A look at recent growth: Avalanche experienced two significant increases in on-chain activity in Q4 2023, which the report said “catalyzed sustained growth.” The introduction of the ASC-20 token standard, intended to encourage the growth of the Avalanche blockchain and increase the volume of transactions on the network at the time of launch, caused the first spike on November 22, 2023. It transformed the best Avalanche meme coins into attractive coins. investment opportunities.
Several well-known protocols and decentralized exchanges (DEXs), including Benqi Finance, Aave, Struct, and Delta Prime, are responsible for the rise in Avalanche’s TVL. You can learn more about TVL metrics to understand wTVL hat is. Specifically, at Avalanche’s peak, Benqi accounted for over 40% of the company’s TVL. Additionally, by the end of 2023, Trader Joe’s trading volume had increased by over 570%. At its peak on December 21, it accounted for over 80% of Avalanche’s decentralized finance (DeFi) swap volume.
In Q4 2023, the Avalanche Network witnessed several developing trends, an increase in on-chain activity, and an increase in TVL. These trends included increased daily market capitalization of real-world assets (RWA) and the deployment of several gaming and metaverse projects.