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Avalanche (AVAX) loses 30%+ in April, but its DeFi footprint leaves room to be bullish

AVAX is trading below $65, but the network’s large DeFi ecosystem and DApp use are reflective of its strong fundamentals.
Avalanche (AVAX) price is down more than 30% in April, but despite the negative price move, the smart contract platform remains a top contender for decentralized applications due to its scalability, low-cost transactions and its large footprint in the decentralized finance (DeFi) landscape.AVAX token/USD at FTX. Source: TradingViewThe network is compatible with the Ethereum Virtual Machine (EVM) and unique in that it does not face the same operational bottlenecks of high transaction fees and network congestion.Avalanche was able to amass over $9 billion in total value locked (TVL) by offering a proof-of-stake (PoS) layer-1 scaling solution. This indicator is extremely relevant because it measures the deposits on the network’s smart contracts. For instance, the BNB Chain, running since September 2020

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