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Avalanche (AVAX/USD) is an EVM compatible layer 1 platform that places an emphasis on speed and low transaction costs. For a fraction of the cost, users have access to the products they know and love. Avalanche Bridge is one of the best bridging experiences ever created.

Avalanche has made it faster, cheaper, and more secure to bridge over assets from Ethereum. The network has facilitated the transfer of more than $27 billion worth of tokens to and from Ethereum (ETH/USD).

Avalanche’s TVL went from below $200 million in July to more than $13 million at the moment. In less than half a year, this is a 65x increase. Here are four key highlights from leading blockchain analytics platform Nansen’s AVAX deep dive.

6 of the top 10 DeFi based applications by TVL are native to Avalanche. They are forks of Ethereum counterparts in most cases and feature significant farming incentives. For example, Trader Joe lets users farm, trade, stake and receive an LP pair with just one click. Its daily volume is around $750 million.

Notable Ethereum projects like Aave (AAVE/USD) and Curve (CRV/USD) have driven traffic into Avalanche further after migrating to it.   

You can use the Avalanche Bridge to transfer ERC20 tokens from Ethereum to Avalanche’s C-Chain and back. The trustless bridge supports WETH, USDC, Wrapped Bitcoin (WBTC/USD), and other ERC20 tokens. The fee on transfers from Ethereum is $3 and they take up to 15 minutes.

Avalanche Bridge Activity can be monitored on Nansen Dashboards. Avalanche Bridge volume peaked at $370 million on August 27.

Many developers left Ethereum because of its exorbitant gas fees. When a transfer’s gas cost is higher than the value of the asset being transferred, there’s little sense in doing it. Avalanche’s transactional finality is under 2 seconds and its transactional throughput is more than 4,500 tps. Compared to other blockchains, this is quite promising to say the least.

There was a major upswing in daily transactions at the beginning of August, when the DeFi incentive program Avalanche Rush was announced. The $180 million program attracted blue-chip DeFi applications to deploy on the blockchain. In November, there was another major increase after announcement of the partnership between Avalanche and Deloitte.

Nansen reports that the gas paid on Ethereum daily began rising significantly in August. The main driver was the increasing number of NFT projects being deployed during the summer.

On November 26, the daily gas paid on AVAX was $1,311,682 compared to $51,389,748 on Ethereum. The cost of processing transactions on AVAX that day was more than 20 times lower than on Ethereum although Avalanche had over half the amount of Ethereum transactions. This comparison highlights the optimal price-performance ratio of the Avalanche network.

Traditionally, Smart Money exists on the Ethereum chain. A higher Smart Money proportion in L1 and other chains is a good sign. It indicates that successful protocols are provoking Smart Money interest onto the respective chains. Avalanche is a top performer in this regard. It enjoys strong support from leading investors like Three Arrows Capital and Polychain Capital.  

On Avalanche, there are 46% of total Smart NFT minters, 31% of total Smart Money, about 15% and 17% of total Smart and Smarter LPs respectively, and 24% of total Smart NFT Traders from the Ethereum chain. It’s obvious that Smart Money is well-represented on the Avalanche chain.

Avalanche is among the top 5 blockchains in Smart Money engagement, hot on Binance Smart Chain’s heels. It could overtake it soon.

Liquidity mining incentives are often used to give users an incentive to boost liquidity. However, liquidity is not loyal; that much we know. When incentives are depleted, Nansen believes it will be interesting to see which market player will emerge on top.

Nansen is excited to see Avalanche’s role in the future of the crypto industry as it managed to gain significant traction over the past year. To say it’s definitely here to stay is an understatement.  

The post Nansen’s deep dive into Avalanche: 4 key highlights appeared first on Invezz.

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