Avalanche [AVAX]: An assessment of the network’s performance in Q3
Ranked as the network with the fifth highest total value locked (TVL), Avalanche [AVAX] focused on improving its network infrastructure in Q3, as per Messari’s latest report.
The Messari report titled, “State of Avalanche Q3 2022″, stated information about AVAX’s decline in network activity, revenue, and TVL.
The report also found that Avalanche’s decline was a result of the persistent decline in the cryptocurrency market between July and September.
Messari considered activity on Avalanche’s primary network, the Avalanche C-Chain, and Subnet, and found a consistent decline in network activity within the 90-day period under review.
As mentioned in the report, average daily transactions on Avalanche fell by 65.5% within the period under consideration. This resulted in a 76% decline in transaction fees on the network and a further 94.1% decrease in total revenue recorded by Avalanche in Q3.
The average count of daily active addresses on Avalanche C-Chain also fell by 40% in Q3.
In Q2, the network saw an average of 63,000 addresses. It closed with an average of 38,000 addresses per day. Interestingly, on the subnets on the network, the number of active addresses grew within the same period.
Source: Messari
Also, the C-Chain saw a significant decline in transaction activity within the period under review. According to Messari, Avalanche’s average daily transactions on its C- Chain fell by 66% in Q3.
This, the analytics platform, attributed to a shift in transaction activity from the C-Chain to subnets, especially DeFi Kingdom (DFK).
Source: Messari
As for the total quarterly revenue made by Avalanche in Q3, Messari found that a total of $2,311,908 was made within the three-month period under review. This was a 94.1% decline from
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