The price of Bitcoin had a precipitous decline over the previous week, which caused investors to experience widespread fear. After the price dropped, there were also a number of notable declines in the on-chain indicators in the Avalanche ecosystem.
Between May 9 and May 15, the average daily transaction on the Avalanche C-chain was 733,414. Since last week, it has decreased by 13.2% (845,350). At its peak on May 12, the number reached 886,518. And the lowest was on May 15, with 446,496 transactions.
There were an average of 2,770,746 unique addresses this week. Which were 2,611,623 addresses last week, an increase of 3.06% increase. The daily growth rate remains at 11,758 addresses. This indicator is a little bit higher than it was the previous week.
The daily active address count has remained constant at 82,342 addresses over the last week, falling from 100,590 addresses last week (-18.14%). The percentage decreased by a significant amount in the background of a market where there was a lot of fear. May 12 is the day with the most active addresses (93,321 addresses).
Total Value Locked
Since all other statistics were going in down, the Total Value Locked dropped 37.73%, from 13.31 billion USD to 8.14 billion USD. This is a significant drop, with the majority of users have switched to stablecoin.
The Avalanche bridge is the most widely used bridge from Ethereum mainnet
According to Nansen’s report, Avalanche is the top bridge for total volumes. With over $26b in cumulative volume. Read more.
Avalanche Summit 2022: Hackathon Recap
The Avalanche Summit Hackathon was a massive success, bringing hundreds of participants to Barcelona on March 25-27, 2022. The Hackathon, powered by Encode, brought together founders, builders, and teams to push the envelope of what’s possible with Avalanche and Web3. Participants built projects and tools over the course of the weekend based on a series of bounties, all while enjoying talks and workshops specially formulated to leave them inspired for the future.
Terra and Wormhole bridge is live. For users looking to bring sAVAX back to Avalanche
If you’ve bridged sAVAX through Wormhole (wasAVAX), ensure sure that you are bridging the token labeled as WHSAVAX.
If you have sAVAX, it will be automatically bridged back to your Avalanche wallet and displayed in your wallet after funds have been bridged back via Anchor. Read more.
Top Gainers and Losers
Crabada Battle Game Launch
With Crabada and Swimmer Network (Subnet) spearheading the charge into the future of Web3 gaming, doors for brand new opportunities will be opened for many to take their first step into the Web3 space as we introduce a new dimension of fun and accessibility to the broader audience! Read more
Crabada Great Migration
Yeti Finance has integrated ChainLink Price Feeds
By integrating the industry-leading decentralized oracle network, Yeti Finance has access to high-quality, tamper-proof price feeds needed to help ensure protocol solvency by enabling the accurate calculation of borrowers’ collateral value. Read more.
Degis introduced their unique Protect to Earn mechanism
Degis is the next generation all-in-one protection protocol with protecting to earn feature. Users can easily protect themselves from market high volatility and smart contract risks by purchasing protection products on Degis. As the buyers of degis protocol, they can not only protect their crypto-asset but also earn at the same time. Read more.
Superfluid deploys on Avalanche
Superfluid Protocol is a framework being actively developed and deployed to new networks, its smart contracts are upgradable, and some protocol parameters are tunable. A governance contract is then delegated to make these changes. The contract of the governance and its structure is going through changes over time and eventually includes the Superfluid community in the decision process. Read more.
Beta of SubQuery Support Released For Avalanche
Avalanche developers will be able to access the beta of the same fast, flexible, and open indexing solution widely used across Polkadot. As this is a beta version, it is likely to have some issues. As such, we would appreciate it if any bugs could be reported to our team so we can address them quickly. Read more
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