The Avalanche blockchain shows a complex DeFi ecosystem with significant volatility: Benqi lending protocol attracted 42,082 unique users and $906M in total lending activity, with 100,057 deposit transactions compared to 38,407 withdrawals, indicating strong user confidence. However, the platform experienced dramatic user engagement fluctuations, with monthly new depositors dropping from 5,609 in November 2022 to under 200 by mid-2023. The staking activity reveals 88,807 total unique users, with a substantial total stake of 20.8M AVAX tokens, but 65.4% of stakers perform fewer than 3 transactions, suggesting low sustained engagement across the network.