- Despite market volatility due to recent regulatory measures in the US, the Avalanche network has managed to remain unaffected by these fluctuations.
- One of the reasons for the increasing number of active addresses is the connection to popular dApps such as Trader Joe and Benqi.
- Benqi, a liquidity market protocol built on Avalanche, has experienced a 24.1% increase in unique active wallet count in the past week.
There has been a 2-fold increase in the number of daily active users on the Avalanche (AVAX) network compared to last year, but the same performance is not seen in Avalanche’s NFTs.
Increasing Activity on the Avalanche Network
Despite market volatility due to recent regulatory measures in the US, the Avalanche network has managed to remain unaffected by these fluctuations. According to Messari’s data, there has been a significant increase in daily active users on Avalanche, doubling the average of the previous year.
Daily Active Addresses on the Avalanche Network
One of the reasons for the increasing number of active addresses is the connection to popular dApps such as Trader Joe and Benqi. Trader Joe has played a significant role in sustaining activity on the network.
Dapp Radar data shows a notable 35.51% increase in the number of unique active wallets on the Avalanche protocol in the past 30 days, reaching a total of 399.72 users. This increase in activity has led to a 20.05% growth in transaction volume on the network during the same period.
Benqi, a liquidity market protocol built on Avalanche, has experienced a 24.1% increase in unique active wallet count in the past week. Additionally, the number of transactions on the Benqi network has increased by 19.55%.
The BENQI Protocol offers users the opportunity to lend, borrow, and earn interest with their digital assets. This unique feature has attracted users seeking efficient and flexible liquidity solutions, contributing to the increase in activity on the protocol.
The activity generated by these dApps on the Avalanche network will play a significant role in sustaining long-term growth on the protocol. The increasing interest from users demonstrates the value and functionality offered by these applications within the Avalanche ecosystem.
Status of NFTs on the Avalanche Network
The same positive momentum has not been observed in the NFT sector on Avalanche. Data shows a 12.5% decrease in NFT sales on the network last week. This decline may be attributed to market dynamics or specific factors affecting the NFT segment within the ecosystem.
On the other hand, stakers on the Avalanche network have maintained a positive outlook. According to Staking Rewards data, the number of stakers has increased by 6.89% in the past month.
Despite the high activity on the protocol, the AVAX price has experienced a significant decline in recent days and is currently trading at $12.77. However, the trading volume for AVAX has remained stable and was recorded at $165.7 million at the time of writing.
