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- Data from DeFiLlama showed that transaction volume for many L1s surged last November.
- Avalanche’s monthly transaction volume rose by the highest value since July 2022.
- The surge in transaction volume also reflected in the prices of the blockchains’ native tokens.
Many Layer-1 blockchains experienced significant growth in transaction volume last November, according to Colin Wu, a renowned crypto journalist. Wu posted the information on X (formerly Twitter), referring to data from DeFiLlama, a platform for crypto data aggregation.
In November, the transaction volume on multiple L1s experienced significant growth. The transaction volume on the Avalanche increased by 167% MOM to $2.73 billion, the highest since July last year; the transaction volume of Osmosis increased by 113% MOM to $490 million; in…— Wu Blockchain (@WuBlockchain) December 2, 2023
According to Wu, the transaction volume on Avalanche, an Ethereum rival known for speed and scalability, rose to $2.73 billion in November, representing a 167% increase. That marked the highest monthly increase for the Layer-1 blockchain since July 2022.
Wu also noted that the transaction volume on Osmosis, the decentralized exchange (DEX) for Cosmos, increased to $490 million, equivalent to a 113% rise. According to him, Solana, the blockchain designed to host decentralized, scalable applications, ThorChain, the independent blockchain built using Cosmos SDK, and Sui, the blockchain renowned for processing fast transactions, hit record highs.
The surge in transaction volume of the Layer-1 blockchains is also reflected in the prices of their native tokens. For instance, data from TradingView shows that AVAX, the native crypto of Avalanche, rose from $11.33 on November 1 to a monthly high of $24.68 on November 17. However, it experienced a slight pullback to end the month at $21.39, marking a 90% monthly gain.
OSMO, the native crypto of Osmosis, gained 130% in November after climbing from $0.3584 at the beginning of the month to $0.8250 as of November 18. OSMO retraced 14.5% to end the month at $0.7053.
Notably, Solana’s SOL token also returned a significant profit in November. SOL traded for $38.42 on November 1 before rallying to $68.18 by November 16. TradingView’s data shows that SOL’s price retraced from that monthly high and closed the month at $59.29, reflecting a monthly gain of 53.83%.
During the same period, data from TradingView also showed that ThorChain’s RUNE gained over 120%, while SUI gained 35.5%.
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