Avalanche has surpassed 1.60 billion total transactions on its mainnet since launching in September 2020, according to AMBCrypto. The milestone was reached despite a bearish crypto market, with the network ranking among the top 30 cryptocurrencies by market capitalization at approximately $3.64 billion.
Transaction volume remains below early levels
While the cumulative transaction count is a notable achievement, the three-month average for transactions is far below the volume seen in Avalanche's early days. At press time, the average was well below 1 million, compared with more than 3 million six years ago when the network launched.
In the last 24 hours, network fees spiked by 30%, indicating network congestion. The uptick in transaction activity comes as traders appear to be defying the broader market trend.
Spot and futures traders show net buying
On-chain data from CoinGlass shows that AVAX traders were net buying at 51.60% in both spot and futures markets, with a bullish divergence confirmed on the 15-minute chart. The futures cumulative volume delta (CVD) stood at $2.39 million, while the spot CVD was $462,000, implying that the derivatives market was more optimistic than the spot market.
These traders could be buying the dip since AVAX has been on a downtrend over the past week. The token fell from around $12 to $8, a loss of about 32%. At press time, its mindshare was also down 10%, with sentiment from top influencers turning neutral.
Real-world financial activity grows
The existing optimism could be attributed to ecosystem growth, especially on the real-world front. Avalanche's real-world asset activity is growing exponentially on a quarter-on-quarter basis, particularly when comparing the third and second quarters.
- DEX volume doubled to about $5.33 billion, indicating heightened trading activity on both buys and sells.
- RWAs on the C-Chain reached $1.22 billion, with tokenized treasuries leading with growth of 14% to reach $545 million.
- Dinari stock purchases jumped by over 34%, equivalent to $9 million.
- Card spending surged by 74%, totaling more than $10 million.
- On-chain credit grew by 34%, reaching $37.40 million.
These figures confirm growing real-world financial activity on Avalanche, with traders using the network for payments and credit.
Technical levels to watch
Despite the strong activity, if the higher high at $7.90 is lost as support, AVAX could slide to $6.85 or subsequently test the psychological level at $6. However, if capital flows into the chain through RWAs, the downside risk could be managed.
Avalanche hit a milestone of over 1.60 billion transactions as spot and futures buyers returned. AVAX's price has been falling over the past week, but real-world asset financial activity is a reason for optimism.
