Nansen Reports Surge In Avalanche Blockchain Usage During Q2
Daily active address and transaction volume, two crucial indicators of a blockchain’s health, drastically increased on the Avalanche C Chain.
Even though users invested less money in the system, Avalanche, the seventh-largest intelligent contract platform, increased its usage by more than double in the second quarter.
According to a research report from blockchain analytics company Nansen, daily transactions on Avalanche C-Chain, an implementation of the Ethereum Virtual Machine, increased from roughly 200,000 to just under 500,000, and the number of daily active addresses fluctuated between 25,000 and 117,000 before settling at 95,000 at the end of the quarter.
The entire value locked on the layer-1 blockchain fell by about 20% to $695 million during the same period, according to DefiLlama data, sliding in line with the price of Avalanche’s native currency AVAX.
Despite the weak cryptocurrency market, “the steady increase of active addresses, coupled with the rise in daily transactions, indicates healthy growth within the ecosystem and showcases the flourishing community supporting Avalanche,” according to the research.
Avalanche’s emergence as two of the top entities by users and transactions on the C-Chain was aided by LayerZero’s interoperability protocol and Stargate. This cross-chain bridge uses LayerZero’s technology, “which could indicate a potential airdrop opportunity,” Nansen added.
