Avalanche (AVAX) has achieved a new landmark. Despite the bear market rally and Jerome Powell drawdown, Avalanche hit many all-time highs in terms of transactions and user activity.
- There have been 32.7 million transactions in August with seven days to spare. Moreover, comparing Avalanche’s transaction monthly rate of change with other EVM-compatible blockchains, Avalanche runs ahead at 18.8% with Fantom in second place at 12.6%.
- Many data variables reflect growth in adoption and utility. NFTs sales in Avalanche triumphed at going slightly above the 250k USD range. Additionally, USDC stablecoin demand on Avalanche increased which led to a rise in its USDC native supply. These Avalanche all-time highs during this economic downturn give us an indication of the prominent future performance of this blockchain.
- A good chunk of transaction volume is coming from gamers. Thanks to high-profile games such as Crypto Blades joining the space GameFi, Avalanche is exploding in transactions. The main reason for this move is because they are choosing Avalanche for its fast speeds and low transaction fees.
- Circle customers can mint native Avalanche USDC from the Circle Account instead of using a bridged form of Ethereum USDC which was generating friction due to associated fees. This overtime allowed USDC native supply to peaked at 1.66 million.
- Regardless of Avalanche’s all-time highs, it has a still declining monthly chart but this is due to the bearish market conditions, macroeconomics, and its tokenomics. Nonetheless, Avalanche users are confident in the blockchain, and adoption has only increased regardless of the laid-up market.
See related: Tether’s Blockchain Expands After USDT Goes Live On Avalanche
