Ethereum challenger Avalanche (AVAX) is moving up the blockchain leaderboard as billions of dollars in investor capital return to the smart contract platform.
New data from analytics platform DeFi Llama shows that Avalanche now has $10.48 billion in total value locked (TVL) after surging over 18% in the past seven days.
The smart contract platform hit its all-time high in TVL of nearly $13.8 billion in early December.
The TVL of a blockchain represents the total capital held within its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Avalanche is now the fourth-largest blockchain in terms of TVL, passing Fantom (FTM) last week, according to DeFi Llama.
Fantom passed Avalanche in January.
Avalanche’s native asset, AVAX, has also had a strong week. The 12th-ranked crypto asset by market cap is trading at $83.26 at time of writing, up nearly 20% in the past seven days.
Popular crypto trader Smart Contracter predicts AVAX is gearing up for a strong rally.
Explains the pseudonymous analyst on Twitter,
“Where alts are concerned, I’m really digging AVAX. Not only did it have a very strong reaction from a very major 0.618 level but also [the] move down from the highs was a three-wave corrective ABC. Expecting this to outperform many alts, potentially even [an] all-time high.”
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