Blockchain analytics platform Nansen published a comprehensive research report on the emerging EVM compatible layer1 platform Avalanche yesterday.
The Avalanche ecosystem, aimed at solving the scalability issues of Ethereum, uses sub-second finality of transactions, unique consensus protocol upgrade and transactional throughput to deliver cost-effective products. Major Ethereum projects such as Aave and Curve have already migrated to Avalanche with more DeFi and crypto dApps expected to follow.
Here are 10 key highlights of Nansen’s report:
- Robust Landscape:
Avalanche’s comprehensive landscape caters to every prominent need of the blockchain ecosystem from DeFi and NFTs to DEX and P2E. Its compatibility with the Ethereum Virtual Machine means that notable dApps from across the blockchain spectrum can migrate without any hassle. - Total Value Locked and dApps:
Avalanche records a TVL of US$13.9 billion, more than 25% of which comes from Aave. Avalanche’s native applications Trader Joe and Benqi make up a majority of the rest of the project’s TCL. Other notable native applications include the most successful OHM fork Wonderland and the Play and Earn battle game Cradaba. - The Avalanche Bridge:
To support the multichain future of the blockchain world, Avalanche has developed the Avalanche Bridge which allows swift, secure and cost-effective transfer of ERC20 Tokens between Ethereum and Avalanche’s C-Chain. Transfer of a number of ERC20 Tokens including WETH, USDC and WBTC is supported by the Bridge. A transfer between Ethereum and Avalanche typically takes about 15minutes and costs around $3. - Activity on the Avalanche Bridge:
The volume of Activity on the Bridge reached USD 370mm in August this year after the Avalanche Foundation announced the ‘Avalanche Rush’, a DeFi incentive project of USD 180mm. Backed by reputable VCs and liquidity mining programs, activity peaked on September 23rd with the bridge
