- Nansen’s report highlighted AVAX’s growth in multiple areas such as DeFi, NFTs, gaming, and enterprise.
- AVAX’s price action turned bearish last week as it plummeted by over 6%.
Avalanche [AVAX] had a comfortable second quarter as the latest data suggested steady network growth. As per the report, the blockchain’s key metrics gained upward momentum, directly suggesting an uptick in network activity.
Realistic or not, here’s AVAX’s market cap in BTC’s terms
Continuing the growing trend, the blockchain also witnessed multiple integrations in the month of July. It was also interesting to see that Avalanche’s staking ecosystem grew over the last week, as revealed by AVAX Daily’s tweet.
Our @avax quarterly report is now out for everyone to read!
tldr: The ecosystem has seen a steady increase in growth, maintained its active community and many exciting partnerships
Read on to learn more… pic.twitter.com/NdzY07ctH1
— Nansen 🧭 (@nansen_ai) August 4, 2023
Avalanche network grew in Q2 2023
Nansen recently posted its report on Avalanche’s state in Q2 2023, pointing out its network activity and performance in different spaces such as DeFi and NFT. As per the report, daily transactions on Avalanche during Q2 2023 fluctuated between 200,000 and 550,000 transactions.
Source: Nansen
This was a massive leap compared to the previous quarter, which was almost double the volume. Daily active addresses have also been steadily increasing throughout the quarter.
On top of that, Avalanche also had significantly lower gas prices throughout Q2 compared to Ethereum [ETH]. In fact, on Ethereum, the average gas fee peaked at $29 on May 6, while the average gas fee on Avalanche did not come close to $1.
Source: Nansen
The Avalanche ecosystem underwent substantial changes as well, particularly in the DeFi, NFT & Gaming, and Enterprise sectors.
For example, Gunzilla Games has partnered with Avalanche to launch GUNZ. Struct Finance launched on Avalanche C-Chain, offering a customizable interest rate product, etc.
Avalanche ecosystem remains active in Q3
The Q3 also witnessed its share of integrations and launches to date, which were optimistic. Avalanche recently posted its July Snow Report. One of the major developments in Avalanche’s DeFi space was the launch of Uniswap [UNI] on the blockchain.
Apart from that, in gaming, a new subnet was launched to support Web3 efforts by Solert Games. Mentioning developments in the NFT space, the Avalanche Park Summer Creative Hang was launched to support the NFT ecosystem with IRL meetups.
July’s Snow Report recapped a record-setting month on Avalanche!
With milestones of 20M+ active addresses & 1M monthly active users for 3 straight months, network usage was lively.
This flurry of activity was reflected in ecosystem developments, too. Some highlights👇 pic.twitter.com/04c0x8zf4L
— Avalanche 🔺 (@avax) August 3, 2023
It was also interesting to note that AVAX’s staking ecosystem registered growth last week. As per AVAX Daily’s tweet, AVAX’s staking ratio increased by more than 60%, while staking rewards shot up by nearly 8% last week.
Moreover, Staking Rewards’ chart revealed that the number of AVAX stakers also went up last week. At press time, Avalanche had a staking ratio of 62.3% and a staking market capitalization of over $3,345,989,799.
Source: Staking Rewards
A reality check
Though key metric stats improved in Q2, the scenario changed in Q3. As evident from Artemis’ data, Avalanche’s daily active addresses and daily transactions dropped over the last month.
How much are 1,10,100 AVAXs worth today?
A similar declining trend was also noted in terms of AVAX’s TVL. The token’s price action was also controlled by bears last week. As per CoinMarketCap, AVAX was down by more than 6% in the last seven days.
At press time, it was trading at $12.33 with a market cap of over $4 billion, making it the 18th largest crypto.
Source: Artemis
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