Avalanche attracts governments and funds in Q3, but token lags 86% below peak
Avalanche saw increased institutional and government adoption in Q3, yet its native token, AVAX, remains 86% below its all-time high.Summary
The Avalanche blockchain is increasingly favored by governments and traditional finance (TradFi) institutions, with entities tokenizing hundreds of millions in capital on the network. This adoption is highlighted by Wyoming's issuance of the Frontier Stable Token (FRNT) on Avalanche and SkyBridge Capital's pledge to tokenize $300 million in hedge fund capital. By the end of Q3, Avalanche ranked as the third-largest blockchain for tokenized US Treasurys, totaling $638 million. Despite this significant network activity, which included over 1 million daily transactions, the native token AVAX has not seen a corresponding price surge. AVAX is currently trading 86% below its all-time high of $146 reached in November 2021, partially impacted by broader market downturns.
(Source：Cointelegraph)