Avalanche Quarters Report!
n this analysis, we will delve into the key metrics for the Q2-2023 period of the Avalanche chain. A report recently published by the Massari website sheds light on Avalanche's performance during this quarter, focusing on active addresses, Total Value Locked (TVL), transaction volume, and platform activity, among other factors.
To compile a comprehensive report, I conducted a thorough examination of the Avalanche chain's data, comparing the metrics from Q2 2023 with those from previous quarters since January 2022. Additionally, I benchmarked Avalanche against other prominent blockchain networks, including Arbitrum, Optimism, and Polygon, which share similarities and popularity. The comparison encompassed metrics such as TVL, transaction volume, user activity, and overall network adoption.
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Let's begin by examining the most crucial parameter to gain a better understanding of each blockchain network. Up until October 2022, Avalanche held the leading position in Total Value Locked (TVL) compared to other popular chains. However, the market conditions took a toll on all established chains, including Avalanche, Polygon, and Fantom, resulting in a significant decline in their TVL. In contrast, new chains like Optimism and Arbitrum experienced growth in their TVL during the same period.
As of now, Arbitrum has emerged as the leader with a TVL of 2.4 billion US Dollars, surpassing all other chains. Avalanche, with a TVL of 859 million US Dollars, currently holds the fourth position in terms of TVL.
The main focus of this dashboard is Avalanche, where I have closely analyzed its Total Value Locked (TVL) and the changes it has undergone since January 2022, measured in both USD and Avax tokens. Notably, Avalanche's TVL experienced a substantial decline starting in May 2022. This drop in TVL coincided with a broader market crash triggered by the crashes of Luna and UST.
Comparing the TVL of Avalanche in Avax tokens from the beginning of the year until now, there has been a significant 87% decrease. Presently, Avalanche's TVL stands at 839 million US dollars or approximately 2.5 million Avax tokens.