{"id":1452,"date":"2021-09-16T08:33:58","date_gmt":"2021-09-16T07:33:58","guid":{"rendered":"https:\/\/tradersofcrypto.com\/news\/?p=1452"},"modified":"2021-09-16T08:33:58","modified_gmt":"2021-09-16T07:33:58","slug":"why-avalanche-avax-expands-defi-influence","status":"publish","type":"post","link":"https:\/\/tradersofcrypto.com\/news\/why-avalanche-avax-expands-defi-influence\/","title":{"rendered":"Why Avalanche (AVAX) Expands DeFi Influence"},"content":{"rendered":"\n

Avalanche (AVAX<\/a>) broke out in the past day, adding 16% to its price to become one of the biggest daily movers. AVAX traded above $59, attempting to reclaim its all-time highs near $62.\u00a0<\/p>\n\n\n\n

AVAX trading volumes are also within the higher end of its historical range, standing above $1.4B in the past 24 hours. The project remains one of the most hopeful tokens for continued expansion, mostly due to the growth of the decentralized finance ecosystem. <\/p>\n\n\n\n

How Influential is Avalanche<\/strong><\/h3>\n\n\n\n

Project trackers for the most active DeFi<\/a> hubs on Avalanche suggest the platform now locks in more than $3.34B in value. This puts Avalanche among promising contenders, while still lagging behind the biggest platforms.\u00a0<\/p>\n\n\n\n

Currently, Ethereum locks in more than $91B in value and is still the bellwether for decentralized finance. But within that ecosystem, various startups carve their own niches. Projects like Polkadot and Polygon (MATIC) continue to draw in liquidity by promising higher speeds and lower fees. <\/p>\n\n\n\n

Avalanche is comparable to Solana (SOL)<\/a> in having built a blockchain independent from Ethereum. Solana has so far managed to draw in around $9B in total value locked.\u00a0<\/p>\n\n\n\n

Is AAVE a Gamechanger for Avalanche<\/strong><\/h3>\n\n\n\n

The most important factor for DeFi is to build up an active community and ensure significant liquidity. <\/p>\n\n\n\n

The Aave (AAVE) project is one of the most influential liquidity sources on Ethereum. As of September 2021, Aave locks in more than 16% of all assets in Ethereum-based DeFi. Now, a proposition has been made to launch a version of Aave on the Avalanche network, possibly bringing bridge access and a thriving community to a new network. <\/p>\n\n\n\n

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The @AaveAave<\/a> proposal is live!

If you're part of the $AAVE<\/a> community and would like to see Aave deployed on #Avalanche<\/a>, please put your vote in now: https:\/\/t.co\/Bx4jbUq6mO<\/a><\/p>— Avalanche \ud83d\udd3a (@avalancheavax) September 15, 2021<\/a><\/blockquote>