• Login
Crypto Newsmart
No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE
No Result
View All Result
Crypto Newsmart
No Result
View All Result

Q1 2023 Results Show Impressive Growth

4 weeks ago
in Altcoin, Crypto Exchanges, Crypto Price Analysis
Reading Time: 4 mins read
Q1 2023 Results Show Impressive Growth
7
VIEWS
Share on Facebook

According to the latest report by Messari, Avalanche (AVAX) has shown a strong rebound in the first quarter of 2023. The market cap of the blockchain platform increased by 65.8% quarter on quarter (QoQ), reflecting the broader market trend and the thaw of the crypto winter that took by storm the crypto industry in 2022. 

Avalanche’s Q1 2023 Performance

According to the report, Avalanche experienced a decline in daily average active addresses and transactions during Q1 2023. The 20.7% and 31.9% decline followed an anomalous spike and a high growth period of subnet activity in Q4.

However, the report also highlights that Avalanche’s supply of Bitcoin BEP2, a token on the Binance chain (BTC.b), increased by 64% during Q1, reaching over $250 million in market cap. This is a positive sign for the platform’s growth and demonstrates the increasing interest in Avalanche as a blockchain platform.

Supply of BTC.b on Avalanche. Source: Messari

The report further notes that mainstream interest in Avalanche network infrastructure continued to grow during Q1, with partnerships with blockchain services (AWS) and Tencent Cloud, a secure, reliable, and high-performance cloud computing service. This demonstrates the growing recognition of Avalanche as a major player in the blockchain space.

In addition, Avalanche launched several notable developments during Q1 aimed at ushering in developers. These include the launch of HyperSDK, Glacier API, and integration with The Graph. These developments are expected to increase the adoption of Avalanche as a blockchain platform and attract more developers to build on the platform.

The Avalanche Effect

According to Messari,  Avalanche’s Total Value Locked (TVL) denominated in USD increased by 4.2% QoQ in Q1 2023, following the crypto market relief rally in January. However, TVL denominated in AVAX declined by 34.3%, suggesting that the increase in USD was due to asset price increases rather than new capital inflow.

Avalanche
TVL in AVAX during Q1. Source: Messari

Despite this decline, liquid staking derivatives (LSDs) and yield farming platforms supported Avalanche and its DeFi ecosystem. Benqi liquid staking TVL grew by 88.6% QoQ to $100 million by the end of Q1, and Vector Finance, a yield optimization platform, increased by 50% QoQ to $36 million. Collectively, these two protocols finished Q1 in the top 10 by TVL, with ~$136 million in TVL.

Avalanche’s most prominent protocol by TVL denominated in USD, Aave, was down slightly 5% QoQ, but Benqi Lending, Trader Joe, and GMX grew by 49%, 24%, and 70%, respectively. However, there remained concentration risk in the leading application, with Aave making up 43% ($432 million) of Avalanche’s DeFi TVL by the end of Q1.

Avalanche Validators Show Volatility

According to the report,  Avalanche’s network health remained stable in Q1 2023, with the average number of validators, total stake, and average engaged stake remaining consistent. However, the average number of delegators grew by 26.1% QoQ, indicating increasing participation in the network.

Despite the stability of stake across a greater number of validators and delegates, there was some volatility in the number of validators that went offline during Q1. Both the average amount of unresponsive stakes and the number of unresponsive validators increased by over 70% QoQ. However, the percentage of unresponsive stakeholders and validators remained high enough to sustain block production.

Overall, the Messari report indicates that Avalanche’s network health remained stable in Q1 2023, with consistent numbers of validators, total stake, and average engaged stake. The growth in the number of delegators also suggests increasing participation in the network. 

While there was some volatility in the number of validators that went offline during Q1, the percentage of unresponsive stakes and validators remained high enough to sustain block production. These findings demonstrate the continued growth and resilience of the Avalanche network and its potential for further expansion and adoption in the blockchain space.

Avalanche
AVAX trying to recover its bullish momentum on the 1-day chart. Source: AVAXUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com

Source link

Tags: growthImpressiveResultsShow

Related Posts

Kava (KAVA) Price Rallies 10% In 7 Days
Crypto Exchanges

Kava (KAVA) Price Rallies 10% In 7 Days

28 May 2023
Altcoins Across The Sector Are Underbought: Santiment
Crypto Exchanges

Altcoins Across The Sector Are Underbought: Santiment

26 May 2023
Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?
Crypto Price Analysis

Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?

26 May 2023
Introducing The Rolling-Block Method: A New Way To Forecast Bitcoin Mining Difficulty
Bitcoin

Introducing The Rolling-Block Method: A New Way To Forecast Bitcoin Mining Difficulty

25 May 2023
Wombat Web 3 Gaming Platform (WOMBAT) Price Prediction 2023 2024 2025 2026
Crypto Exchanges

Wombat Web 3 Gaming Platform (WOMBAT) Price Prediction 2023 2024 2025 2026

25 May 2023
Single Wallet Destroys 1.2 Billion SHIB, Surges Burn Rate Over 2000%
Crypto Price Analysis

Single Wallet Destroys 1.2 Billion SHIB, Surges Burn Rate Over 2000%

23 May 2023


  • Trending
  • Comments
  • Latest
LUNC Burn Tax Set To Rise To 0.5% As KuCoin Proposal Receives Approval

LUNC Burn Tax Set To Rise To 0.5% As KuCoin Proposal Receives Approval

20 May 2023
Wombat Web 3 Gaming Platform (WOMBAT) Price Prediction 2023 2024 2025 2026

Wombat Web 3 Gaming Platform (WOMBAT) Price Prediction 2023 2024 2025 2026

25 May 2023
When Bitcoin Meets Artificial Intelligence: Woke Madness Or Awakened Sanity?

When Bitcoin Meets Artificial Intelligence: Woke Madness Or Awakened Sanity?

24 May 2023
Amazon Is Testing Digital Euro Prototypes

Amazon Is Testing Digital Euro Prototypes

17 September 2022
Do Kwon’s Bail Revoked; Terra Execs to Stay in Jail in Montenegro: Bloomberg

Do Kwon’s Bail Revoked; Terra Execs to Stay in Jail in Montenegro: Bloomberg

25 May 2023
Kava (KAVA) Price Rallies 10% In 7 Days

Kava (KAVA) Price Rallies 10% In 7 Days

28 May 2023
How I Preserve My Wealth With Bitcoin

How I Preserve My Wealth With Bitcoin

27 May 2023
Bitcoin Price (BTC) Falls to $26K; Is $24K Next?

Bitcoin Price (BTC) Falls to $26K; Is $24K Next?

27 May 2023
Lido Community Weighing On-Chain Vote to Deploy Version 2 on Ethereum

Lido Community Weighing On-Chain Vote to Deploy Version 2 on Ethereum

27 May 2023
Tax Attacks Won’t Kill Bitcoin: Regulators Must Learn To Accept New Technology

Tax Attacks Won’t Kill Bitcoin: Regulators Must Learn To Accept New Technology

26 May 2023

  • Home
  • Disclaimer
  • Privacy Policy
  • Digital Millennium Copyright Act Policy (DMCA)
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us
CRYPTO NEWSMART

Copyright © 2021 Crypto Newsmart.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • ALTCOIN
    • ETEREUM
    • NFT’s
    • CRYPTO PRICE ANALYSIS
  • LEARN CRYPTO
  • CRYPTO EXCHANGES
  • BLOCKCHAIN
  • MINING
  • SCAM ALERT
  • PRESS RELEASE

Copyright © 2021 Crypto Newsmart.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Manage Cookie Consent

We use cookies to optimise our website and our service.

Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
Preferences
{title} {title} {title}