Question:

What's going on with Avalanche?

This is an open-ended bounty, what we call a Free Square, and it’s an opportunity for you to show us what you’ve got.

Overview of essay:

In this essay, dive deep into the Flipside community data on Avalanche and establish investigation based on these data.

This study divided into the two main sections:

• Analyze network performance
• Study the main sectors on Avalanche from the participation aspect

In the first one, the daily count of active users, newcomers, transaction per minute (TPM) and success rate of network have been analyzed.

For the second part, the behavior of Avalanche network from participation on main sectors like Dexs, NFTs, DeFi, … has been evaluated.

The appearance of Avalanche data on Flipside was from May 29, 2022.

Approach:

1. Active wallets and newcomers: Users and newcomers from avalanche.core.fact_transactions

2. Status analysis (success rate): STATUS, count(distinct tx_hash) from avalanche.core.fact_transactions

3. Transaction per minute (TPM):

   date_trunc('minute', block_timestamp) as minute, count(tx_hash) as count_txn from avalanche.core.fact_transactions

4. Identify the Major sectors performance on avalanche:

   LABEL_TYPE as sectors, count(FROM_ADDRESS) as Users

   from avalanche.core.fact_transactions x join avalanche.core.dim_labels y on x.TO_ADDRESS= y.address

5. Clarify the performance on each sector:

   PROJECT_NAME, count(FROM_ADDRESS) as participants,

   from avalanche.core.fact_transactions x join avalanche.core.dim_labels y on x.TO_ADDRESS= y.address

   where LABEL_TYPE ='dex' or 'defi' or 'layer2' or 'nft'

   Decide to make this dashboard Live by setting Refresh rate on Daily

First part of results: Performance analysis on Network

Key findings 1:

As mentioned earlier, this part belongs to the performance analysis of Avalanche network over time:

1. More than 11 million transactions have been executed by 470k unique users on Avalanche so far.
2. The Daily number of active wallets (who made at least one transaction) has consistent movement but enhanced in the final days of the investigation.
3. The daily count of newcomers on Avalanche has jumped to very high level on May 31 with 33.31k unique users and after that followed the decreasing pattern.
4. The overall success rate of Avalanche network is about 90% and the daily status analysis reveals the lowest success rate was about 79.18% of transactions and happened on June 13th.
5. The Avalanche is well known because of the high transaction speed and the TPM graph validate it by representing the daily TPM of network over time.
6. The highest TPM happened on July 18 with 2235 transactions per minute.

Second part of results: Investigation on Sectors of Avalanche

Key findings 2:

Now in the second part, lets look at the sectoral analysis on Avalanche network.

We should notice the the participation on this essay means the number of unique users made transaction on each sector.

1. The overall application of sectors on Avalanche reveals the highest usage about 76% of participations happened on DEX sector.
2. The daily area graph related to the application of main sectors shown the domination of DEX but after that the DeFi sector came from.
3. One of the powerful tools to evaluate the participation over time is grow rate (cumulative) analysis. According to the line graph of grow rate, the application of DEX and DeFi sectors are more than others and have promising gradient compared to other major sectors.
4. From the results related to the detailed analysis of DEX sector, it can be seen that the Trader Joe is the dominant DEX program on Avalanche. Next ranks belong to Pangolin and Dexalot ,respectively.
5. The DeFi program with the most application on Avalanche is Aave protocol. After that Wonderland and Benqi finance takes the other spots.
6. From the Layer2 sector point of view, it can be seen that most of the time the highest usage belongs to Avalanche bridge. But on June 28th, the Synapse takes the first place for just one day.
7. The NFT sector on Avalanche has been dominated by Carbada with 98% of participation.
8. The application of Dapp programs has dominated by Avalaunch and Celer network as can be seen from the related graph.

Avalanche network:

Avalanche launched its main network in September 2020. The main token of this platform, AVAX, performs various tasks in Avalanche and also acts as a reward and payment system for users.

Avalanche, like several other projects, is a platform for smart contracts and decentralized applications, and was created with the aim of solving Ethereum's shortcomings. Avalanche's focus is on scalability, and by providing a new architecture and structure, it has tried to process a large number of transactions in an instant, while also providing an acceptable amount of decentralization.

In a way, Avalanche seeks to create conditions for global asset exchange that allows anyone to launch or trade any type of digital asset and control it in a decentralized manner using smart contracts and other advanced technologies.

One of the differences between Avalanche and other decentralized networks is its consensus protocol. The consensus protocol optimized in Avalanche for smart contracts is called Snowman. Avalanche also uses DAG or Directed Circular Graph as a distributed ledger.