• The brief depeg of USDC stablecoin triggered a surge in transactions and active users on Avalanche.
• On March 11, there was a sharp spike over the range of ~90k and 200k transactions recorded on the Avalanche C-Chain due to Trader Joe, USDC, and two unidentified bots.
• The daily active addresses also increased, with more than 120k recorded on each day.
Avalanche Transactions Surge During USDC’s De-Peg
The brief de-pegging of the USDC stablecoin resulted in an increase in transactions and active users on Avalanche (C-Chain). Data from Nansen’s fourth quarter report revealed that daily transaction numbers rose as high as 290k – far exceeding the previous range of 90-200k – on March 11th.
Bots Take Advantage of Market Panic
Analysts believe that two unidentified bots took advantage of the market panic caused by USDC’s de-pegging, resulting in a sharp increase in activity levels across the network. This further contributed to the already dramatic rise in daily transaction count.
Daily Active Addresses Spike
The number of unique addresses transacting on the network spiked significantly during this period as well. On both March 10th and 11th, daily active addresses exceeded 120k – a substantial jump compared to prior days.
Average Gas Paid Follows Similar Pattern
The average gas paid followed a similar pattern to transactions throughout this period – except for January 1st where it exceeded 40,000 despite no notable increase in transaction count.
It is clear that the depeg of USDC stablecoin had an enormous impact on Avalanche’s C-Chain; resulting in unprecedented levels of activity across multiple metrics analyzed by Nansen’s data platform.