Introduction

The Avalanche blockchain has recently experienced a significant surge in revenue and transaction fees. On a single day last week, Avalanche users paid +$873K as transaction fee. This raises the question of which projects contributed to this remarkable transaction fee generation and who profited the most. This is a natural question that any investor would like to know about.

In this blog post, using analysis based on Defillama and FlipsideCrypto data, I will present which projects have experienced the highest revenue in the past 30 days among projects on Avalanche and which projects have had the highest revenue growth in the same time period.

Transaction Fee

Transaction fees on Avalanche are paid by Avax and are usually among the lowest in blockchain transactions. On November 22nd, the total transaction fee generated on Avalanche surged. Over the past 7 days, $60K daily and an average of $86K daily in the last 30 days have been generated in fees on the Avalanche network.

The data shows that Trader Joe, a prominent DEX native to Avalanche, GMX, a Decentralized Perpetual Exchange, and BenQi, an AVAX staking platform, have contributed to this transaction fee generation the most.

Revenue

The activities on protocols and transaction fees paid by protocol users indicate revenues. To whom has this revenue poured the most? This is a fundamental question for those who want to invest in projects.

According to DefiLlama's data, GMX, Trader Joe, and Stargate, a multichain DeFi protocol, lead in profiting the most on the Avalanche blockchain. Benqi, Stars Arena, the Avalanche version of Friendtech, and Woofi Swap follow these projects.

If we look at the evolution of the market share of projects in a broader time frame of 90 days, we find that the considerable share of GMX is decreasing gradually, the dominance of Stars Arena vanished in a few days, and the growing share of Trader Joe is obvious.

Revenue Growth

Setting aside the absolute revenue and turning attention to the percentage change of revenue, we can see that some newly introduced projects have gained considerable revenue growth. DLN, a trading platform, Firebird Finance, and Balancer on Avalanche have had the highest percentage of revenue growth among other projects on Avalanche.

Swapping Volume of DEXes

Swapping volume directly contributes to the revenue of DEXes. Here I looked into the swapping volume. We can see that Trader Joe, WOOFi Swap, and Uniswap have had the highest trading volume on Avalanche. Interestingly, Dexalot subnet follows these three important DEXes and secures the fourth place. Dexalot resembles centralized exchanges by offering the same UX and features like an order book.

Conclusion

Avalanche is one of the growing L1 blockchains. It has experienced growth in users, transactions, and revenue recently. In this blog post, I presented some data showing which projects generated the most revenue. This may help us identify projects with the potential for investing.

Endnotes and Disclaimer

• Explore the detailed analysis presented above and gain additional insights into the Avalanche's protocol revenue using our analytic dashboard.

• Risk Awareness: Investment in cryptocurrency, as well as providing liquidity and engaging in trading on web 3 platforms, is not without risks. Please be aware that these activities carry inherent risks.

• Not Financial Advice: I am not a financial advisor. Instead, I am a data scientist who scrutinizes on-chain data to offer insights into blockchain issues. Exercise caution when considering the provided data, and supplement it with additional insights and analyses.

• Honest Analysis: This analysis is conducted with integrity. I have no direct or indirect affiliation with the projects that I have mentioned above.