Blockchain
Transactions on the Avalanche blockchain grew by 1500% last year compared to 2021, even as the wider industry saw the collapse of several centralized crypto players and the start of a technical bear market. In its fourth quarter Avalanche report, analytics firm Nansen said the network showed strength with a notable increase in both NFT trading volume and total transactions.
Nansen analysts stated:
“While the network ended November 21, 2021, with nearly 27 million transactions, Avalanche’s cumulative total surpassed 450 million transactions on November 21, 2022, marking an astounding 1,507% increase in a single year.”
This transactional activity came even as the total value of tokens locked in Avalanche-based decentralized finance applications dropped from a peak of $15 bln in 2021 to $900 mln in November 2022, data from DeFiLlama shows.
Looking at the C-Chain Avalanche, the report notes that daily transactions in the fourth quarter were mostly volatile, ranging from 100,000 to 230,000 transactions per day. Part of this growth may have come from the subnets of Avalanche, a custom blockchain built on Avalanche, with products such as the DFK DeFi Kingdom subnet reaching 200 million transactions as of November 13, 2022. Launched in May, JoePegs, the NFT marketplace, is Avalanche’s largest with over $3.4 mln in secondary NFT sales and more than 12,000 users, Nansen said.
Image: Binance Academy
