Avalanche (AVAX) is making significant strides in the global market, especially in Asia. With innovative stablecoin payment solutions, it’s now establishing a firm foothold in both South Korea and Japan.
In South Korea, the newly introduced KRW1 stablecoin, the first of its kind backed by the Korean won and fully collateralized with deposits at Woori Bank, is gaining attention. This pilot initiative follows a successful proof of concept and positions Avalanche as a key player in the country’s digital finance landscape.
In a similar vein, Avalanche is partnering with prominent institutions in Japan, such as SMBC, a major banking entity, and retail powerhouses like Densan, to build integrated stablecoin payment infrastructures.
Surge in AVAX Network Activities and DeFi Growth
This wave of stablecoin applications aligns with a dramatic uptick in network activity across Avalanche. In just August, the total volume on decentralized exchanges (DEXs) exceeded $12 billion, showcasing an impressive eightfold rise over a two-month period.
Furthermore, the tokenization of real-world assets (RWA) on Avalanche has surpassed $450 million, with influential players like Grove Finance and SkyBridge leading the charge.
Notable DeFi protocols, including UNI, Pharaoh, Benqi, and LFJ, are thriving on the platform, propelling Avalanche’s total value locked (TVL) beyond $2 billion. For instance, UNI has experienced a remarkable 97% increase recently, reflecting a surge in user engagement and liquidity throughout the network.
AVAX Price Predictions: Targeting $42 Amid Growing Institutional Interest
As it stands, AVAX is trading around $33, reflecting a notable increase of over 9.4% within the last 24 hours. The token has successfully surged past a critical resistance level at $31.05, bolstered by optimistic technical indicators such as an RSI measuring 68.44 and a favorable MACD histogram.
Market analysts indicate that a sustained move above $34.50 could propel AVAX towards its next critical resistance level at $42.
Moreover, institutional interest seems poised to escalate. With four pending AVAX ETF applications awaiting regulatory approval, fresh capital from traditional finance sectors could serve as a significant driver for the token’s price growth.
In summary, with the evolving stablecoin landscape in Asia and Avalanche’s flourishing DeFi market, AVAX is on track to solidify its position as a dominant Layer-1 blockchain, ready to compete vigorously as the next crypto bull market unfolds.
Cover image from ChatGPT, AVAX performance chart sourced from Tradingview.
