Avalanche Sees Surge During USDC De-Peg: Nansen
• Avalanche’s fourth-quarter report revealed a volatile daily transaction count on the Avalanche C-Chain.
• The sharp spike over this range to 290k was seen on March 11, triggered by USDC’s de-peg and two bots.
• The daily active addresses experienced a spike, recording over 120k on each day with an average gas paid of 40,000.
Avalanche Transactions Skyrocketed During USDC’s Temporary De-Peg in Q1 2023: Nansen
The brief depeg of USDC stablecoin triggered a surge in transactions and active users on Avalanche, according to data and analytics platform Nansen’s fourth-quarter report shared with CryptoPotato.
The Avalanche C-Chain is a default smart contract blockchain – which allows the creation of any Ethereum-compatible smart contracts – running complementary to the X-Chain used to send and receive funds in the form of AVAX tokens.
Volatile Daily Transaction Count
On Avalanche’s network, the number of transactions kept oscillating between ~90k and 200k but saw a sharp spike over this range to 290k on March 11 driven by Trader Joe, USDC, and two unlabelled addresses. It was found that these were two bots taking advantage of the market panic caused by USDC’s de-peg.
Surge In Unique Addresses Transacting On Network
There has been a significant increase in the number of unique addresses transacting on the network as well. Specifically, daily active addresses experienced a spike , recording over 120k on each day.
Average Gas Paid Followed Similar Pattern To Transactions