Flipside Crypto reports that Avalanche’s TVL doubled in Q4 2023.
Activity is heating up on Avalanche, a leading Layer 1, with memecoins, web3 games, and real-world assets driving significant growth for the network.
A Feb. 21 report from Flipside Crypto, a crypto analytics firm, Avalanche-native memecoins driving up on-chain activity in Q4 2023. Avalanche’s daily on-chain transactions peaked at $6.4M on Nov. 22, followed by a secondary spike to 6.3M on Dec. 19.
Flipside reports that a surge in GameFi activity drove up daily active users on Avalanche subnets by more than 300% since October. The report estimates 9,994 were active on Avalanche subnets on Oct. 1, compared to 40,497 active wallets on Feb. 7. Monthly subnet transaction count has also increased 36% since October, with 19.2M transactions processed during January.
DeFi Kingdoms, an Avalanche subnet-based web3 game, accounted for 81% of daily transactions over the past four months, but has recently been overtaken by Shrapnel.
The market cap of real-world assets (RWAs) on Avalanche also posted impressive growth in recent months, with the sector’s market cap growing by nearly 45% between October and February.
While Flipside noted that public data on Avalanche’s RWA ecosystem is limited due to most protocols existing as dedicated subnets, the report said EUROC, Circle’s Euro-backed stablecoin, accounted for more than 98% of RWA volume last quarter with $856M worth of trades. Avalanche launched a $50M fund in July to support the purchase of Avalanche-based RWAs.
“Strong liquidity, fresh competition in gaming, outsized token burns, and a surprising foothold for RWAs have all contributed to a healthy, even booming ecosystem,” Flipside said.
Avalanche’s recent growth follows a protracted downtrend for the network, with the total value locked (TVL) in Avalanche-based DeFi protocols crashing 92% from its December 2021 all-time high, according to DeFi Llama.
Still, Flipside reported that the network’s TVL tagged a high of $1.5B in late December after doubling in Q4 and has since held above $1B. Benqi, an Avalanche-native money market protocol, accounts for nearly 40% of network TVL worth more than $550M after growing roughly 250% since mid-October.
- SEO Powered Content & PR Distribution. Get Amplified Today.
- PlatoData.Network Vertical Generative Ai. Empower Yourself. Access Here.
- PlatoAiStream. Web3 Intelligence. Knowledge Amplified. Access Here.
- PlatoESG. Carbon, CleanTech, Energy, Environment, Solar, Waste Management. Access Here.
- PlatoHealth. Biotech and Clinical Trials Intelligence. Access Here.
- Source: https://thedefiant.io/avalanche-stages-comeback-amid-growth-in-memecoins-gamefi-and-rwas
- :has
- :is
- $UP
- 1
- 19
- 2021
- 2023
- 22
- 40
- 7
- 9
- a
- above
- According
- accounted
- Accounts
- active
- activity
- After
- All
- also
- Amid
- an
- analytics
- and
- AS
- Assets
- At
- Avalanche
- been
- between
- burns
- but
- by
- cap
- Comeback
- compared
- competition
- contributed
- count
- Crashing
- crypto
- daily
- daily transactions
- data
- dec
- December
- december 2021
- dedicated
- DeFi
- DeFi llama
- DeFi protocols
- doubled
- doubling
- downtrend
- driving
- due
- during
- ecosystem
- estimates
- Even
- existing
- Feb
- February
- Firm
- flipside
- FLIPSIDE CRYPTO
- followed
- follows
- For
- four
- fresh
- from
- game
- Gamefi
- Games
- gaming
- Growing
- Growth
- Have
- healthy
- Held
- High
- HTTPS
- impressive
- impressive growth
- in
- increased
- ITS
- January
- July
- Last
- Late
- launched
- layer
- layer 1
- leading
- Limited
- Liquidity
- Llama
- locked
- Market
- Market Cap
- Memecoins
- money
- money market
- monthly
- months
- more
- most
- nearly
- network
- noted
- nov
- Oct
- october
- of
- on
- On-Chain
- on-chain activity
- over
- past
- plato
- Plato Data Intelligence
- PlatoData
- posted
- Processed
- protocol
- protocols
- public
- purchase
- Quarter
- real world
- recent
- recently
- report
- Reported
- Reports
- roughly
- rwa
- rwas
- Said
- secondary
- significant
- since
- spike
- stages
- subnet
- subnets
- support
- surge
- surprising
- than
- that
- The
- The Defiant
- to
- token
- Total
- total value locked
- trades
- transaction
- Transactions
- TVL
- users
- value
- volume
- Wallets
- Web3
- Web3 game
- web3 games
- webp
- were
- with
- worth
- zephyrnet