-193407.jpg 1318w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-193407-300x90.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-193407-1024x308.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/Screenshot-2023-12-11-193407-768x231.jpg 768w\" sizes=\"(max-width: 1318px) 100vw, 1318px\" \/><figcaption id=\"caption-attachment-380977\" class=\"wp-caption-text\">Avalanche Top Five DeFi Protocols (Source: DeFiLlama)<\/figcaption><\/figure>\n<p>Other top DeFi protocols on Avalanche include AAVE, Trader Joe, and GMX, with their TVLs currently at $254 million, $110 million, and $61 million, respectively.<\/p>\n<p><span class=\"s4\">Besides that, decentralized exchanges (DEX) <a href=\"https:\/\/cryptoslate.com\/transactions-on-avalanche-surge-by-3040-percent-in-november\/\">trading volume on Avalanche<\/a> has also been growing lately. DeFiLlama <a href=\"https:\/\/defillama.com\/dexs\/chains\/avalanche\">data<\/a> shows that the metric improved by 193% during the past week to $1.3 billion. If this trend persists, the network will be on track to beat the $2.7 billion total volume recorded in November.<\/span><\/p>\n<p>Intotheblock <a href=\"https:\/\/twitter.com\/intotheblock\/status\/1734179339447541881\">data<\/a>\u00a0further shows that AVAX transactions surpassing $100,000 reached nearly 1,000, signaling a bullish trend for the network. Nevertheless, this figure remains below the levels witnessed during the peak of the previous bull market.<\/p>\n<figure id=\"attachment_380978\" aria-describedby=\"caption-attachment-380978\" style=\"width: 981px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-380978\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/GBEKi_8WEAAAhgc.jpg\" alt=\"AVAX transactions\" width=\"981\" height=\"446\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/GBEKi_8WEAAAhgc.jpg 981w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/GBEKi_8WEAAAhgc-300x136.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/GBEKi_8WEAAAhgc-768x349.jpg 768w\" sizes=\"(max-width: 981px) 100vw, 981px\" \/><figcaption id=\"caption-attachment-380978\" class=\"wp-caption-text\">Large Transactions on Avalanche. (Source: IntoTheBlock)<\/figcaption><\/figure>\n<p>Additionally, Avalanche's <a href=\"https:\/\/cryptoslate.com\/beam-jumps-20-as-it-expands-gaming-ecosystem-from-avalanche-to-immutable-zkevm\/\">thriving gaming ecosystem<\/a> is beginning to attract more attention and accolades from the crypto community.<\/p>\n<h2>AVAX price rises<\/h2>\n<p>Meanwhile, the notable growth in Avalanche's TVL primarily stems from the substantial surge in AVAX's price.<\/p>\n<p>Despite a <a href=\"https:\/\/cryptoslate.com\/bitcoin-5-correction-triggers-400m-liquidation-as-asia-markets-open-for-the-week\/\">general decline i<\/a>n the cryptocurrency market today, AVAX stands out with a 7.4% gain that helped it print a yearly high of $36, marking its best price performance since May 2022.<\/p>\n<figure id=\"attachment_380981\" aria-describedby=\"caption-attachment-380981\" style=\"width: 1827px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-380981\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/AVAXUSD_2023-12-11_19-38-36.png\" alt=\"Avalanche price\" width=\"1827\" height=\"574\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/AVAXUSD_2023-12-11_19-38-36.png 1827w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/AVAXUSD_2023-12-11_19-38-36-300x94.png 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/AVAXUSD_2023-12-11_19-38-36-1024x322.png 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/AVAXUSD_2023-12-11_19-38-36-768x241.png 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/AVAXUSD_2023-12-11_19-38-36-1536x483.png 1536w\" sizes=\"(max-width: 1827px) 100vw, 1827px\" \/><figcaption id=\"caption-attachment-380981\" class=\"wp-caption-text\">Avalanche's AVAX Price Performance. (Source: Tradingview)<\/figcaption><\/figure>\n<p>Over the past 30 days, <em>CryptoSlate's<\/em> data shows a 108% rise in the token's value, with a <a href=\"https:\/\/cryptoslate.com\/avalanche-and-cardano-post-double-digit-gains-amidst-growing-altcoin-rally\/\">64% increase recorded in the past week alone.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The total value of assets locked on decentralized finance (DeFi) protocols based on Avalanche has reached a 9-month high amid the market rally of the AVAX token. Interestingly, the increase is coming when the number of locked AVAX tokens has been at its lowest since August 2021. Over the past month, the network users have [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":380898,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46940,77968,15323,6849],"tags":[75597],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Avalanche DeFi protocols hit 9-month high as AVAX token rallies<\/title>\n<meta name=\"description\" content=\"Benqi leads Avalanche&#039;s DeFi surge, making up over half of the network&#039;s $875 million in total value locked.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/avalanche-defi-protocols-hit-9-month-high-as-avax-token-rallies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avalanche DeFi protocols hit 9-month high as AVAX token rallies\" \/>\n<meta property=\"og:description\" content=\"Benqi leads Avalanche&#039;s DeFi surge, making up over half of the network&#039;s $875 million in total value locked.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/avalanche-defi-protocols-hit-9-month-high-as-avax-token-rallies\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-11T20:30:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-11T21:52:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/12\/avalanche-tvl.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/avalanche-defi-protocols-hit-9-month-high-as-avax-token-rallies\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/avalanche-defi-protocols-hit-9-month-high-as-avax-token-rallies\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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