Transaction volume up 21% in past 30 days
DeFi platform Pangolin Exchange on the Avalanche blockchain platform has seen its transaction volume increase 21% in the past 30 days. The platform registered $175 million in volume coming from more than 14,880 user wallets.
With these types of user numbers, Pangolin is the most used dapp in the Avalanche ecosystem according to data from DappRadar. For example, Lydia Finance follows with 2,350 user wallets in the same time period, while Gondola Finance is third with 2,120 wallets.
These are small numbers compared with the 3,2 million wallets PancakeSwap attracts per month on the Binance Smart Chain. On the Ethereum blockchain, Uniswap V2 and V3 combined also have more than 1 million wallets in the past 30 days.
However, it’s important to note that Avalanche just launched its mainnet at the end of March. We’re talking about a relatively new blockchain that’s still cutting out its niche in the market.
Founder Emin Gün Sirer has his eyes on the DeFi segment in the short term, but in the long term, Avalanche should facilitate traditional finance institutions. Each financial institution could launch its own subnet, supported by the Avalanche mainnet.
Avalanche claims it can process 4,500 transactions per second. Every subnet will add another layer with the same throughput.
Track Avalanche dapps on DappRadar
Last week DappRadar integrated the Avalanche ecosystem into its platform. As a result, DappRadar visitors can now get insights into dapp usage on the Avalanche blockchain. In addition dapp developers have an easy way to track activity across their applications. DappRadar tracks 18 blockchains and Avalanche is one them, and more will follow.