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On September 27, Avalanche Labs (AVAX) announced a partnership with Chainlink (LINK) to develop NFT, GameFi, and DeFi.
Given the current state of the market, will this cooperation accelerate the development of these two platforms?
#Avalanche has seen tremendous momentum since @chainlink Price Feeds, Keepers and VRF launched on mainnet.
Explore how 10M+ data points, smart contract automation, and verifiable randomness have helped secure $550M+ in value 🧵⬇️ pic.twitter.com/2A5PzdKGcA
— Avalanche 🔺 (@avalancheavax) September 26, 2022
The cooperation of AVAX and LINK
Avalanche Labs confirms the tremendous growth after the integration of Chainlink’s price feed, VRF and Keepers into the main network. Besides, blockchain also guarantees a value of around $550 million.
With the support of Chainlink’s price feed, the Avalanche team can drive DeFI growth in terms of Liquid Staking and DEX.
Furthermore, projects such as AaveAave, BenqiFinance, and Trader Joe have integrated the Chainlink system to improve the Avalanche protocol.
However, this development did not affect TVL much.
AAVE’s TVL line has been flat throughout September. At press time, TVL reaches $1.1 billion.
Trader Joe’s TVL is also at just $145.44 million and has depreciated 6.24% since the beginning of September.
However, AVAX has performed well in the NFT space. The NFT community has been using Chainlink’s VRF tools to improve development. AVAX’s NFT volume also experiences growth from August.
On September 24, NFT sales reached $1.62 million, the highest level it had been all month. Therefore, Chainlink plays an important role in driving AVAX volumes up.
Negative signals
AVAX’s social media presence dropped quite a bit in August. AVAX’s social media mentions are also down 25% over the past 30 days.
Moreover, AVAX’s weighted sentiment index is aimed at lower ends throughout September.
AVAX’s trading volume also saw a decline from $327 million in early September to $234.72 million at press time.
Despite many negative signals, the token price has gained 4.13% in the past 24 hours and is trading at $18.12 at press time.
