Introductions

What is Avalanche?

Avalanche is a decentralized, open-source proof of stake blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform. Its native token is AVAX

Top 10 contract and and tokens by user count

What is covered?

In this analysis the Avalanche chain is visualized and interpreted in terms of:

• Top 10 contract and and tokens by user count.
• Avalanche network performance.
• Avalanche transfer actions.
• Avalanche swaps actions.

Methodology

The needed data was mainly extracted via using tables valanche.core.fact_event_logs, avalanche.core.fact_transactions, ethereum.core.ez_eth_transfers and avalanche.sushi.ez_swaps for top tokens, all of these tables were provided by Flipsidecrypto database and to make these raw extracted data more comprehensible all types of proper charts and graphs were used.

'2022-09-01' was marked as the starting point for all of the used graphs, as two of the biggest crypto events this year, ETH merge(Sep15) and especially FTX collapse(Nov8-10) happened after the mentioned time period.

• The contract Multichain: general with 478K users is the most popular contract followed by USD coin contract with 285K users and Wonderland: wmemo having 193K users.
• As expected Avalanche native coin, wAVAX with 12.6K users can be considered the most popular token on Avalanche followed by USDC.e with 6.9K users and USD coin 5.4K users seems like other than AVAX most other popular tokens are stable coins.

Avalanche transfer actions.

Avalanche swaps actions

Conclusion

• As customary to most of chains wrapped AVAX, Avalanche native token with 12.6K users could be considered the most popular coin on Avalanche and Multichain: general with 478K users is the most popular smart contract among users.
• Nov8-10 could be considered the most chaotic time period on Avalanche with more than 10% of the transactions on this busy days failing it being the same time period as FTX failing cannot be coincident with escaping users recording high numbers of transactions these high transactions accumulated 8.5K as spent gas fees on the mentioned time frame and a total of 14.8M transactions was done since Sep, by 2.8M active users(these users spent 104K as gas fee) which only 0.9M, 6% failed so Avalanche can be named as a safe and stable ecosystem with relatively cheap gas fees.
• Two days before ETH merge on Sep13 largest volume(167M) was transferred on Avalanche as users were preparing themselves with their proffered methods another jump in transferred volume and transfers was on Nov8 with 143M being transferred via 67K transfers after that transferring activities declined, overall 4M transfers generated a volume of 5.1B USD on Avalanche since September which is a respectable amount in just 3 months considering the occurred events.
• Users panicking to save their assets form FTX and the bear market after it caused large spikes in swapping transactions on Nov8-10 with an ATH of 90K swaps on Nov9 with some recorded increase to swappers on the same day(9.5K) in general since Sep 2.6M swaps was done by 675K swappers and USDC with more than 33% of the shares of swaps, was the most swapped tokens both from and to Avalanche and flow of tokens in Sep with some users losing their trust toward CEX after FTX crash is more than its outflow.
• Overall FTX crash as second largest CEX seems to have some sensible effects on Avalanche on the notorious days of Nov8-9 compared to ETH merge, with a jump to number of transactions, transfers and especially swapping to back it up but after that in recent past days things seems to be same as before markets recent chaotic days and there is not a notable last longing change on Avalanche ecosystem as FTX crash aftermath, as of yet.

Thank you for your time!

Avalanche network performances

• Nov 9 and Oct 14 with 324K and 295K transactions had the most transaction on Avalanche.
• Overall number of daily transactions seems to be slightly increasing after second half of the Oct and a total of 14.8M transactions on Avalanche accumulated since Sept.
• As mentioned in the amidst of the FTX fiasco on Nov9 highest recorded transactions since Sept was recorded this day also had the highest recorded failed transactions in a day with 44.6K out of 324K transactions failing leaving the day with a 13.7% error ratio users panicking and rushing to rescue their assets after FTX events in such a short timespan could be a major factor for Nov9 and a day before and after it, recording the most failed transactions, overall with only 6.2%, 919K transactions failing out of 14.8M Avalanche could be considered a relatively healthy ecosystem.

• Oct14 with 131K users recorded the most active users in a day this spike in users dropped to 47K in just two days on Oct16 overall before the start of the mentioned surge in users, the daily user count saw a slight increase and a total of 2.9M users accumulated since Sep which is having a healthy growth.
• Other than Oct14 recoding 3K USD in volume of spent gas fees(could be due to in the massive mentioned jump in users) Nov8-10 with 3.3K, 3K and 2.2K spent as gas fee, saw the most consecutively spent gas(FTX crashing and its effect on Avalanche is visible) daily spent gas seems to be relatively in the same daily range except some of the mentioned spikes and since Sep users spent 104K USD as gas fee on Avalanche.

• Largest volume transferred was 167M via 53K transfers on Sep13. After Nov8-10 transferred volume on Avalanche decreased notably and a total of 5.18B USD was transferred since Sep.
• Most transfers was on Oct14 with 77K transferring transactions overall daily transactions increased after third week of October and a total of 4M transfers was done.

• Nov9 with 90K swaps done via 9.5K swappers recorded the most swaps in a day in between Nov8 and Nov10 with 77K and 62K swaps, FTX crashing and a new bear market as aftermath could be named as the main reasons. Highest recorded Swappers was on Oct25 with 12K users swapping, Overall swapping activities other than some if the mentioned spikes is in a relatively steady state and a total of 2.6M swaps was done by 675K swappers since Sep.
• USDC with 345K, 33% of swaps was the token with the most recorded swaps from Avalanche followed by wAVAX with 185K and USDC.e 136K, USDC with 531K, 38% was the token with the most swaps to Avalanche followed by USDT with 232K and USDC.e 192K swaps, overall there was more tokens swapped to Avalanche rather than out from it.