• Avalanche Network achieved a new milestone of 1.21 million monthly active addresses.
• Most of the DeFi users on Avalanche were recurrent users (over 70%).
• Despite low volume, AVAX has been bullish since bottoming out on 10 June.
Avalanche Network Reaches New Milestone
Avalanche network managed to surpass its previous monthly active addresses milestone and achieved a new ATH at 1.21 million addresses as of 27 June. This demonstrates healthy growth in daily and monthly active users for this top blockchain network in the last few weeks.
Most Users are Recurrent
Data revealed that most of DeFi users (over 70%) on Avalanche were recurrent users, while the remaining proportion were new users.
Low Volume Levels
Despite experiencing some stimulation in the last few weeks, Avalanche’s address growth still didn’t reflect on other measures such as volume levels, which remain relatively low. Its TVL was also still at a fraction of its peak value recorded in May 2022, indicating that there is still wiggle room for growth based on historic data.
AVAX Price Increases
The surge in monthly active addresses has had an effect on AVAX’s price; despite the relatively low volume, it has been bullish since bottoming out on 10 June after enduring a heavily bearish period since April second half.
Investor Implications
Although Avalanche has seen significant growth recently, this doesn’t necessarily mean that investors will benefit greatly from it yet as most of the activity comes from recurrent user activity rather than new ones.