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Avalanche Blockchain Usage Grew in Second Quarter: Nansen
The Avalanche C Chain saw daily active address and transaction volume – two important metrics to gauge a blockchain’s health – increase significantly in the period.
Updated Aug 4, 2023, 4:33 p.m. Published Aug 4, 2023, 3:59 p.m.
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Usage of Avalanche, the seventh-largest smart contract platform, more than doubled in the second quarter, even as users committed less of their cash to the system.
Daily transactions on Avalanche C-Chain, an implementation of the Ethereum Virtual Machine, grew to just under 500,000 from roughly 200,000, and the number of daily active addresses ranged between about 25,000 and 117,000, settling around 95,000 at the end of the quarter, blockchain analytics firm Nansen said in a research report.
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At the same time, DefiLlama data show the total value locked on the layer-1 blockchain slid almost 20% to $695 million in the period, moving similarly to the price of Avalanche's native token AVAX.
Despite the crypto bear market, “the steady increase of active addresses, coupled with the rise in daily transactions, is indicative of healthy growth within the ecosystem and showcases the flourishing community supporting Avalanche,” said the report.
Interoperability protocol LayerZero and Stargate, a cross-chain bridge that leverages LayerZero’s technology, both played a role in Avalanche’s growth as two of the top entities by users and transactions on the C-Chain, “which could indicate a potential airdrop opportunity,” Nansen said.
UPDATE (Aug 4, 16:32 UTC): Added AXAX's price movement for context.
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