Global Expansion of Avalanche (AVAX) and Its Growing Influence in Asia
The Avalanche (AVAX) network continues to gain traction on the global stage, particularly in Asia, where it is making significant inroads in Korea and Japan through innovative stablecoin payment systems.
Breakthroughs in Korea and Japan with Stablecoin Innovations
In South Korea, BDACS, a leading custodian, has recently introduced KRW1, the nation’s pioneering Korean won-backed stablecoin. This stablecoin is fully collateralized with deposits at Woori Bank and is currently in its pilot testing phase after a successful proof of concept. This development positions Avalanche as a leader in integrating digital assets within Korea’s financial ecosystem.
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Meanwhile, in Japan, Avalanche is forming strategic partnerships with major industry players such as SMBC, one of the country’s largest banks, and retail conglomerates like Densan. These collaborations aim to enhance payment systems through stablecoin technology, further integrating Avalanche into the Japanese market.
AVAX Network Activity and the DeFi Surge
The rise in stablecoin utility on Avalanche is paralleled by a remarkable increase in network activity. In August, the decentralized exchange (DEX) volume on Avalanche exceeded $12 billion, reflecting an eightfold surge over two months. The network is also witnessing significant advancements in real-world asset (RWA) tokenization, surpassing $450 million, with companies like Grove Finance and SkyBridge spearheading this movement.
DeFi protocols including UNI, Pharaoh, Benqi, and LFJ are flourishing on the platform, driving Avalanche’s total value locked (TVL) beyond $2 billion. UNI, for instance, has experienced a 97% increase in the last month, signaling robust user engagement and liquidity across the network.
Avalanche’s Price Momentum and Institutional Prospects
Currently, the AVAX token is trading around $33, marking a 9.4% increase in the past 24 hours. The token recently surpassed a critical pivot at $31.05, backed by bullish technical indicators like an RSI of 68.44 and a positive MACD histogram. Analysts predict that breaking above the $34.50 mark could set AVAX on a path toward its next resistance level at $42.
Institutional interest in Avalanche is also on the rise, with four AVAX ETF applications pending regulatory approval. These potential inflows from traditional finance sectors could serve as a substantial catalyst for the token’s price growth.
With the burgeoning stablecoin market in Asia and Avalanche’s dynamic DeFi landscape, AVAX is poised to establish itself as a dominant Layer-1 blockchain, ready to compete fiercely in the upcoming crypto bull cycle.
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