Avalanche 4Q 2023 Review

Irene Lee외 1명
Research Analyst/
Jan 19, 2024

Table of Contents

1. Project Overview

2. 4Q23 Highlights

2-1. Major Events & Updates

2-2. Key Metrics

3. On-chain Performance

3-1. Performance

3-2. Network Activity

3-3. Network Security

3-4. Development Activity

4. Governance, Partnerships & Key Updates

4-1. Governance (ACP)

4-2. Partnerships

4-3. Events and Features

4-4. Key Projects

5. Recap





1. Project Overview

Avalanche is a layer 1 blockchain that offers "subnets," which are customizable blockchains. Subnets are independent networks within the Avalanche ecosystem that can have their own token economy, rules, and validators. Avalanche's main network consists of P-Chain, X-Chain, and C-Chain and uses the Snowman consensus algorithm.

2. 4Q23 Highlights

2-1. Major events & updates

Top-down adoption starting with large corporations

  • JPMorgan announces proof of concept for innovating asset and asset management using Avalanche’s Evergreen Subnet through Project Guardian's Onyx project
  • Citi announces it has leveraged the Evergreen Subnet as part of Project Guardian to experiment with foreign exchange (FX) trading and develop an Avalanche-based FX solution.
  • SK Planet's subnet UPTN surpassed 200,000 subscribers as of November and partnered with the famous e-sports team T1.

Ecosystem expansion continues: DeFi growth and ecosystem projects increase

  • Lido wstETX support with LayerZero bridge
  • VNX to support stablecoins pegged to European regional currencies, including the Euro and Swiss Franc
  • Hubble Exchange to launch order book-based DEX
  • Web3 platform Inspect launches support for Avalanche-based NFTs
  • Web3 game studio Mirai Labs announces migration to the Avalanche subnet

4Q key events

  • Avalanche Community Proposal (ACP) proposed
  • AvaCloud supports thirdweb to easily build subnet-based products
  • Snowtrace goes multi-chain, adding feature to expand exploring range from a single C-Chain to multi-chain

2-2. Key metrics

3. On-chain Performance

3-1. Performance

Avalanche achieved a balance sheet turnaround in 4Q with $55.2M in revenue and $20.07M in net income. This was largely due to a significant increase in network activity, including a significant increase in the number of network transactions and new addresses in 4Q.

3-2. Network activity