Will Avalanche outperform Ethereum?

Nansen, the renowned platform of blockchain data analytics released their quarterly analysis report recently. It revealed that the market of cryptocurrency witnessed a fall in 2022 in comparison to its activity volume last year. However, the network also pointed out that the leading blockchain networks’ performance such as BNB Chain, Avalanche, and Polygon stayed much stable. Avalanche stood out as the promising star among them.

Avalanche blockchain’s lead developer Ava Labs Inc., is about to raise a new series of funding as per the people who are familiar with their discussions. The news came after the strong start of Avalanche this year with potential data that was reported in the 1st quarter.

 

Check out the numbers

• State of Avalanche Q1 2022 is a report formulated by Messari.
• It stated that the 1st quarter included constant growth and network usage stabilization.
• It also consisted of network infrastructure and financial performance’s stabilization and continued growth.
• Huge growth was experienced by Avalanche compared to its last quarter.
• But massive opportunities for growth have been seen.
• This is because average everyday transactions almost doubled more than the quarter.
• 72.7 % was the total revenue growth.
• An ascending trend in the usage of the network with Avalanche gradually caught up with the great Ethereum blockchain market.
• From where AVAX left off in the last quarter, it picked up.
• The average everyday transactions increased to 865,00 in the first quarter of 2022 from last quarter’s 473,000.
• Now it has reached almost 1.17 million transactions in Ethereum’s three –quarters.
• An everyday revenue hike was experienced by Avalanche.
• Some EVM chains faced a downfall.
• AVAX was capable of closing in on the chain of BNB and Ethereum too.
• Few main events happened in this quarter.
• It is reflected in AVAX’s market cap.
• Subnet-Ethereum Virtual Machine was launched in January.
• It lets users rapidly create their individual blockchains that are EVM-compatible.
• After the Anchor Protocol, another surge in market cap was seen.
• The largest one on Terra declared a strategy of UST borrowing.
• The main idea was to include AVAX in the form of the latest collateral asset.
• Thus a new variety of options was created for the blockchain of Avalanche.
• As per the report, this upswing in March was because of the Crabada as well as DeFi Kingdoms subnets launch along with Crabada running some testnet or DeFi Kingdoms live on the mainnet.
• This report concluded by stating that Avalanche has a great opportunity of surpassing Ethereum in the next quarter.

 

Avalanche Records Stellar Performance

• According to a report, the performance of Avalanche was very impressive.
• This blockchain was seen to record great growth in the last quarter because its volume of transactions constantly grew without any interruption.
• The overall performance of the network of Avalanche was fueled by Trader Joe and Crabada.
• It contributed to more than 84 million transactions.
• The first subnet of Avalanche, DeFi Kingdoms, facilitated more than $500 million in huge volume.
• The active address data of the network too showed some surging interest because currently, Avalanche has active addresses. These are 79200 every day, 278,000 weekly, and 583000 monthly.

 

BNB chain leads the crypto industry

• The BNB Chain peaked in the last quarter of 2021.
• Then early this year, it saw a huge fall in its on-chain activity.
• But it was noted that it has constantly maintained its position as the leader in the industry.
• It is also the most active network of blockchain on the list.
• According to a report, the total everyday volume of transactions of this network is almost 3-5 times that compared to Ethereum.
• It also made it clear that the rebrand of this network to the BNB network from Binance Smart Chain indicated its intention of expanding beyond its cryptocurrency exchange, Binance.

 

Ethereum may be running away soon

• A buzz is created across the entire crypto community.
• This is because Ethereum is ready to soon launch “The Merge.”
• This blockchain is dominating the marketplace of NFT with increasing traded volumes.
• Ethereum is now having a powerful hold in the gaming world apart from the world of NFTs, entertainment, music, or DeFi.
• Taking into consideration all such technical factors, this aspect of Avalanche surpassing Ethereum seems bleak in the present case.