Avalanche Surges to 6-Month High in Daily Active Addresses

The spike coincided with a bevy of financial institutions joining Avalanche’s Evergreen subnet “Spruce.”

AccessTimeIconApr 14, 2023 at 5:20 p.m. UTC
Updated May 9, 2023 at 4:12 a.m. UTC

Layer 1 blockchain protocol Avalanche is picking up steam, reaching a six-month high in daily active addresses earlier this week.

According to blockchain data firm Artemis.xyz, Avalanche’s daily active addresses hit nearly 80,000 on April 12. Its daily active user base grew 85% in the past 90 days, making it one of fastest-growing protocols, ahead of BNB Chain, Tron, Ethereum, Aptos and Bitcoin. Only four protocols grew faster, per Artemis: StarkNet, Arbitrum, Stacks and Canto.

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  • The high-water mark coincided with Avalanche’s April 12 partnership with a bevy of financial institutions that will contribute to its network infrastructure, signaling traditional finance companies’ increased interest in the Avalanche ecosystem.

    The price of Avalanche’s native token AVAX stands at $18.53 at press time, down 1.34% in the past 24 hours, per CoinDesk data. Avalanche is the seventh-largest blockchain by total value locked, which currently sits at $878.7 million, according to crypto stats website DefiLlama.

    Edited by Danny Nelson.

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    Sage D. Young

    Sage D. Young was a tech protocol reporter at CoinDesk. He owns a few NFTs, gold and silver, as well as BTC, ETH, LINK, AAVE, ARB, PEOPLE, DOGE, OS, and HTR.