Avalanche Sees Surge in Transactions, Daily Active Addresses in Q2

• Ethereum (ETH) competitor Avalanche (AVAX) witnessed an uptick in on-chain activity in the second quarter of 2023.
• The project’s default smart contract blockchain, C-Chain, saw between 200,000-550,000 daily transactions throughout the quarter.
• Avalanche’s total value locked (TVL) dropped from $867 million on April 1st to $693.94 million on June 30th.

Increase in On-Chain Activity

Ethereum (ETH) competitor Avalanche (AVAX) witnessed an uptick in on-chain activity in the second quarter of 2023 according to crypto data firm Nansen. The project’s default smart contract blockchain, C-Chain, saw between 200,000-550,000 daily transactions throughout the quarter which represents nearly double the volume of daily transactions in Q1. Avalanche’s daily active address count steadily increased across Q2 as well, hitting a high of 117,304 on June 14th. This steady increase is indicative of healthy growth within the ecosystem and showcases the flourishing community supporting Avalanche.

Price Drop

Avalanche’s native token AVAX dropped from trading around $17.79 at the beginning of the quarter in April to $13.02 at the end of June – a decrease of nearly 27%. At time of writing it is trading at $12.40.

Total Value Locked Drops

The DeFi tracker DeFi Llama also notes that Avalanche’s total value locked (TVL) dropped from $867 million on April 1st to $693.94 million on June 30th – a decrease of nearly 20%. The platform’s TVL sits at $608.82 million at time of writing.

What is Total Value Locked?

The TVL represents total capital held within its smart contracts and is calculated by multiplying amount of collateral locked into network by current value of assets .

Conclusion

Despite an increase in on chain activity across Q2 and a flourishing community supporting it , Avalance’s native token AVAX suffered a price drop and its TVL decreased significantly during this period .