According to On-Chain data, there has been a significant increase in the number of wallets holding WRAPPED AVAX (Wavax) recently. Approximately 4,000 wallets increased Wavax balances and reached 1.8 times the recent average.
WRAPPED AVAX accumulation is increasing
The Wavax wallet accumulation in the Avalanche block chain has recently increased in recent days. According to data provided by Thetiie, the number of wallets increasing the Wavax balance in the last 24 hours has reached 3,898. This figure is almost twice the average of the previous 1,600 wallets.
WRAPPED Tokenlar are token, representing a crypto currency of another block chain and with the same value. These tokens can be used for defi transactions such as trading, lending and lending in different block chains and then converted into original assets.
The accumulation increases while the price falls
Generally, price decrease shows that investors have lost confidence, while the increase in accumulation in Wavax may indicate that some investors see long -term potential. However, it is not yet clear whether this purchase wave will provide price stability or open a recovery.
Effect of Binance and Avalanche (AVAX) updates
Wavax wallet accumulation took place immediately after Binance included Avax in the Bybit Card cash refund program. In addition, technological developments in the Avalanche network at the end of last year, such as the Avalanche9000 update, increased the interest in the ecosystem.
However, the Avalanche ecosystem has recently been the scene of significant integrations. For example, Blackrock’s Tokenized Fund BuIDL expanded to the Avalanche network.
Defi Activities and Wavax
WRAPPED AVAX is a tokenized version of Avalanche’s local Avax token and provides wider compliance in decentralized finance (defi) applications.
The increase in the number of walkers holding Wavax shows that investors may be preparing for future defi transactions. Avalanche’s defi ecosystem, although it contains major protocols such as Aave and Lido, has experienced a slight decrease in total locked value (TVL) in recent months.
However, according to fashion show data, the process volumes in the network continue to increase steadily. If this growth trend in Wavax wallets continues, it may be possible to revive the interest in the avalanche defi ecosystem.
