作者：Nancy，Panews

在最后一个牛市，促进了“以太坊杀手”的叙事的雪崩实现了生态繁荣与发展

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.

在最后一个牛市中，促进了“以太坊杀手”的叙述的雪崩在诸如DEFI之类的曲目中的战略布局的帮助下实现了生态繁荣和发展，其市场价值曾经列为前十名。但是，随着加密市场的冷却和竞争的加剧，这种曾经高性能的公共连锁店的动力逐渐消失。

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，雪崩正在通过技术升级，生态扩展和现实世界应用来探索新的增长道路。尽管该连锁店的活动最近已经开始，但管理和外部市场压力的动荡使其在其生态的总体复苏中面临着巨大的挑战。

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

链上的活动已经浮出水面，但不能掩盖生态挑战

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.

在这一轮加密市场周期中，大多数L1公共连锁店逐渐从主流视野中逐渐消失，只有少数人保持活跃。雪崩也不例外。与高峰期相比，雪崩的总体生态活力已大大下降，链上的活动逐渐下降。诸如总锁定值（TVL），交易量和用户活动之类的指标急剧下降。

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.

根据Defillama的数据，截至3月11日，雪崩的TVL约为10.2亿美元，比其历史高点急剧下降了约91.1％。同时，雪崩的每日交易量已从2023年的636万急剧下降到当前的427,000，其每日收入也从2023年底的972万美元下降到约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.

根据Defillama数据，截至3月11日，雪崩的总锁定价值（TVL）约为10.2亿美元，比其历史高点急剧下降了约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.

根据Messari数据，Avalanche的每日交易量已从2023年的636万急剧下降到当前的427,000，其每日收入也从2023年底的972万美元下降到约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.

尽管雪崩的生态学的下降不是孤立的现象，而是当前加密市场总体弱点的缩影，但这一系列数据仍然反映出雪崩的经济活动正面临着严重的挑战。

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，最近的技术和生态调整带来了一些恢复的迹象。根据官方网站数据，截至3月11日，今年雪崩网络上的每日交易数量达到455万，近一年的历史最高。独立地址的总数已攀升至约2866万，其中每日活跃地址的数量曾经达到今年359,000，这是自2024年2月以来的最佳表现。

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，来自Avalanche官方网站的数据和Staging Rewards表明，截至3月13日，将近2.5亿ivax固定下来，占有率为56.16％，使其成为第十大POS区块链网络。

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.

社区认为，多个链条数据的恢复可能表明雪崩并没有完全失去其竞争力，但是生态系统的全部恢复仍然面临着多个挑战。尤其是当大多数L1公共连锁店的居住空间不断被压缩时，雪崩的恢复不仅需要依靠外部市场环境的改善，而且还需要生态系统的振兴和突破。

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

技术，生态学和ETF叙事引起共鸣，内部危机可能会成为一个隐藏的忧虑

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.

从技术升级到现实世界的应用程序，再到潜在的ETF叙述，雪崩最近的市场动态表明，它试图通过多维的努力来振兴生态系统。但是，由于内部治理危机和外部市场压力，雪崩也面临不确定性。

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​​术层面上，2024年12月底，雪崩宣布推出Avalanche9000升级，这可以大大降低部署“子网”区块链和运行智能合约的成本，同时优化验证模式并减少C链的基本费用（从25 navax到1 Navaxax）。此升级支持通过“ ETNA”模块独立运营，从而大大降低了项目启动成本并满足不同的监管需求。值得一提的是，雪崩基金会还从该月的Galaxy Digital，Dragonfly和Parafi Capital等投资机构筹集了2.5亿美元，以支持升级部署