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December 9, 2022
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Avalanche falls after the rally, the Top 100’s worst performance

after an increase earlier this week fueled by news that a program liquidity mining incentive has brought great integrations to the platform.

AVAX actually dropped 14.4% in the last 24 hours, positioning it as the worst performer among the top 100 cryptoassets by market capitalization.

As the story is being published, the token is trading at $44.49, having hit as high as $59 on Tuesday this week, just a short distance from February’s all-time high. of $59.4.

Despite today’s decline, however, the AVAX token remains above 44.55% for the past 7 days, fourth best among the top 100 currencies. In addition, it increased more than 277% in the last 30 days.

1 year AVAX price list. Source: CoinGecko

The strong performance of the AVAX token last week came after news that the “Avalanche Rush” liquidity mining incentive program has attracted major decentralized finance protocols (DeFi) Curve Finance (CRV), Aave and, more recently, SushiSwap (SUSHI) to integrate with the platform.

#AvalancheRush is welcoming a new member to the lineup!
Hope you’re coming with an appetite because @SushiSwap is now on the menu.
The largest DeFi incentive program ($180 million) has now just got better.#AVAX

According with a statement from the Avalanche team, the SushiSwap integration alone has seen the allocation of up to $7.5 million each from the Avalanche Foundation and SushiSwap, as the team seeks to provide “a seamless user experience for the DeFi protocols” in Avalanche.

The allocated funds come in addition to the $20 million that has already been allocated to Aave users, and the $7 million allocated to Curve users.

Despite the good news, however, the price of SushiSwap’s SUSHI token has not fared well in the market in recent days, trading consistently lower since the news was released on August 24th. At the time of this writing, SUSHI is changing hands at $11.54. It has remained virtually unchanged for the past 24 hours and has fallen 9.3% last week. It rose 39% last month.

And with a growing number of DeFi protocols configured in Avalanche, more infrastructure is also being added, with the Celer Network (CELR) layer two scaling platform (CELR) announcing today that they have launched their cBridge multi-blockchain bridge on the platform.

According to Celer, the bridge will allow fund transfers between Avalanche and Binance Smart Chain (BSC), OKExChain, as well as multiple Ethereum (ETH) side chains.

Celer’s cBridge comes in addition to the existing Avalanche Bridge, which reported on Tuesday that it has transferred nearly $1 billion of Ethereum assets since launching on July 29th.

Source: CryptoNews

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