Welcome to Blockpour’s Supported Network Series, where we take a deep dive into the blockchains integrated into our platform. Learning about the underlying technology beneath compatible networks on Blockpour can help you discover your trading alpha. This article covers the Avalanche network.
The Origin of Avalanche
The Avalanche network, launched by Ava Labs, went live in September 2020. Three principal co-founders initially started Ava Labs: Emin Gün Sirer, a computer science professor at Cornell University; Kevin Sekniqi, a Ph.D. student; and Maofan “Ted” Yin, who had previously contributed to Meta’s now-defunct cryptocurrency project “Diem,” formerly known as “Libra.” Touting itself as “blazingly fast, low-cost, and eco-friendly,” Avalanche was launched to provide an improved and alternative solution to leading blockchains at the time.
Where is Avalanche Today?
At the time of writing (mid-July, 2022), the Avalanche network currently ranks fourth in total value locked (TVL) on-chain. This value amounts to roughly $3.06B dispersed across the network’s 235 protocols. The $AVAX token, which is the native token of the Avalanche network, currently ranks 14th in total market cap — just shy of $6.5 billion, according to CoinMarketCap.
Avalanche is a layer one network that claims to be the “fastest smart contracts platform in the blockchain industry, as measured by time-to-finality.” In addition, Avalanche claims its network is capable of processing 4,500+ transactions per second (TPS), while also aiming for unlimited TPS through the use of subnets. The Avalanche network’s transaction fees are relatively low despite the high TPS — with fees ranging from 0.001–1 $AVAX depending on the transaction type and on which chain the transaction occurs.
It’s important to note, as with many blockchains, that high network activity can affect Avalanche transaction fees (more on fees during high network activity can be found here). All fees collected by the Avalanche network are burned for the benefit of the community. Users can even track the real-time amount of $AVAX (native token on the Avalanche network) being burned at burnedavax.com.
What Sets Avalanche Apart?
The Avalanche network achieves high speed and low fees through a unique three-blockchain approach. This approach delegates specific functions to each chain, allowing nodes to more efficiently process relevant data. The three blockchains are:
- X-Chain, or the Exchange Chain: This blockchain uses the Avalanche consensus protocol to create and manage digital assets on the Avalanche network.
- C-Chain, or the Contract Chain: This blockchain uses the Snowman consensus protocol and is where smart contracts are created and deployed.
- P-Chain, or the Platform Chain: This blockchain also uses the Snowman consensus protocol. It is where validators are coordinated and maintained, and also where new networks are created.
To learn more about Avalanche consensus, read this article about its history and functionality.
Avalanche on Blockpour
An impressive DeFi ecosystem has developed around Avalanche’s unique network features. Some of the top tokens on the Avalanche network are AAVE ($AAVE), Trader Joe ($JOE), and Benqi ($QI).
Blockpour provides token-related data on the Avalanche network. You can select the Avalanche network on Blockpour’s Pair Explorer tab to browse the ecosystem in real-time. If you see a specific token you would like to explore on the Avalanche network, simply click it. You’ll be taken to its token dashboard, where you can browse features such as total liquidity across Blockpour-supported chains, daily/largest trades, and more. Click here to browse Avalanche network token data on Blockpour.
On Blockpour, you can search for token activity on specific chains or utilize the multi-chain option. Should you choose multi-chain, you’ll see how tokens on Avalanche compare against similar or different tokens on other Blockpour-supported ecosystems.
Token Deep Dive
Next, let’s take a look at the $JOE token on Avalanche using Blockpour’s near-real-time data and streamlined UI. The $JOE token is native to Trader Joe, currently the largest DEX on Avalanche by TVL.
This is Blockpour’s multi-chain trade report for the $JOE token, highlighting an array of statistics about trade activity across DEXs. At the time of writing (July 25, 2022), $JOE had a great day with buy volume coming in at nearly double the sell volume. The majority of trades took place on Trader Joe’s DEX on the Avalanche network, with a small portion of the trades taking place on SpookySwap, which resides on the Fantom network.
With Blockpour’s “Live DEX Trades” feature, you are able to track and monitor $JOE trades across supported DEXs. Blockpour makes it incredibly easy to see data relevant to each trade, including the amount and price of each token swapped, the trader’s address, and the transaction ID with a link to the network’s respective explorer. The same data is also offered for liquidity pool-related transactions.
The final feature we’ll dive into in this article is our “7 Day Largest Trades” feature. This dashboard tracks the largest trades for your selected token and aggregates them onto a single dashboard. This enables users to locate which DEXs are facilitating the biggest trades and which wallets represent large shares of capital in certain liquidity pools. These wallets are easily discoverable through the green dollar sign next to “Trader” in a specific trade. An example can be seen in the first trade on this screenshot.
To go explore the Avalanche ecosystem and our other supported networks, visit Blockpour today.
Blockpour is a multi-chain data analytics platform that provides traders with the tools and metrics they need to navigate the world of DeFi. Crypto traders can leverage Blockpour’s real-time data and intuitive cross-chain interface to identify trends across DEXs, dApps, and AMMs to discover their alpha. To learn more about Blockpour, check out our website and follow us on Twitter and LinkedIn.
The above article is for informational purposes only and is not financial advice. Blockpour is not affiliated with Avalanche.Today. Blockpour is a data aggregation and analytics platform only and will never provide financial advice or services of any kind.