2023-05-01
Avalanche is a platform for decentralized applications and smart contracts that aims to achieve high scalability, security, and interoperability. AVAX is powered by the Avalanche consensus protocol, which enables thousands of nodes to participate in the network. It supports the Ethereum Virtual Machine (EVM). Avalanche also enables cross-chain communication and asset transfers with other blockchains, such as Bitcoin and Ethereum.
The number
of transactions on the Avalanche network continues to oscillate between ~90k
and 200k. However, it rose to 290k on March 11th, driven by Trader Joe's, USDC,
and two mysterious wallet addresses.
There has
also been a significant increase in the number of wallet addresses transacting
on the network. In particular, on March 10 and 11, daily active wallet
addresses are growing rapidly, with more than 120,000 each day. On the other
hand, the average amount of gas dispensed follows a similar pattern. The same
goes for transactions except January 1st, where it exceeded 40,000, although
the number of transactions did not increase significantly.
In the
first quarter, the average daily gas price paid on the Avalanche C-Chain was
much lower compared to Ethereum. Paid on Avalanche, which was $16 on March 11,
Avalanche C-Chain users will only spend between $0.07 and $0.32 for gas.
Nansen's data suggests that despite the sudden spike in transactions on both networks on March 11, the average gas paid on the Avalanche C-Chain is still 76 times lower than Ethereum. Average transaction fees for a simple transaction on Avalanche starts at 0.008 AVAX ($0.14).
