Transaction Quantity For Many L1 Blockchains Surged in November

• Information from DeFiLlama confirmed that transaction quantity for a lot of L1s surged final November.
• Avalanche’s month-to-month transaction quantity rose by the very best worth since July 2022.
• The surge in transaction quantity additionally mirrored within the costs of the blockchains’ native tokens.

Many Layer-1 blockchains skilled important development in transaction quantity final November, based on Colin Wu, a famend crypto journalist. Wu posted the data on X (previously Twitter), referring to information from DeFiLlama, a platform for crypto information aggregation.

In line with Wu, the transaction quantity on Avalanche, an Ethereum rival recognized for velocity and scalability, rose to $2.73 billion in November, representing a 167% improve. That marked the very best month-to-month improve for the Layer-1 blockchain since July 2022.

Wu additionally famous that the transaction quantity on Osmosis, the decentralized alternate (DEX) for Cosmos, elevated to $490 million, equal to a 113% rise. In line with him, Solana, the blockchain designed to host decentralized, scalable purposes, ThorChain, the impartial blockchain constructed utilizing Cosmos SDK, and Sui, the blockchain famend for processing quick transactions, hit report highs.

The surge in transaction quantity of the Layer-1 blockchains can be mirrored within the costs of their native tokens. As an example, information from TradingView reveals that AVAX, the native crypto of Avalanche, rose from $11.33 on November 1 to a month-to-month excessive of $24.68 on November 17. Nevertheless, it skilled a slight pullback to finish the month at $21.39, marking a 90% month-to-month acquire.

OSMO, the native crypto of Osmosis, gained 130% in November after climbing from $0.3584 originally of the month to $0.8250 as of November 18. OSMO retraced 14.5% to finish the month at $0.7053. 

Notably, Solana’s SOL token additionally returned a major revenue in November. SOL traded for $38.42 on November 1 earlier than rallying to $68.18 by November 16. TradingView’s information reveals that SOL’s worth retraced from that month-to-month excessive and closed the month at $59.29, reflecting a month-to-month acquire of 53.83%.

Throughout the identical interval, information from TradingView additionally confirmed that ThorChain’s RUNE gained over 120%, whereas SUI gained 35.5%.