Ethereum (ETH) competitor Avalanche (AVAX) achieved a new milestone by surpassing one million monthly active addresses in May, the first time the proof of stake blockchain has hit the number.
Citing crypto data analytics platform Artemis, The Avalanche Snow Report says that the network broke its previous all-time high record of 840,000 monthly active addresses in April because of the growth of decentralized finance (DeFi) and stablecoins.
“[T]hat activity has stemmed from the increase in stablecoins, which now account for 32% of on-chain users, up from 6% YTD (year to date), along with growth in DeFi, which as a category now constitutes 33% of DAUs (daily active users).”
The achievement also comes as Avalanche rolls out the web3 launchpad AvaCloud, which enables companies to build no-code, fully managed blockchain ecosystems.
“We are proud to announce the launch of AvaCloud, the Web3 launchpad for deploying and scaling no-code, fully managed custom blockchains. AvaCloud marks a landmark shift in the blockchain development process.”
Ava Labs CEO Emin Gün Sirer says AvaCloud is a step towards massive blockchain adoption as the platform aims to address many of the barriers that businesses encounter with the technology.
“Before AvaCloud, building your own blockchain could cost millions of dollars and years of research with an experienced team. Today, you can launch your own chain as a testnet in minutes, and deploy a fully mature network in weeks, all without hiring an extensive engineering team.”
AVAX is currently trading for $14.12, up by 0.48% over the last 24 hours.
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