Avalanche [$AVAX] had been struggling. Then the NYSE chose Avalanche to settle tokenized stocks, and $AVAX quickly sprang to life!
The timing was also favorable, as the platform had just wrapped up its best quarter yet.
What is happening exactly?
Avalanche will maintain the ledger for the NYSE’s tokenized stock platform
Put simply, Avalanche is where the transaction records will be written.
According to a press release, Avalanche will serve as the core ledger for the clearing firm behind an upcoming NYSE-affiliated trading platform. Every trade will be cleared and settled on the network.
The stocks themselves may be issued on other blockchains.
The NYSE’s Pillar engine will continue to handle trading. The plan calls for round-the-clock trading, instant settlement and stablecoin funding, subject to regulatory approval.
Why choose Avalanche? According to Dennis Lee, who leads digital issuance at the NYSE, the exchange wanted a ledger that settles quickly, offers predictable costs and lets it control who can participate.
Avalanche’s Q3 numbers
The timing is notable: this NYSE news follows Avalanche’s best Q3 on record.
Data from Blockworks and Avalanche show that Pharaoh’s DEX volume increased 2x between Q2 and Q3, reaching $5.33 billion. Spending on Avalanche-linked cards also rose to 74%.
The finance metrics also grew. On-chain credit rose 34% to $37.4 million, while tokenized treasuries on the network climbed 14%.
For those wondering whether people actually want stocks on Avalanche, consider this: Dinari’s stock purchases increased 34% to 9 million. That’s small compared with Wall Street, but it reflects the same concept the NYSE is now pursuing—just at a larger scale.
The mainnet has also processed 1.6 billion transactions in total.
What is $AVAX doing now?
The altcoin spent most of the morning drifting around $8.00 after bottoming near $7.83. Then it rose quickly.
Its price climbed from $8.10 to $8.45 and continued higher. $AVAX reached roughly $8.93 before settling near $8.83. That implied a 12.7% gain from the altcoin’s daily low.
The RSI surged above 90 during the spike before dropping to 62.5 at press time, just below the Signal Line.
Finally, the DMI appeared more convincing. The ADX stood at 56.7, suggesting a strong trend. Buyers appeared to be in the lead, with +DI at 29.7 versus -DI at 13.1.
If $AVAX breaks through $9, things could get interesting.
Final Summary
- Avalanche will settle trades for an NYSE-linked tokenized stock platform.
- $AVAX hiked by 12.7% after the news.
Source: ambcrypto.com. Adapted by NBTC.
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