- Avalanche transactions increased by 66% with on-chain U.S. GDP data.
- Ava Labs highlights DeFi growth on Avalanche’s C-Chain.
- Grayscale seeks AVAX ETF amid institutional interest.
Avalanche transactions experienced a 66% increase after the U.S. Department of Commerce began publishing GDP data on its blockchain, marking a historic first for federal economic data transparency on-chain.
This move underscores a potential shift towards more blockchain-based initiatives, cementing Avalanche’s role as a key player in data transparency and sparking increased interest among institutional investors.
The U.S. Department of Commerce‘s decision to publish GDP data on Avalanche has led to a transaction surge of 66% on the network, showcasing the impact of blockchain adoption for national economic data.
Howard Lutnick of the U.S. Department of Commerce and Emin Gün Sirer of Ava Labs spearhead this initiative, enhancing credibility for Avalanche through federal engagement. Blockchain technology becomes key in public data transparency. “We are making America’s economic truth immutable and globally accessible like never before,” Lutnick stated.
Avalanche’s network has witnessed a rise in transactions with the 2nd Quarter GDP Report announced, reporting over 11.9 million within a week. The initiative triggered a notable increase in active wallets, exceeding 181,000 during the same period.
The move holds significant implications for the blockchain industry, providing a precedent for further government data releases on public networks. Institutional interest, especially in Avalanche, may lead to increased capital inflows.
The shift by the U.S. government to blockchain marks a historical precedent, with impact on networks including Bitcoin and Ethereum. Stakeholders see potential for further collaboration and technological integration.
Experts forecast that the U.S. government’s adoption of blockchain could enhance regulatory frameworks. The surge in Avalanche transactions reflects an increased user and institutional trust in blockchain’s reliability for data handling.
