Data and analytics platform Nansen said it observed a very variable daily transaction count on the Avalanche C-Chain in Avalanche’s fourth-quarter report provided with CryptoPotato.
The default smart contract Blockchain on Avalanche is called the C-Chain, which is short for contract chain. It functions in conjunction with the X-Chain, which is used for transmitting and receiving money in the form of AVAX tokens, and also permits the construction of any Ethereum-compatible smart contracts.
Between 90,000 and 200,000 transactions per second were being made on the network.
On March 11, a substantial increase to 290,000 was observed, driven by Trader Joe, USDC, and two unidentified addresses. The latter were discovered to be two bots that reported substantial activity, indicating that numerous participants profited from the market panic brought on by USDCs de-peg that day.
April’s Crypto Scams, Exploits Lead To Loss Of $103 Million, Says Certik
April 2023 was particularly bad for exploits, with the amount lost accounting for half of the total crypto exploited so far in 2023.
More than $103 million in assets have been stolen from cryptocurrency projects and investors in April, with little sign of a slowdown in the use of crypto vulnerabilities, exit scams, and flash loan attacks. The total amount of money stolen so far this year is $429.7 million, according to an April roundup of cryptocurrency exploits, scams, and hacks published by crypto security and auditing firm CertiK on April 30, 2023.
Major cryptocurrency exploits, such as the $25.4 million loss resulting from the April 3, 2023 exploit of several MEV trading bots, or the $22 million theft from a hot wallet at the Bitrue exchange, and the $13 million loss caused by the hack of the South Korean GDAC exchange, proved to be the major causes of the loss.
Why Ordinals Are ‘Positive’ For Bitcoin
Ordinals have been a controversial topic within the Bitcoin community, but crypto investment firm Grayscale says there are two main reasons to be optimistic.
The first is a substantial increase in fees paid to miners. “The advent of ordinals has led to an increase in total fees paid to miners [...] which could potentially establish a sustainable baseline level of transaction fees to incentivise miners,” Grayscale said.
The second reason, Grayscale argued is that it would ensure “continued network security throughout the lifetime of the Bitcoin network.”
