Smart Contract Blockchain Avalanche recorded a consistent surge in blockchain activity as it noted that it would increase decentralized trading activity and return crypto whale speculation with the next emerging memo coin.
Avalanche’s trading growth outperforms all other blockchains over the past week, increasing 66% at over 181,000 active addresses to boost 11.9 million transactions, indicating an increase in blockchain-focused investor mindshare.
The milestone came after a “groundbreaking effort” by the US Department of Commerce. It has adopted an avalanche along with nine other public distributed blockchains, revealing its true gross domestic production (GDP).
Despite the growing institutional and government adoption of Avalanche, “at this point this cannot be attributed to the avalanche adoption of avalanche avalanche,” said Nicolai Sondergaard, research analyst at Nansen Crypto Intelligence Platform.
The increase in network blockchain activity was driven primarily by traders of bots and whales miners extractable value (MEV) trading, distributed finance (DEFI) traders, who infer mainly at the launch of the next big memo coin.
“The surge in transactions is driven by 60% Defi protocol activities (Trader Joe, Aave, Benqi), 25% automatic trading bots and MEVs, and 10% whale trading and Memecoin speculation. […]. ”
Research analysts explained that 5% of the additional blockchain activity was attributed to blockchain games and inappropriate tokens (NFTs).
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Dex Trading, “High Balance” Whale drove most of the avalanche blockchain activity: Nansen
Cryptocurrency trading in decentralized exchanges has driven the Lion’s share of avalanche blockchain activity, making Trader Jodex the “major driver” to see an avalanche wrap ether (Weth.e) volume of over $333 million in the past seven days.
The “key players” driving this activity included traders from Nansen’s top 100 leaderboards.
The Aave Lending Protocol was a secondary driver with $624,000 worth of flash loan activity through Dex Aggregators, while the Benqi protocol was another important driver after receiving more than $650,000 in deposits from cryptocurrency trading bots.
Automated trading activities and “high balanced” whale addresses promoted the remaining blockchain activity, while black (black) tokens saw trading volumes of $14 million, with multiple whale addresses earning tokens worth up to $95,000.
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Looking at one of Avalanche’s major competitors, the Solana blockchain saw a 6.7% drop in weekly transactions, including 433 million transactions across 18.9 million active addresses, Nansen data shows.
Like the avalanche, Dex Trading promoted most of its blockchain activity, including Raydium Dex, which has 12.4 million users and 297 million transactions, followed by Fluxbeam Dex, which has 7.3 million users and 178 million transactions.
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