Messari released the Avalanche report for the second quarter of 2023, which stated that due to the increase in stablecoin liquidity and LayerZero activities, the number of daily active addresses and transaction volume of Avalanche C Chain increased by 132.1% and 162.2%, respectively; due to the positive impact of new network activities on AVAX revenue and the increase in transaction fees, AVAX revenue increased by 173.1% quarter-on-quarter (150.3% in USD terms) Avalanche's TVL in USD fell 19.4% quarter-on-quarter in Q2, but TVL in AVAX rose 9.7%, suggesting that new capital inflows are pushing TVL higher relative to asset prices in USD. The TVL of almost all top DeFi on Avalanche has declined, and Aave accounted for about 43% of Avalanche’s DeFi TVL (~$345 million) as of the end of the second quarter. In Q2, the BTC.b supply on Avalanche dropped from 6,961 to 6,056, a 13% quarter-over-quarter drop. The sales volume of Avalanche NFT secondary market decreased by 38.3% month-on-month, and the number of independent NFT buyers decreased by 49.8% month-on-month.