- Avalanche’s network has reached a new record high in distributed RWA value.
- Data shows over $1.16 billion on-chain, boosted by BlackRock.
- AVAX price looks to hold $9.00 support amid this ecosystem growth.
Avalanche price hovered $9.25 on Wednesday as bulls attempted to solidify the uptick from intraday lows of $9.10.
The declines had put AVAX price down about 4% in the past 24 hours amid wider market weakness, with most altcoins shedding gains after Bitcoin briefly slipped below $75,000.
While the pullback in BTC could continue to pressure altcoins, could AVAX bounce to above $10.00 as the project hits a new high in terms of distributed real-world assets?
Avalanche RWA ecosystem sees sharp growth
Latest data indicates that Avalanche’s RWA ecosystem has recorded fresh momentum this month, reaching a new milestone for distributed RWAs on-chain.
Distributed RWAs represent assets that use the network as a distribution layer to enable investors to subscribe, hold, and manage tokenized securities or instruments through wallets or custodians.
RWA.xyz values Avalanche shared shows the metric has surpassed $1.16 billion, with the network posting roughly 58% growth in distributed RWA value over the past two weeks.
Much of the uptick to increased activity from large institutional issuers and managers, notably BlackRock’s additional allocations to its USD Institutional Digital Liquidity (BUIDL) Fund.