Before going to the presentation of the article, we know in a simplified way the total locked value, which is abbreviated as TVL, as the amount of money deposited and locked in the decentralized financing protocols and projects operating on a blockchain network.

Recently Avalanche’s Total Closed Value TVL hit a new record.

Despite a sharp correction in the cryptocurrency markets in May 2022, the Avalanche Blockchain (AVAX) managed to stand out and record a stark rise in its metrics.

Avalanche blockchain flourishes:

According to Kevin Skanji and his Twitter stats and figures about the performance of Avalanche (AVAX) in May, the Avalanche blockchain managed to set new records in four metrics explained in the tweet below:

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Some avalanche metrics:

– TVL (in AVAX) @ ATH: >300 million AVAX (+83% during the quarter)
– Monthly @ ATH: Approx. 32 million in May (ATH)
– Original US Dollar @ ATH: ~1.5 billion (+67% during the quarter)
– Unique Contracts Posted @ATH: >166K (+81% since May 1st) pic.twitter.com/Y7SmWsnc98

– kevin.avax 🔺 Only good feelings (kevinsekniqi) June 3, 2022

First, the protocol saw a record high total locked value (TVL).

The amount of AVAX deposited in the decentralized finance protocols based on Avalanche exceeded a total of 300 million coins, which means a quarterly increase of 83%.

In May 2022, the Avalanche blockchain processed more than 32 million transactions, and for comparison one year ago, this metric was referring to less than a million transactions.

The value of the digital stablecoins (USDC) on Avalanche increased by 1.5 billion dollars.

Last but not least, Avalanche (AVAX) set a new record in the number of net unique smart contracts, which nearly doubled in 30 days.

Total TVL Locked Value for “Avalanche” Approaching Solana:

Many criticisms were directed at what was published above by Kevin Skanji, where critics pointed out that some of these metrics do not represent the true value of the project, especially with the continued low prices of AVAX.

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Earlier in 2022, Avalanche (AVAX) activated subnetting, a unique benchmarking mechanism for decentralized applications.

According to DeFiLlama’s stats, Avalanche’s DeFi TVL net worth is $3.71 billion at press time.

While the TVL closed value of “Solana” remains only 1% higher.

Meanwhile, Avalanche and Fantom are the worst performers when it comes to TVL 30-Day Locked Value Dynamics out of the top 10 smart contract platforms.

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