According to Nansen, a crypto analytics business, Avalanche (AVAX), a competitor to Ethereum, witnessed a large spike in online traffic in the second quarter of 2023. Avalanche’s main smart contract technology, C-Chain, had significantly more activity than in the previous quarter. This is wonderful news for the Avalanche community and the broader crypto market.
The Avalanche network saw between 200,000 and 550,000 transactions per day during the third quarter. This is nearly twice as many as in the first three months of the year. Avalanche was being used by more people for a variety of purposes. Such increases can only signal good things for the company.
During this time, the number of people actively using the Avalanche network increased. Avalanche had about 117’000 users on a random day in June. This is a clear indication that more people are eager to join the network. Overall, this is a sign that the Avalanche community is growing.
However, the price of AVAX, the network’s main token, did not fare as well as the network itself. Its price decreased by nearly 27% between April and June. This is the polar reverse of what happened to the network, which witnessed an increase in users. This can be a bit disheartening for AVAX owners. Nonetheless, keep in mind that the value of cryptocurrencies can fluctuate rapidly.
NEWS: 🚀📈According to Nansen, Avalanche (AVAX), a competitor to #Ethereum, witnessed a large spike in online traffic in the second quarter of 2023.
— Walletor (@walletorapp) August 7, 2023
The overall quantity of money trapped in Avalanche’s decentralized finance systems also decreased. It fell by about 20% during the third quarter. This figure indicates how much money has been invested in the network’s special programs. This figure is currently lower than it was previously.
Finally, in the second quarter of 2023, Avalanche had more users using its network for transactions and activities. This demonstrates that its community is expanding and becoming more active. Despite the fact that the price of AVAX has dropped, many associated with Avalanche remain optimistic about the company’s future growth.