Notable Metric in Avalanche Report!

The Avalanche (AVAX) ecosystem shared a weekly status report of activities. One of the highlights is the huge jump in transactions per second (TPS) recorded by the network. The highest TPS recorded last week was 468, up 24% from the previous week’s high. This may indicate that the overall speed and efficiency of the network has been greatly increased. In particular, there was a marginal increase in the total number of transactions. C chain or contract chain is used for smart contracts and DeFi applications deployment. Most Avalanche DeFi protocols like AAVE and Trader Joe’s run on the C-chain.

The weekly report also revealed vital statistics regarding the stake rate on the network. The staking rate witnessed a notable 62% increase over the previous week. Staking rate refers to the percentage of tokens from the circulating supply staked. One reason users may be interested in staking may be the increase in the estimated reward they will earn, according to experts. Staking rewards increased by more than 8% compared to the previous week. Also, according to the deadline from Avalanche, the total number of validators reached 1,251 at the time of writing. This number has increased by about 4% since the beginning of the year.

But social metrics painted a negative picture of the network. There has been a drastic drop in the number of mentions and interactions on social media. As a result, social dominance also declined by more than 10%. Also, another of the negative developments in the cryptocurrency, the network faced a new outage as block production was stopped for 80 minutes on March 26. This represents the second outage in three days. On March 23, the C-chain stopped block production, which led to a two-hour outage. South Korea-based cryptocurrency exchange UpBit has temporarily suspended AVAX operations due to the outage. According to CoinMarketCap, AVAX is trading at $16.74, down 1.64% from the previous day.

On the daily timeframe, AVAX has moved within a certain range since March 14 after recovering from the stablecoin-induced chaos in the market. The Relative Strength Index (RSI) of the cryptocurrency sits at the neutral 50 level. However, it is difficult to predict the direction of the price. Because most technical indicators are giving a mixed signal, according to experts.