Avalanche network records 3.4% growth in Q4 2022

2023-2-1 19:59

The Avalanche (AVAX) network remained intact and continued its growth through the fourth quarter of 2022, according to recent research from Messari.

Several subnet upgrades were launched during this period while the average daily transaction number increased, according to Messari’s report.

Transactions and users

The average active daily addresses recorded a 3.4% growth from 2022 Q3’s 46,460 and increased to 48,023 on Dec.31, 2022. This number also indicates a 34.7% year-over-year growth.

Even though the active daily addresses remained relatively flat, the number of average daily transactions spiked to 2.9 million, marking an 84.6% increase from the 1.5 million recorded in 2022 Q3. The year-over-year growth in the number of daily transactions was also calculated as 514.8%.

Avalanche daily transactions

The chart above provides a detailed representation of the average daily transactions since the beginning of 2022. The data shows that Avalanche’s DFK and StepNetwork subnets started to facilitate the majority of daily transactions as soon they were launched in 2022 Q1 and 2022 Q3, respectively

With the stable number of active addresses and an increasing number of daily transactions, the number of average transactions per second also increased from 2022 Q3’s 18 to 33 in Q4, indicating an 84.6% increase.

Subnets

The Avalanche team also launched two subnets and two subnet upgrades in the final quarter of 2022. Subnets Dexalot and XanaChain were launched on Sept. 30, 2022, and Nov. 18, 2022, respectively.

On Oct. 20, the Elastic Validation upgrade was launched on Avalanche Mainnet. This upgrade allowed anyone to become a subnet validator by staking the subnet token by permitting creators to activate PoS validation and rewards using their own subnet tokens.

On Dec.22, Avalanche Warp Messaging (AWM) was released across the network, which allowed all subnets to communicate with one another. This eliminated the necessity of building individual bridges by projects who want to transfer assets or data between subnets.

The post Avalanche network records 3.4% growth in Q4 2022 appeared first on CryptoSlate.

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