Flipside Crypto reviews that Avalanche’s TVL doubled in This autumn 2023.
Exercise is heating up on Avalanche, a number one Layer 1, with memecoins, web3 video games, and real-world belongings driving vital progress for the community.
A Feb. 21 report from Flipside Crypto, a crypto analytics agency, Avalanche-native memecoins driving up on-chain exercise in This autumn 2023. Avalanche’s day by day on-chain transactions peaked at $6.4M on Nov. 22, adopted by a secondary spike to six.3M on Dec. 19.
Flipside reviews {that a} surge in GameFi exercise drove up day by day energetic customers on Avalanche subnets by greater than 300% since October. The report estimates 9,994 had been energetic on Avalanche subnets on Oct. 1, in comparison with 40,497 energetic wallets on Feb. 7. Month-to-month subnet transaction rely has additionally elevated 36% since October, with 19.2M transactions processed throughout January.
DeFi Kingdoms, an Avalanche subnet-based web3 sport, accounted for 81% of day by day transactions over the previous 4 months, however has not too long ago been overtaken by Shrapnel.
The market cap of real-world belongings (RWAs) on Avalanche additionally posted spectacular progress in current months, with the sector’s market cap rising by practically 45% between October and February.
Whereas Flipside famous that public information on Avalanche’s RWA ecosystem is restricted attributable to most protocols present as devoted subnets, the report stated EUROC, Circle’s Euro-backed stablecoin, accounted for greater than 98% of RWA quantity final quarter with $856M value of trades. Avalanche launched a $50M fund in July to assist the acquisition of Avalanche-based RWAs.
“Sturdy liquidity, recent competitors in gaming, outsized token burns, and a shocking foothold for RWAs have all contributed to a wholesome, even booming ecosystem,” Flipside stated.
Avalanche’s current progress follows a protracted downtrend for the community, with the overall worth locked (TVL) in Avalanche-based DeFi protocols crashing 92% from its December 2021 all-time excessive, in keeping with DeFi Llama.
Nonetheless, Flipside reported that the community’s TVL tagged a excessive of $1.5B in late December after doubling in This autumn and has since held above $1B. Benqi, an Avalanche-native cash market protocol, accounts for practically 40% of community TVL value greater than $550M after rising roughly 250% since mid-October.
