Avalanche growth in the 2nd quarter: User activity and sales increase, but defi and NFT areas decrease

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The Avalanche network recorded impressive growth in the second quarter of 2023. According to a report by the on-chain analysis company Messari, there was an increase in user activity and sales of avalanches, the introduction of new products and securing important partnerships.

avalanche consists of several chains, including the P chain, the X chain and the C chain. The P chain is the primary chain and is responsible for the coordination and management of the other chains. The C-Chain is an implementation of the Ethereum Virtual Machine (EVM) and the X-Chain is known for the operation of digital smart assets as an Avalanche native tokens.

Messari took into account the user activity in the C-chain and 15 avalanche sub-activities and found that the number of addresses on average daily increased by 107.8 % compared to the previous quarter. By the end of the second quarter, this number reached an all -time high with 79.167 compared to 30,097 at the end of the first quarter.

The number of transactions carried out daily on Avalanche also increased significantly. The C-Chain recorded an increase of 162.2 % compared to the previous quarter and concluded the three-month period with a daily average transaction number of 1.58 million.

However, there were also some declines. The transaction number across subnets decreased by 33.4 %, mainly due to a significant decline in transactions in the DFK subsidiary. With regard to the network finance, Avalanche recorded sales growth of 173.1 % compared to the previous quarter. This increase was mainly supported by the activities of Layerzero and the burning of Avax-token.

In the defi area there was a decline in the Total Value Locked (TVL), which was written at US dollar, by 19.4 %, while the TVL that was made on AVAX rose by 9.7 %. This indicates that the new capital inflow has increased the TVL compared to the wealth price increases in USD. In the NFT ecosystem there was a decline in secondary sales volume by 38.3 % and the individual NFT buyers in the chain by 50 %.

Overall, the report by Messari shows that Avalanche has recorded impressive growth in terms of user activity and sales in the second quarter. The integration of new products, the securing of partnerships and the growth of the most important ecosystem indicators have contributed to this success.