Is the avalanche performance on this front to blame for the bearish price action?

  • Hexagon has launched a new add-on to protect Avalanche users from various threats
  • But according to statistics, the past week was full of problems for AVAX

Network security for Avalanche [AVAX] It gets even better with a new collaboration with Hexagate, announced December 12. With the new addition, Hexagate will help Avalanche users protect their Web3 transactions from fraud and various threats.

Read avalanches [AVAX] predict the price 2023-2024

Before consumers sign transactions, the browser extension will scan them for financial and cyber security issues, including phishing, front-end hacking, market manipulation, and so on. The new browser extension will be compatible with Core, Metamask, Coinbase Wallet, WalletConnect, and more.

Here are the weekly stats

AVAX Daily, one of the popular Twitter accounts posting updates on Avalanche Ecosystem, which recently published the network’s weekly stats. The tweet revealed that the volume of transactions in the Avalanche ecosystem on December 12 was nearly two million transactions per day.

Despite this development, the price of AVAX fell by 5% in the past week. At the time of publication, Avalanche is trading at $12.81 with a market capitalization of over $3.9 billion.

Tough week for the Avalanche

Despite the 5% increase in AVAX prices, the DeFi space has seen significant growth. DeFiLlama data revealed that Avalanche’s total value locked (TVL) peaked on December 12, and at the time of writing is worth $2 billion.

However, Santiment’s chart shed some light on what may have gone wrong last week. Despite new partnerships and integrations, Avalanche development activity has declined sharply. This was a negative sign.

afaxBinance’s funding rate was also relatively lower, reflecting less interest from the derivatives market. Not only that, but Avax Social mentions It also took a hit last week, dropping 42%, reflecting the network’s lower popularity.

Source: feeling

Avalanche’s NFT space also didn’t boast of promising growth, as the network’s total NFT circulation plummeted after the December 6 increase. This was also true for USD NFT trading volume, which indicates this afaxThe NFT space has been gaining some momentum over the past week.

Source: feeling

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