Avalanche ($AVAX) is experiencing a surge in adoption, with its new user adoption rate climbing to 23.5%.
This metric highlights the growing number of active addresses making their first-ever transaction on the network, showcasing the increasing role newcomers are playing in the platform’s overall activity.
AVAX's new adoption rate is on the rise, currently at 23.5%!
This metric highlights the percentage of active addresses making their first-ever transaction, offering a clear view of the role newcomers play in overall network activity. pic.twitter.com/MJDOPXtcQs
— IntoTheBlock (@intotheblock) October 23, 2024
In its Q3 2024 report, Avalanche focused on bolstering its internal ecosystem through major upgrades while paving the way for broader Web3 adoption. With a particular emphasis on U.S.-centered onboarding, the network secured several high-profile partnerships, especially in industries such as ticket management and film production.
Key events and milestones from Avalanche’s Q3 include:
– Rebranding the Avalanche Subnet as “L1,” a move aimed at simplifying its position as a key layer-one blockchain for developers and users alike.
– The Avalanche9000 upgrade, the largest post-mainnet enhancement, designed to further expand and optimize the L1 ecosystem.
– The California DMV partnered with Avalanche to digitize 42 million car titles, a significant step in applying blockchain technology to government services.
– Franklin Templeton, a global investment firm, launched its tokenized money market fund, BENJI, on the Avalanche network, bringing traditional finance closer to decentralized solutions.
– Passo, Turkey’s leading ticketing company, collaborated with Avalanche’s L1 platform, Tixbase, to modernize ticket management, creating more efficient and secure systems for consumers.
– In the film industry, Pressman Film began pioneering new ways to finance independent movies using the Avalanche-based Republic platform, revolutionizing how filmmakers access capital.
🔺Avalanche Q3 2024 Report🔺
[Korean version]In the third quarter, @avax focused on strengthening its internal ecosystem through upgrades and support initiatives, while also expanding the foundation for Web3 mass adoption, with a strong emphasis on U.S.-centered Web3… pic.twitter.com/7EQGjN9JW2
— Xangle_Official (@Xangle_official) October 23, 2024
As Avalanche continues to expand its ecosystem with these key developments, its rising adoption rate and notable partnerships signal strong momentum, setting the stage for even broader Web3 adoption in the coming months.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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