The Avalanche C Chain Sees Significant Increase in Daily Activity
The Avalanche C Chain, the seventh-largest smart contract platform, experienced a notable surge in daily active addresses and transaction volume during the second quarter. Despite users committing less cash to the system, the usage of Avalanche more than doubled during this period.
Key Points:
- Daily transactions on Avalanche C-Chain grew to just under 500,000 from roughly 200,000.
- The number of daily active addresses ranged between about 25,000 and 117,000, settling around 95,000 at the end of the quarter.
- Total value locked on the layer-1 blockchain decreased by almost 20% to $695 million, following a similar trend to the price of Avalanche’s native token AVAX.
- The steady increase of active addresses and daily transactions indicates healthy growth within the Avalanche ecosystem.
- Interoperability protocol LayerZero and cross-chain bridge Stargate played a significant role in Avalanche’s growth as two of the top entities on the C-Chain.
The increase in active addresses and daily transactions demonstrates the flourishing community supporting Avalanche, despite the ongoing crypto bear market. This growth also presents a potential airdrop opportunity, as indicated by the presence of LayerZero and Stargate on the C-Chain.
Hot Take:
Avalanche’s strong performance in daily activity and usage showcases its resilience and potential for further growth, even in challenging market conditions. With the support of its active community and innovative protocols like LayerZero and Stargate, Avalanche is well-positioned to continue expanding its presence in the crypto space.
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