• Ethereum competitor Avalanche (AVAX) saw a surge in daily transactions and active addresses in the second quarter of 2023.
• The C-Chain, Avalanche’s smart contract blockchain, witnessed between 200,000-550,000 daily transactions throughout the quarter.
• Despite an uptick in on-chain activity, AVAX’s price dropped from $17.79 at the beginning of the quarter to $13.02 at the end of June.
Ethereum Competitor Avalanche Sees Surge in Daily Transactions
Ethereum (ETH) competitor Avalance (AVAX) saw an increase in on-chain activity in the second quarter of 2023 according to crypto data firm Nansen. AVAX’s C-Chain, its default smart contract blockchain, experienced between 200,000-550,000 daily transactions during this period – nearly double the volume of daily transactions seen in Q1.
Active Addresses Up During Second Quarter
Nansen also noted that Avalanche’s daily active address count steadily increased across Q2 with a high of 117304 recorded on June 14th. This steady rise was seen as indicative of healthy growth within the ecosystem and demonstrates a growing community supporting Avalanche.
Price Decline Despite On-Chain Activity Increase
Despite these positive signs for Avalanche’s future prospects however its native token AVAX still dropped from trading around $17.79 at the beginning of the quarter to $13.02 by its end – a decrease of almost 27%. At time of writing it is trading at $12.40 per token.
Total Value Locked Down Over Quarter
Decentralized finance tracker DeFi Llama also reported that over the course of Q2 Avalanche’s total value locked (TVL), representing capital held within its smart contracts decreased from 867 million to 693 million – an overall decrease of 20%. It currently stands at 608 million with time of writing.
Although there has been an overall downturn in terms of price and TVL over Q2 2023 it appears that underlying on-chain activity for Ethereum competitor Avalanche is strong – indicating a healthy ecosystem and supportive community contributing towards its long term success potential..