Flipside Crypto reports that Avalanche\u2019s TVL doubled in Q4 2023.<\/p>\n
Activity is heating up on Avalanche, a leading Layer 1, with memecoins, web3 games, and real-world assets driving significant growth for the network.<\/p>\n
A Feb. 21 report from Flipside Crypto, a crypto analytics firm, Avalanche-native memecoins driving up on-chain activity in Q4 2023. Avalanche\u2019s daily on-chain transactions peaked at $6.4M on Nov. 22, followed by a secondary spike to 6.3M on Dec. 19.<\/p>\n
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.<\/p>\n
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.<\/p>\n
<\/p>\n
The market cap of real-world assets (RWAs) on Avalanche also posted impressive growth in recent months, with the sector\u2019s market cap growing by nearly 45% between October and February.<\/p>\n
While Flipside noted that public data on Avalanche\u2019s RWA ecosystem is limited due to most protocols existing as dedicated subnets, the report said\u00a0 EUROC<\/a>, Circle\u2019s\u00a0 Euro-backed stablecoin<\/a>, accounted for more than 98% of RWA volume last quarter with $856M worth of trades. Avalanche launched a\u00a0 $50M fund<\/a>\u00a0in July to support the purchase of Avalanche-based RWAs.<\/p>\n \u201cStrong liquidity, fresh competition in gaming, outsized token burns, and a surprising foothold for RWAs have all contributed to a healthy, even booming ecosystem,\u201d Flipside said.<\/p>\n Avalanche\u2019s 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.<\/p>\n Still, Flipside reported that the network\u2019s 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.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Flipside Crypto reports that Avalanche\u2019s 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\u2019s daily […]<\/p>\n","protected":false},"author":2,"featured_media":251761,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-251760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/251760","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=251760"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/251760\/revisions"}],"predecessor-version":[{"id":251766,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/251760\/revisions\/251766"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/251761"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=251760"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=251760"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=251760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}