Avalanche Q2 went well – will the trend continue in Q3?

  • Nansen’s report highlighted AVAX’s growth in several areas such as DeFi, NFT, games and enterprise.
  • AVAX’s price action turned bearish last week as it fell more than 6%.

avalanche [AVAX] had a comfortable second quarter, with the latest data suggesting steady network growth. According to the report, key blockchain metrics have picked up momentum, directly suggesting an increase in network activity.

Realistic or not, here Market capitalization of AVAX in terms of BTC

Continuing the growing trend, the blockchain also saw multiple integrations in the month of July. It was also interesting to see that Avalanche’s staking ecosystem has grown over the past week, as AVAX Daily’s tweet revealed.

The avalanche network increased in Q2 2023

Nansen recently released its Q2 2023 Status Report for Avalanche, highlighting its activity and network performance in different spaces such as DeFi and NFT. According to the report, daily transactions on Avalanche during the second quarter of 2023 fluctuated between 200,000 and 550,000 transactions.

Source: Nansen

This is a massive jump from the previous quarter, which was almost double the volume. Daily active addresses also increased steadily throughout the quarter.

On top of that, Avalanche also saw significantly lower gas prices throughout the second quarter 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 has also undergone substantial changes, especially in the DeFi, NFT & Gaming, and Enterprise sectors.

For example, Gunzilla Games partnered with Avalanche to release GUNZ. Struct Finance launched on Avalanche C-Chain, offering customizable interest rate product, etc.

The avalanche ecosystem remains active in Q3

The third quarter also saw its share of integrations and launches to date, which were optimistic. Avalanche recently released its July snow report. One of the major developments in the DeFi space from Avalanche was the launch of Uniswap [UNI] on the blockchain.

Apart from that, in games, a new subnet has been launched to support the Web3 efforts of Solert Games. Mentioning developments in the NFT space, the Avalanche Park Summer Creative Hang was launched to support the NFT ecosystem with IRL meetups.

It was also interesting to note that the AVAX staking ecosystem saw growth last week. According to AVAX Daily TweeterAVAX’s staking ratio increased by more than 60%, while staking rewards jumped nearly 8% in the past week.

Additionally, the Staking Rewards chart revealed that the number of AVAX stakers also increased last week. At press time, Avalanche has a stake ratio of 62.3% and a market cap of over $3,345,989,799.

Source: Staking Rewards

A reality check

Although the statistics for key measures improved in the second quarter, the scenario changed in the third quarter. As data from Artemis shows, Avalanche’s daily active addresses and daily transactions have fallen over the past month.

How many are 1,10,100 AVAX are worth today?

A similar downward trend was also noted in terms of AVAXit’s TVL. The token’s price action was also controlled by the bears over the past week. According CoinMarketCapAVAX is down 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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