The post Avalanche Stages Comeback Amid Growth In Memecoins, GameFi, and RWAs appeared on BitcoinEthereumNews.com.

Flipside Crypto reports that Avalanche’s TVL doubled in Q4 2023. Activity is heating up on Avalanche, a leading Layer 1, with memecoins, web3 games, and real-world assets driving significant growth for the network. A Feb. 21 report from Flipside Crypto, a crypto analytics firm, Avalanche-native memecoins driving up on-chain activity in Q4 2023. Avalanche’s daily on-chain transactions peaked at $6.4M on Nov. 22, followed by a secondary spike to 6.3M on Dec. 19. Flipside reports that a surge in GameFi activity drove up daily active users on Avalanche subnets by more than 300% since October. The report estimates 9,994 were active on Avalanche subnets on Oct. 1, compared to 40,497 active wallets on Feb. 7. Monthly subnet transaction count has also increased 36% since October, with 19.2M transactions processed during January. DeFi Kingdoms, an Avalanche subnet-based web3 game, accounted for 81% of daily transactions over the past four months, but has recently been overtaken by Shrapnel. The market cap of real-world assets (RWAs) on Avalanche also posted impressive growth in recent months, with the sector’s market cap growing by nearly 45% between October and February. While Flipside noted that public data on Avalanche’s RWA ecosystem is limited due to most protocols existing as dedicated subnets, the report said  EUROC, Circle’s  Euro-backed stablecoin, accounted for more than 98% of RWA volume last quarter with $856M worth of trades. Avalanche launched a  $50M fund in July to support the purchase of Avalanche-based RWAs. “Strong liquidity, fresh competition in gaming, outsized token burns, and a surprising foothold for RWAs have all contributed to a healthy, even booming ecosystem,” Flipside said. Avalanche’s recent growth follows a protracted downtrend for the network, with the total value locked (TVL) in Avalanche-based DeFi protocols crashing 92% from its December 2021 all-time high, according to DeFi Llama. Still, Flipside…

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Filed under: News - @ February 21, 2024 8:20 pm