Avalanche transactions during the temporary DE-PEG cancellation of the USDC in the first quarter of 2023: nansen

Avalanche transactions during the temporary DE-PEG cancellation of the USDC in the first quarter of 2023: nansen

In Avalanche's fourth quarter, divided with cryptopotato The data and analysis platform Nansen, reported a very volatile daily transaction number on the Avalanche C-Chain.

The avalanche C-chain is essentially the abbreviation for the contract chain-the standard SMART Contract blockchain on Avalanche. It enables the creation of any Ethereum-compatible smart contracts and runs complementary to the X-Chaindie for sending and receiving funds in the form of Avax token.

avalanche on-chain Q1 2023

The number of transactions in the network constantly fluctuated between ~ 90,000 and 200,000. On March 11, however, a strong increase over this area was recorded to 290,000, which was powered by Trader Joe, USDC and two addresses not marked. It was found that the latter were two bots that recorded high activities, which indicates that several players have exploited the market panic that was caused by the DE-PEG cancellation of the USDC that day.

The number of clear addresses that carry out transactions in the network has also increased significantly. Especially on March 10th and 11th, the daily active addresses experienced a top value and recorded over 120,000 every day. The average paid gas payments, on the other hand, followed a similar pattern as the transactions, with the exception of January 1, where they exceeded 40,000, although the number of transactions does not increase noticeably.

In the first quarter, the average daily gasoline became, the Avalanche C-Chain was significantly lower compared to Ethereum. For comparison: The lowest daily gasoline paid by Ethereum was $ 2.43 on January 8. This is in blatant contrast to the highest gas that was paid for at Avalanche, which was $ 16 on March 11th. Avalanche C-Chain User only paid between $ 0.07 and $ 0.32 for petrol.

nansen's data indicated that despite the sudden increase in transactions in both chains on March 11, the average gasoline, the C-Chain Avalanche is still 76 times lower than Ethereum.

mega septiandara, research analyst at nansen, said:

"Even if the Web3 ecosystem recovered from another event that has undermined confidence in the industry, Avalanche marked a successful start to the year with considerable profits in combination with several product publications and partnerships that aim to promote acceptance and to restore confidence in the industry. With a strong focus on the advancement of innovations is undoubtedly ready for Avalansche for A clear growth at the beginning of the second quarter. ”

AVAX course course

In addition to considerable growth in the overall transactions and the active addresses, Avalanches native tokens - Avax - impressive profits.

After the year started at $ 10.9, Avax has increased by 60 % since the beginning of the year and was currently traded at $ 17.55.

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