Avalanche On-chain Activity Doubles in 2023

The Defiant
The Defiant

30 Jun 2023 7:54 PM

Trader Joe, Stargate and WooFi Drive Growth...

  • Activity on Avalanche, a proof of stake Layer 1 blockchain, has more than doubled this year.
  • Avalanche has seen 60,000 daily active addresses as of early June, up from around 25,000 at the start of the year.
  • Avalanche's total value locked (TVL) and market capitalization have experienced a sharp decline.
  • AVAX token has decreased in value by 91% since late 2021.
  • The spike in on-chain activity is partly attributed to the increasing popularity of Trader Joe, Avalanche's third-largest DeFi protocol.
  • Trader Joe has $65.5M in TVL and more than 255,000 unique users over the past 30 days.
  • Stargate, a cross-chain bridge, has experienced a 25% growth in active users in 30 days, indicating high activity between Avalanche and other networks.
  • WooFi, a cross-chain decentralized exchange, has become Avalanche's 3rd-most used dApp with a 28% increase in active users.
  • WooFi's TVL has grown by 10%, making it Avalanche's 15th largest dApp.
  • Avalanche's developer community remains active, with 1,607 devs contributing over 10,000 Github repositories in the past 30 days.

Overall, the article highlights a resurgence in activity on Avalanche, with increased daily active addresses and the popularity of Trader Joe and other dApps. However, it also mentions the decline in Avalanche's TVL and AVAX token value, indicating some challenges for the network.

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