Avalanche, the seventh-largest smart contract platform, saw its usage more than double in the second quarter, despite users committing less of their cash to the system. According to blockchain analytics firm Nansen, daily transactions on Avalanche C-Chain, an implementation of the Ethereum Virtual Machine, grew to just under 500,000 from roughly 200,000. The number of daily active addresses ranged between about 25,000 and 117,000, settling around 95,000 at the end of the quarter.
At the same time, DeFiLlama data show the total value locked on the layer-1 blockchain slid almost 20% to $695 million in the period, similarly to the price of Avalanche’s native token AVAX. Despite the crypto bear market, Nansen noted that “the steady increase of active addresses, coupled with the rise in daily transactions, is indicative of healthy growth within the ecosystem and showcases the flourishing community supporting Avalanche.”
Interoperability protocol LayerZero and Stargate, a cross-chain bridge that leverages LayerZero’s technology, both played a role in Avalanche’s growth as two of the top entities by users and transactions on the C-Chain, “which could indicate a potential airdrop opportunity,” Nansen said.