Avalanche Network Grows 15x Last Year

Avalanche continues to be among the most recognized blockchain projects. The latest data reveals that despite the deep bear market, the network has made great progress over the past year. According to the Q4 Report shared by Avalanche with CoinDesk, the number of transactions on the network increased by 1,500% in 2022.

According to data provided by Nansen, a total of 27 million transactions took place on the network in the previous year. The same figure exceeded 450 million in 2022. This reveals a 16-fold growth in the number of transactions. Mega Septiandara, one of the Nansen analysts, also shared his expectations for 2023 in the report:

“Combined well with strong transaction numbers and NFT transaction volumes, as well as new features and products to improve user experience, Avalanche is poised to grow steadily in 2023 as the entire Web3 ecosystem seeks to recover from the devastation caused by the FTX collapse.”

According to the report, the momentum gained in Avalanche C-Chain may have been effective in this great progress made last year. The Nansen report highlighted that Q4 day trading was mostly volatile, especially when looking at Avalanche’s C-Chain. The report stated that during this period, the number of transactions per day ranged from approximately 100,000 to 230,000 transactions. In addition, the report emphasized that this acceleration in the network came despite the decrease in the total rate of locked assets, also known as TVL. According to DeFiLlama data, the TVL ratio, which rose to $ 15 billion in 2021, decreased to $ 900 million in 2022. AVAX Coin also fell from $140 to $10 in the same period.