- Despite the fall in AVAX’s value, development activity saw steady growth.
- The number of transactions on subnets dropped precipitously on 16 May.
Like other cryptos in the market, Avalanche [AVAX] retreated sharply following the gains made in mid-April. AVAX experienced one of the steepest losses in value among L1 tokens during the past 30 days, falling more than 27% in total.
At the time of publication, it exchanged hands at $14.83, per CoinMarketCap data.
However, despite the downside, what could possibly pique investors’ interest was the steady growth in development activity. Development activity is used to measure a network’s commitment to upgrade its features and a high value could encourage greater adoption.
In Avalanche’s case, subnets were driving development activity.
Read Avalanche’s [AVAX] Price Prediction 2023-24
Subnets see demand
According to a Web 3 investor and advisor, the amount of AVAX staked on Avalanche’s subnets rose to 120,000, at the time of the tweet, which represented an increase of 33% from the previous day.