On Sept. 16, AVAX set a new all-time high with a 200 percent increase in 24-hour trading volume to $2.8 billion. Avalanche is a layer-one protocol that can handle over 4,500 transactions per second (TPS) with a time to finality of under 2 seconds. Since Aug. 19, the total value locked (TVL) on Avalanche has been continuously increasing, reaching a new high of $2.17 billion on Sept. 16.