Replace Aug. 29, 1:07 p.m. UTC: This text has been up to date to incorporate feedback from Ava Labs’ chief technique officer.
Avalanche’s transaction progress surpassed all different blockchain networks this week, signaling extra investor mindshare rotating to the smart-contract blockchain’s utility token, because it additionally noticed rising governmental adoption.
Avalanche, a wise contract blockchain designed to enhance scalability and usefulness, has emerged as one of many quickest–rising blockchain networks.
Transactions on Avalanche rose over 66% throughout the previous week, surpassing 11.9 million transactions throughout over 181,300 energetic addresses, wrote crypto intelligence platform Nansen, in a Friday X put up.
The elevated transactions might sign extra incoming investor curiosity within the Avalanche (AVAX) token, catalyzed by Avalanche’s newest governmental implementation and renewed exchange-traded fund (ETF) filings across the altcoin.
On Thursday, the US Division of Commerce introduced that it’ll start posting actual gross home product (GDP) knowledge on decentralized blockchains, together with Avalanche.
Beginning with the information from July 2025, the GDP stories will likely be revealed on 9 public blockchain networks, together with Bitcoin, Ethereum, Avalanche, Solana, Tron, Stella, Arbitrum One, Polygon PoS and Optimism, wrote the Division in a Thursday announcement, including:
“That is the primary time a federal company has revealed financial statistical knowledge like this on the blockchain, and the newest approach the Division is using progressive expertise to guard federal knowledge and promote public use.”
The Division of Commerce referred to as it a “landmark effort” that will “show the extensive utility of blockchain expertise” and function a “proof-of-concept for all of presidency,” to construct on the US President Donald Trump administration’s imaginative and prescient of creating the US the “blockchain capital of the world.”
Associated: Ethereum exit queue hits record $5B ETH, raising sell pressure concerns
The rising exercise could also be extra associated to natural progress in Avalanche’s layer-1 (L1) blockchains and different rising decentralized finance (DeFi) actions, in keeping with Luigi D’Onorio DeMeo, chief technique officer at Ava Labs, the corporate behind the event of Avalanche.
“It’s associated to the expansion of further Avalanche L1s rising + new progress by way of transactions on the Avalanche C-Chain associated to funds progress of stablecoins and DeFi,” DeMeo advised Cointelegraph.
Different potential developments catalyzing investor curiosity embody crypto funding agency Grayscale’s updated S-1 submitting for a spot Avalanche exchange-traded fund, which was submitted to the US Securities and Change Fee on Friday, Cointelegraph reported.
Transactions on second-place Starknet elevated by 37%, whereas the Viction community emerged in third with an enlargement of over 35%.
The Base community was sixth by way of progress, however ranked first by way of transaction rely, with over 64 million transactions over the previous week, Nansen knowledge confirmed.
Associated: Kanye West’s YZY token: 51,000 traders lost $74M, while 11 netted $1M
Blockchain might make America’s financial knowledge immutable
Publishing financial knowledge on the blockchain will make these stories “immutable,” wrote US Secretary of Commerce Howard Lutnick, including:
“We’re making America’s financial reality immutable and globally accessible like by no means earlier than, cementing our function because the blockchain capital of the world. And everyone has to confess that 3.3% GDP progress is spectacular.”
“It’s solely becoming that the Commerce Division and President Donald Trump, the Crypto-President, publicly launch financial statistical knowledge on the blockchain,” added Lutnick after the historic announcement.
Magazine: Altcoin season 2025 is almost here… but the rules have changed
