作者：Nancy，Panews

在最後一個牛市，促進了“以太坊殺手”的敘事的雪崩實現了生態繁榮與發展

In the last bull market, Avalanche, which promoted the narrative of "Ethereum killer", achieved ecological prosperity and development with the help of strategic layout in tracks such as DeFi, and its market value once ranked among the top ten. However, with the cooling of the crypto market and the intensification of competition, the momentum of this once high-performance public chain has gradually faded.

在最後一個牛市中，促進了“以太坊殺手”的敘述的雪崩在諸如DEFI之類的曲目中的戰略佈局的幫助下實現了生態繁榮和發展，其市場價值曾經列為前十名。但是，隨著加密市場的冷卻和競爭的加劇，這種曾經高性能的公共連鎖店的動力逐漸消失。

Today, Avalanche is exploring new growth paths through technology upgrades, ecological expansion and real-world applications. Although the activity on the chain has picked up recently, the turmoil in management and external market pressures have made it face considerable challenges in the overall recovery of its ecology.

如今，雪崩正在通過技術升級，生態擴展和現實世界應用來探索新的增長道路。儘管該連鎖店的活動最近已經開始，但管理和外部市場壓力的動盪使其在其生態的總體復甦中面臨著巨大的挑戰。

On-chain activity has picked up, but it cannot hide the ecological challenges

鏈上的活動已經浮出水面，但不能掩蓋生態挑戰

In this round of crypto market cycle, most L1 public chains have gradually faded out of the mainstream vision, and only a few remain active. Avalanche is no exception. The overall ecological vitality of Avalanche has declined significantly compared with its peak period, and on-chain activities have gradually declined. Indicators such as total locked value (TVL), transaction volume, and user activity have fallen sharply.

在這一輪加密市場週期中，大多數L1公共連鎖店逐漸從主流視野中逐漸消失，只有少數人保持活躍。雪崩也不例外。與高峰期相比，雪崩的總體生態活力已大大下降，鏈上的活動逐漸下降。諸如總鎖定值（TVL），交易量和用戶活動之類的指標急劇下降。

According to DeFiLlama data, as of March 11, Avalanche's TVL was approximately $1.02 billion, a sharp drop of about 91.1% from its historical high. At the same time, Avalanche's daily transaction volume has dropped sharply from 6.36 million in 2023 to the current 427,000, and its daily revenue has also dropped from $9.72 million at the end of 2023 to about $60,000.

根據Defillama的數據，截至3月11日，雪崩的TVL約為10.2億美元，比其歷史高點急劇下降了約91.1％。同時，雪崩的每日交易量已從2023年的636萬急劇下降到當前的427,000，其每日收入也從2023年底的972萬美元下降到約60,000美元。

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According to DeFiLlama data, as of March 11, the total locked value (TVL) on Avalanche was approximately $1.02 billion, a sharp drop of about 91.1% from its historical high.

根據Defillama數據，截至3月11日，雪崩的總鎖定價值（TVL）約為10.2億美元，比其歷史高點急劇下降了約91.1％。

According to Messari data, Avalanche's daily transaction volume has dropped sharply from 6.36 million in 2023 to the current 427,000, and its daily revenue has also dropped from $9.72 million at the end of 2023 to about $60,000.

根據Messari數據，Avalanche的每日交易量已從2023年的636萬急劇下降到當前的427,000，其每日收入也從2023年底的972萬美元下降到約60,000美元。

Although the decline of Avalanche's ecology is not an isolated phenomenon, but a microcosm of the overall weakness of the current crypto market, this series of data still reflects that Avalanche's economic activity is facing severe challenges.

儘管雪崩的生態學的下降不是孤立的現象，而是當前加密市場總體弱點的縮影，但這一系列數據仍然反映出雪崩的經濟活動正面臨著嚴重的挑戰。

However, recent technological and ecological adjustments have brought some signs of recovery. According to the official website data, as of March 11, the number of daily transactions on the Avalanche network reached 4.55 million this year, a record high in nearly a year. The total number of independent addresses has climbed to about 28.66 million, of which the number of daily active addresses once reached 359,000 this year, the best performance since February 2024.

但是，最近的技術和生態調整帶來了一些恢復的跡象。根據官方網站數據，截至3月11日，今年雪崩網絡上的每日交易數量達到455萬，近一年的歷史最高。獨立地址的總數已攀升至約2866萬，其中每日活躍地址的數量曾經達到今年359,000，這是自2024年2月以來的最佳表現。

In addition, data from the Avalanche official website and Staking Rewards show that as of March 13, a total of nearly 250 million AVAX were staked, with a staking ratio of 56.16%, making it the tenth largest PoS blockchain network.

此外，來自Avalanche官方網站的數據和Staging Rewards表明，截至3月13日，將近2.5億ivax固定下來，佔有率為56.16％，使其成為第十大POS區塊鍊網絡。

In the community’s view, the recovery of data on multiple chains may indicate that Avalanche has not completely lost its competitiveness, but the full recovery of the ecosystem still faces multiple challenges. Especially when the living space of most L1 public chains is constantly being compressed, Avalanche’s recovery not only needs to rely on the improvement of the external market environment, but also requires the revitalization and breakthrough of the ecosystem.

社區認為，多個鏈條數據的恢復可能表明雪崩並沒有完全失去其競爭力，但是生態系統的全部恢復仍然面臨著多個挑戰。尤其是當大多數L1公共連鎖店的居住空間不斷被壓縮時，雪崩的恢復不僅需要依靠外部市場環境的改善，而且還需要生態系統的振興和突破。

Technology, ecology and ETF narrative resonate, internal crisis may become a hidden worry

技術，生態學和ETF敘事引起共鳴，內部危機可能會成為一個隱藏的憂慮

From technology upgrades to real-world applications, to potential ETF narratives, Avalanche's recent market dynamics show that it is trying to revitalize the ecosystem through multi-dimensional efforts. However, Avalanche is also facing uncertainty due to internal governance crises and external market pressures.

從技術升級到現實世界的應用程序，再到潛在的ETF敘述，雪崩最近的市場動態表明，它試圖通過多維的努力來振興生態系統。但是，由於內部治理危機和外部市場壓力，雪崩也面臨不確定性。

On the technical level, at the end of December 2024, Avalanche announced the launch of the Avalanche9000 upgrade, which can significantly reduce the cost of deploying "subnet" blockchains and running smart contracts, while optimizing the verification mode and reducing the basic fee of the C chain (from 25 nAVAX to 1 nAVAX). And this upgrade supports independent operation of the chain through the "Etna" module, significantly reducing project startup costs and meeting different regulatory needs. It is worth mentioning that the Avalanche Foundation also raised US$250 million from investment institutions such as Galaxy Digital, Dragonfly and ParaFi Capital that month to support the upgrade deployment

在技​​術層面上，2024年12月底，雪崩宣布推出Avalanche9000升級，這可以大大降低部署“子網”區塊鍊和運行智能合約的成本，同時優化驗證模式並減少C鏈的基本費用（從25 navax到1 Navaxax）。此升級支持通過“ ETNA”模塊獨立運營，從而大大降低了項目啟動成本並滿足不同的監管需求。值得一提的是，雪崩基金會還從該月的Galaxy Digital，Dragonfly和Parafi Capital等投資機構籌集了2.5億美元，以支持升級部署