ON–171: L1s ⭐

Coverage on Avalanche and Aptos.

Jun 9, 2023

Avalanche active addresses have seen meaningful growth YTD 2023 driven by the Stargate application, which has seen ~30k daily active users over the past month. Stargate is a cross-chain bridge allowing accounts to bridge tokens across blockchains such as Ethereum, Avalanche, BNB Chain, Fantom, Arbitrum and Optimism. Stargate utilizes LayerZero's technology to provide an omnichain experience for its users.

Trader Joe continues to be the powerhouse DEX on Avalanche, averaging ~15k daily active addresses over the past month. The application also saw YTD highs transactions during the month of May average ~28k daily transactions over the month.

BTC.b, the wrapped bitcoin contract on Avalanche also saw meaningful growth over the course of 2023. BTC.b started the year with ~78 active addresses on Jan 1, 2023, and since grown to ~18.3k active addresses interacting with the contract during its peak day on May 25, 2023.

Aptos is a next-generation L1 whose breakthrough technology is Move, its new programming language, which is designed to evolve, improve performance and strengthen user safeguards. Aptos is also a fast, high-capacity blockchain, allowing developers to create powerful apps with strong UX. Despite the fluctuating dynamics of the broader macro and micro market landscapes, the network has experienced a noticeable uptrend in the number of monthly active wallets, which has been climbing steadily since the start of 2023 and now stands at over 300,000.

Aptos has seen a notable rise in NFT projects and mints since its establishment. Leading projects such as Aptos Monkeys and Aptomingos have been successful in generating substantial volume (475k and 178k APT respectively). And while the last few months have seen a downturn in NFT activity across all chains, June has brought about a resurgence in Aptos NFT activity. There's been close to a four-fold increase in active wallets on Aptos NFT marketplaces, underpinned by a significant uptick in buyer activity.

Finally, switching gears to the Aptos DeFi ecosystem, while TVL has fluctuated in previous months due to events such as the USDC depeg, it now stands at close to $50M USD according to DeFiLlama. Newcomers such as Thala Labs and Tsunami have also seen significant growth and increased TVL share recently.

L1s ⭐