Ethereum

Solana

Osmosis

Avalanche

Recent <a href="https://defillama.com/dexs/chains" data-type="link" data-id="https://defillama.com/dexs/chains" target="_blank" rel="noopener noreferrer nofollow">data</a> from DeFiLlama suggest an increasing adoption of layer 1 (L1) blockchains in the decentralized finance (defi) sector.&nbsp;
Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank" rel="noopener noreferrer nofollow">AVAX</a>), an Ethereum Virtual Machine (EVM)-based layer 1 solution, is experiencing a significant surge in trading activity. Avalanche’s trading volume has risen to approximately $2.73 billion.&nbsp;
Citing DeFiLlama, crypto reporter Colin Wu revealed that Avalanche’s weekly trading volume escalated by 167% month-on-month during the recent week to reach its highest level since July 2022.&nbsp;
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 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) <a href="https://twitter.com/WuBlockchain/status/1730783065054806368?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 2, 2023</a>
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Similarly, per DefiLlama’s data, Osmosis’s (<a href="https://crypto.news/price/osmosis/" target="_blank" rel="noopener noreferrer nofollow">OSMO</a>) transaction volume also increased by 113% to 490 million, with Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>), Sui (<a href="https://crypto.news/price/sui/" rel="noopener noreferrer nofollow">SUI</a>), and THORChain (<a href="https://crypto.news/price/thorchain/" target="_blank" rel="noopener noreferrer nofollow">RUNE</a>) also hitting record highs.
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Some analysts see this growth in the adoption of L1 networks as an indication of a potential shift in user preference within the defi space. Traders and investors are constantly seeking faster and cheaper transaction fees.
<a href="https://crypto.news/learn/what-is-avalanche-a-look-at-the-popular-ethereum-killer-blockchain/" target="_blank" data-type="link" data-id="https://crypto.news/learn/what-is-avalanche-a-look-at-the-popular-ethereum-killer-blockchain/" rel="noopener noreferrer nofollow">Avalanche’s</a> jump in trading volume marked an 88% increase in the price of AVAX in the last 30 days and a more modest 5.6% uptick over the last seven days. In 24 hours, AVAX’s price has also increased 2.3%, with the token currently trading at $22.34.
Most of the other tokens also performed similarly. OSMO registered a 2.7% rise in the previous 24 hours and 9.4% in seven days. SUI was up 2.3% in one day but reported a 3.9% drop in seven days.
The best performance among the L1 chains came from <a href="https://crypto.news/thorchain-becomes-second-largest-dex-in-daily-trading-volume/" target="_blank" data-type="link" data-id="https://crypto.news/thorchain-becomes-second-largest-dex-in-daily-trading-volume/" rel="noopener noreferrer nofollow">THORChain</a>, whose native token jumped 12% to $7.20 in 24 hours. Its 7-day price chart was also just as impressive, going up 33%. However, it was most exceptional over 30 days, registering nearly a 155% increase in that time.&nbsp;
Read more: <a href="https://crypto.news/analyst-bull-run-incoming-for-ada/" rel="noopener noreferrer nofollow"> Analyst: Bull run incoming for ADA </a>

Avalanche MOM volume up 167% as L1 networks record growth

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