Messari: Avalanche Q2 Revenue Up 173.1 % YoY, TVL Down 19.4 % YoY

Messari released its Avalanche Q2 2023 report, which showed that the average daily number of active addresses and the volume of transactions in the Avalanche C chain grew by 132.1 % and 162.2 %, respectively, and that AVAX revenues grew by 173.1 % YoY (150.3 % in USD terms). Revenue growth was partly due to a 5.9% increase in transaction fees, but mainly due to increased LayerZero activity. 

Avalanche's dollar-denominated TVL declined 19.4% YoY, while AVAX-denominated TVL increased 9.7%, suggesting that new capital inflows are driving up the price of TVLs relative to dollar-denominated assets. The Avalanche NFT industry's second-quarter secondary sales were down 38.3% YoY, and the number of standalone NFT buyers declined 49.8% YoY.