Post author: Post published:September 13, 2024 Post category:Ethereum News Key Insights Financial Overview Market Cap and Revenue After rallying for two straight quarters Usage Average daily transactions fell by 57% QoQ from 470,000 to 201,500 in Q2. This downtrend was likely due to the broader crypto market slowing down after a highly active Despite the daily average of total transactions falling in Q2, some protocols experienced QoQ increases for daily transactions. Tether Similarly to transactions, daily active addresses interacting with protocols decreased in Q2. Tether became the top protocol by average daily active addresses this quarter, increasing by 20% QoQ from 9,600 to 11,600. 37% of active addresses that interacted with a protocol in Q2 interacted with Tether. Another notable gainer was LIFI Active validator count decreased for the first time in a year, as active validators fell by 7% QoQ from 1,683 to 1,558. Active validators on Avalanche are up 28% YoY (1,221 in Q2’23), a healthy sign for the decentralization of the network. To join the Avalanche architecture, every subnet must provide at least one validator to the Primary Network (staking 2,000 AVAX). For its own consensus, each subnet utilizes anywhere from three to all P-Chain validators. There were 24 indexed Avalanche subnets Similar to Avalanche C-Chain, transaction activity was down in Q2 for most subnets. Across all subnets, Q2’s daily average transaction count was 978,300, down 23% QoQ from 1.3 million. However, not all subnets experienced QoQ declines. Notable gainers included Dexalot (up 5% QoQ to 259,700) and UPTN (up 100% QoQ to 46,500). UPTN benefited from various incentive campaigns Active addresses on subnets were down in Q2, with both the median (down 35% QoQ from 208 to 136 active addresses) and mean (down 20% QoQ from 993 to 795 active addresses) decreasing. The vast majority of active addresses continue to come from gaming subnets, with three of the top four subnets by active addresses being gaming-focused. DFK, Beam, and PLAYA3ULL Games accounted for 49% of all active addresses in Q2. However, all three of these subnets experienced QoQ declines in active addresses. The only subnet within the top six to go against the trend in Q2 was Meld, which saw its daily average active addresses increase 118% QoQ from 403 to 880. DeFi Avalanche TVL denominated in USD decreased from $1.5 billion in Q1 to $903.9 million, a 40% QoQ decrease. This ranked The top three protocols by TVL continued to represent the bulk of TVL on Avalanche in Q2. AAVE Average daily DEX volumes on Avalanche C-Chain continued declined in Q2, falling 65% QoQ from $160.7 million to $63.7 million. Onchain activity was heightened on Avalanche in Q1 due to a “Memecoin Mania In Q2, stablecoins on Avalanche reached their highest market cap since 2022. By the Q2 end, stablecoin market cap reached $1.7 billion, up 13% QoQ from $1.5 billion. Compared to other chains BTC.b is one of the largest assets on Avalanche besides AVAX and stablecoins. BTC.b is a token that represents Bitcoin on Avalanche and can be automatically bridged in Core Avalanche’s NFT market experienced a downturn in Q2, with average daily NFT volume decreasing by 65% from $878,800 to $310,900. Average daily sales also dipped by 78% from 1,400 to 300. NFT activity decreased in Q2 due to the end No part of this report may be (a) copied, photocopied, duplicated in any form by any means or (b) redistributed without the prior written consent of Messari®. Tags: Ethereum News Please Share This Share this content Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Opens in a new window Read more articles Previous PostEthereum Co-Founder Sets New Standards for L2 Project Recognition Next PostCrypto Trader Turns $80,000 into $1.2 Million, but Quickly Gives it All Back You Might Also Like Crypto Community Predicts Cardano ($ADA) Will Surpass $1 After Vasil Hard Fork June 2, 2022 State of Solana Q1 2024 April 6, 2024 House Agriculture Committee January 4, 2024