Avalanche’s native token, AVAX, shed almost half of its value throughout April. Its 30-day trading chart between April 1 and April 30 shows a consistent downtrend from a monthly high above $103 in the first week of April to $58.50 on the last day of the month. Here’s a look at other Avalanche performance metrics across April:
Market Metrics
Market capital
Avalanche’s circulating market capital consistently shrunk over the course of April. On the first day, the market cap stood at $25.65 billion, growing to an April high of $27.49 billion on April 2. Afterward, it set on a decline. On April 30, the circulating market capital of Avalanche sat at $16.02 billion – 43.60% below the peak of 2022. Notably, the decline witnessed in market capital across April contrasts with the positive rally the network mounted starting March 14 through to the end of that month.
Blockchain and Network Metrics
Avalanche C-chain transactions
SnowTrace data shows that the number of C-Chain transactions on Avalanche remained relatively even throughout April, with daily figures floating in the 800k to 900k transactions band. The monthly peak in the number of transactions stood at 887,146 – achieved on April 2, concurrent with the highest market capital of the month. The monthly low in daily transactions was recorded on April 30, during which the network saw 792,156 total transactions.
Avalanche C-chain unique addresses
The number of total unique addresses on Avalanche’s smart contract chain increased over the length of the month, as it has consistently done in its history. At the start of the month, there were 2,405,251 total distinct C-Chain addresses on Avalanche, which grew to clock 2,627,818 total addresses on April 30.
This represented a growth of 222,567 addresses across the month, a figure about 60,000 addresses shy, the number of additional unique addresses seen across March – 283,900.
Average gas price (AVAX)
The network’s average gas price in April touched some of the highest levels recorded this year. The two days with the highest figures were April 11 and 15, which saw 110.61 nAVAX and 112.38 nAVAX, respectively. The duo represented consecutive peaks in terms of average gas fees – being the first time this year, the daily gas price has crossed above 100 nAVAX.
Generally, the fees recorded on the Avalanche network in April averaged higher than the numbers seen during March. An increase in the general level of gas prices in April defied a pattern of dominantly par-100 nAVAX that was established last September and ran into last month. In fact, in March, no single day saw fees above 90 nAVAX.
The deepest trough of the month came on April 27, during which Avalanche’s C-Chain saw 46.55 nAVAX charged in fees.
Avalanche C-chain network utilization
The network utilization of the Avalanche C-Chain has been consistently growing month after month for a greater part of 2022. This uptrend, however, came to a halt this April, with the network utilization remaining fairly level all month. The network utilization, which was 45.29% on April 1, clocked a monthly high of 47% on April 5. The lowest figure of 43.73% was observed on April 16.
DeFi Performance
Total Value Locked
The Avalanche chain currently has a total value locked of $9.48 billion. This figure is $3.44 billion above Solana and $2.58 billion below BSC. The one-month change on its TVL currently sits at -15.26%, even though its leading protocol, AAVE V3, has the biggest gains of its close to 200 protocols. With a TVL of $1.33 billion, AAVE V3 boasts a dominance of 14.06%.
Last month, the highest TVL recorded on Avalanche was $11.22 billion, seen on April 5. Following the peak came a significant multi-day downturn that led to the monthly TVL low of $10.19 billion on April 12.
The TVL then rose to just 6o million off the monthly peak on April 21 before establishing a downturn again.
Of the top ten protocols on Avalanche, four had double-digit proportions in reductions of the TVL. Lending protocol AAVE saw its TVL fall by 64.23% (1.09 billion), liquid staking protocol Benqi by 24.45% ($1 billion), decentralized trading platform Trader Joe by 33.47% ($990.14 million), and liquidity transport protocol Stargate by 64.69% (270.07 million).
Market share
Talking market share, the Avalanche network ranks fourth, behind the leading smart contract platform Ethereum, layer one blockchain Terra, and the BSC. The chain reached the highest market share this month, on April 21, logging a 5.20%. Notably, this came off a month that had seen a spike in market share across the stretch of the month. On April 1, Avalanche had a 4.94% market share, with the number growing unevenly as the month progressed.
This figure crossed the 5% mark for the first time this month, on April 19, reaching 5.19% of the market share. However, as of April 30, the market share had fallen back down to 4.78%, the lowest percentage for the month.
To learn more about Avalanche, visit our Investing in Avalanche guide.
The post Avalanche Monthly Analysis – April 2022 appeared first on Securities.io.
