Avalanche (AVAX) sets new records at TVL and Network Event

Avalanche (AVAX) hit record levels in TVL and network activity despite the correction in crypto markets.

Kevin Sekniqi said on his Twitter account that the Avalanche network broke new records in four key metrics.

Avalanche saw a record-breaking increase in Total Locked Value (TVL) for the first time. AVAX’s net amount in Avalanche-based DeFi has exceeded 300 million tokens. That’s an 83% increase over the past three months.

Over 32 million transactions were processed on Avalanche in May. Just a year ago, this metric was under 1 million transactions.

Local supply of the second largest stablecoin USDC also rose by $1.5 billion.

Finally, Avalanche has set a new record for the number of unique smart contracts deployed on the blockchain. The amount has almost doubled in 30 days.

AVAX came pretty close to beating Solana (SOL) in net TVL. Avalanche critics, on the other hand, commented on Kevin Sekniqi’s post that some of these metrics are not significant as AVAX’s price continues to decline and USDC’s supply increase is negligible.

AVAX is trading at $24.67 at the time of writing, according to Binance data.