Avalanche Blockchain Increases Transactions by 1500% YoY in 2022 | coindesk JAPAN | Coindesk Japan

Despite the collapse of some centralized players across the cryptocurrency industry and a technical bear market, trading on the Avalanche blockchain is set to surpass the previous year in 2022. increased by 1500%.

In Avalanche’s fourth-quarter earnings report, data analytics firm Nansen said both NFT transaction volume and overall transaction volume increased significantly, demonstrating the strength of the network.

“As of November 21, 2021, there were nearly 27 million transactions per year, but by November 21, 2022, we will exceed 450 million transactions per year, a staggering 1507% increase in one year. I did,” said Nansen.

According to data site DefiLlama, the total amount of tokens locked in avalanche-based decentralized financial applications has fallen from a peak of $15 billion in 2021 to just over $900 million in November 2022. Nonetheless, such trading activity took place.

Mega Septiandara, a research analyst at Nansen, said: “After posting impressive profits in the fourth quarter of 2022, Avalanche users may be wondering, ‘What is crypto winter?’ I can’t,” he said.

“Avalanche is poised to emerge as the entire Web3 space recovers from the havoc caused by the fall of FTX, with a successful combination of strong trading numbers and NFT trading volumes combined with new features and products to improve the user experience. We are poised to continue to grow in 2023,” added Septiandara.

Avalanche saw a 1500% increase in trading activity in 2022 despite a broader bear market. (Nansen)

Looking at Avalanche’s C-Chain, daily transactions were volatile in Q4, with around 100,000 to 230,000 transactions per day.

Part of that growth is due to Avalanche Subnet, a custom blockchain built on Avalanche along with others like DeFi Kingdoms’ DFK Subnet, which will reach 200 million cumulative transactions on November 13, 2022. there is

However, compared to Ethereum, Avalanche C-Chain transactions are relatively stable, the report notes.

C-Chain, short for Contract Chain, is Avalanche’s default smart contract blockchain that allows the creation of any smart contract compatible with Ethereum. It complements X-Chain, which is used to send and receive funds on the native token AVAX.

Others, such as major NFT marketplace OpenSea, have entered the network, and the non-fungible token (NFT) market has been booming throughout the fourth quarter.

In addition to the significant increase in overall transaction numbers and NFT transaction volume, Avalanche’s significant developments in Q4 included several new projects, protocols, and features joining the ecosystem.

Notable projects include Core Web, a free all-in-one command center that makes viewing and using Web3 more intuitive and comprehensive across Avalanche and Ethereum, and NFT Market, which launched in May. There are places JoePegs, particularly JoePegs, which has grown to be the largest of Avalanche with over $3.4 million in NFT sales and over 12,000 users, Nansen noted.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Nansen
｜Original: Avalanche Blockchain Saw 1,500% Transactional Growth in 2022: Nansen