Intro

The transition of users from Centralized Exchange (CEX) platforms to the Avalanche Chain represents a pivotal movement within the blockchain ecosystem.

This data-driven analysis delves into the activities of these users as they land on the Avalanche Chain from CEX platforms, spanning from December 26th, 2022, to October 23rd, 2023.

The primary objective is to provide insights into their behaviours, preferences, and early interactions within the Avalanche ecosystem. By examining factors such as transaction volumes, user preferences, CEX platform choices, project engagement, token swapping, and digital collections, we gain a comprehensive understanding of the diverse landscape of user activities and the impact of CEX platforms on the growth of the Avalanche user base.

This analysis offers a valuable window into the intricate dynamics of users' journeys as they navigate the vibrant Avalanche blockchain network.

In this analysis, we examine the total number of transactions. Notably, the data reveals that the total count of inflow transactions surpasses that of outflow transactions. This indicates that more transactions involve the transfer of AVAX to the Avalanche Chain from CEX platforms compared to the movement of AVAX from Avalanche to CEX platforms.

Specifically, there were approximately 1.37 million inflow transactions during this timeframe. In contrast, the total number of outflow transactions amounted to 811,000.

The dashboard's primary focus is on user activities upon their arrival on the Avalanche Chain from a Centralized Exchange (CEX), covering the period from December 26th, 2022, to October 23rd, 2023. In the initial tab, we provide an overview of inflow and outflow activities.

Next, let's delve into user preferences. It's evident that a significant majority of users opt to send their AVAX from CEX to the Avalanche Chain rather than moving AVAX from Avalanche to CEX platforms.

Out of the total user base, approximately 651,000 users, accounting for 82.37% of the total, engage in inflow transactions, signifying a clear preference for moving AVAX into the Avalanche Chain from CEX platforms. Conversely, the number of users participating in outflow transactions stands at 139,000 users, representing 17.63% of the total user base.

In this section, we turn our attention to the inflow and outflow of USD volumes. Notably, the week starting on March 13th recorded the highest positive net value, calculated as Inflow minus Outflow. During this week, a substantial 339 million USD worth of assets were transferred from Centralized Exchanges (CEX) to the Avalanche Chain. In contrast, the outflow of assets from Avalanche to CEX platforms accounted for 212 million USD. This resulted in a net positive value of 127 million USD for that specific week.

It's important to highlight that the total USD volume of outflow transactions deviates from other metrics, such as the number of transactions and users. In this regard, the total USD volume of assets transferred from Avalanche to CEX platforms amounts to nearly 6.9 billion USD. On the other hand, the total USD volume of assets moving from CEX platforms to the Avalanche Chain is approximately 6.86 billion USD.

This data suggests that there is relatively little difference between the total USD volumes of inflow and outflow transactions, despite variations observed in other metrics.

In the analysis of the total number of users per CEX, a significant majority of users opted to transfer their assets to Avalanche from Binance, totalling 478k users.

Conversely, when it comes to transferring their assets from Avalanche, Binance once again emerges as the preferred destination for most users, with 74.8k users choosing this platform.

When considering the total USD volume per CEX, it's apparent that Binance takes the lead both as a source and destination based on USD volume.

The total USD volume of inflow transactions from Binance amounts to 5.18 billion USD. Similarly, Binance also stands out as the leading destination for outflow transactions, with a total USD volume of 5.5 billion USD.