May 2025 is an incredibly bustling month for Avalanche.

Hashed data shows that the number of monthly active addresses on Avalanche has surpassed 1.95 million, setting a new historical high; the highest number of active users in a single day exceeded 648,000, and the peak daily on-chain transactions soared to 12.35 million. The on-chain activity is heating up, resembling a grand Web3 spring carnival.

External voices are also busy: MapleStory Universe has officially launched, BlackRock has put RWA on-chain, and there are "interactions" with a certain established public chain… Various positive news seems to be coming in waves.

But what we want to talk about is not these "hot topics" that you've already seen countless times on Twitter.

Let's discuss the more "structural" changes behind this wave of Avalanche's explosion. Because for those who truly care about ecological development, "heat" is not the end point; "sustained growth" is the ultimate proposition.

1. Users are not just checking in; they are "really doing things" on-chain

On-chain activity ≠ bustle ≠ sustainability.

However, the data from Avalanche this time conveys a positive signal: the growth of active users is not just "pulled" out by tasks or activities, but they are genuinely engaging on-chain.

• Daily transaction volume exceeding ten million cannot be achieved by just "washing a transaction";

• Nearly one million new wallets in a month indicate that users are not simply "taking advantage once," but have the willingness to "stay."

This is different from many other chains. Some chains may be popular, but interactions are merely for ranking, and users leave empty after a few days. The recent activity on Avalanche feels more like the beginning of "on-chain life"—users are not tourists but residents.

2. The overlooked protagonist: DeFi is the true pillar of this wave of heat

While the entire network is shouting "the games are here" and "RWA has broken through," it is actually the DeFi projects that have been quietly cultivating during the bear market that support TVL and capital efficiency.

For example, there is a DeFi protocol that, although it doesn't release news every day, has consistently maintained the ceiling of Avalanche's TVL, offering a full range of services including staking AVAX, lending stablecoins, and liquidity mining, even creating something called BENQI Miles, where staking can earn points, resembling a frequent flyer club.

You guessed it right; we are talking about BENQI.

Projects like BENQI are the "old infrastructure" on Avalanche: they don't tell stories but are responsible for paving the underlying runway. Want to play some GameFi on-chain? Start by borrowing some stablecoins here. Want to participate in node governance? Stake AVAX and take a tour with it first.

It ensures that every "hot narrative" on-chain has real assets and capital to support it, preventing it from being fleeting.

3. Avalanche's asset spectrum is becoming increasingly "diversified + localized"

The structure of on-chain assets is "evolving":

• Previously: AVAX, USDC, a few Meme Tokens.

• Now: sAVAX, liquid staking assets, RWA tokens, game asset points, cross-chain assets (like BTC.b, ETH.b), and even NFTs issued on Scroll can resonate here.

In other words, Avalanche's "on-chain asset matrix" has not only increased in quantity but has also begun to develop its own independent narratives and gameplay, no longer just a "substitute for Ethereum" or a "backup for L2."

Especially with RWA assets, although the trading volume contributed is not explosive at the moment, it has already formed the embryonic shape of "compliant DeFi." The old DeFi project BENQI has also quickly adapted, providing a multi-chain liquidity solution compatible with staking, lending, points, and more, running faster than most "newcomers."

4. On-chain behavior is richer, and "staking + participation" has become the norm

One of the easiest changes to overlook: users have started "staking + participating."

Don’t be fooled by the fact that staking AVAX sounds unremarkable; this wave is a bit different:

• While staking, users can also earn points (BENQI Miles), which can be used in the future for node weight, airdrops, and even on-chain governance;

• The community's attention to Validator nodes is increasing, and the atmosphere of "participating in consensus" is spreading from the "tech geek circle" to ordinary DeFi users.

The emergence of such behaviors indicates that Avalanche is no longer a chain where users "come and go"; it is beginning to build a closed-loop system of "on-chain identity + on-chain rights"—you are not just a user; you are also a co-builder of this chain.

So what is the real reason for Avalanche's explosive growth?

In summary:

It not only has hot topics to hype but also projects to support it; not only is there an increase in TVL, but users are also staying.

The launch of games, the entry of giants, and the surge in data are certainly catalysts. However, the ability for this heat to "settle" into structural growth relies not on trending topics but on the improvement of infrastructure, the richness of on-chain behavior, and the stable circulation capability of ecological assets.

Just like whether a city can prosper is not only determined by how cool its landmark buildings are, but also by whether it has sewage systems, power grids, and public transportation systems. In Avalanche, those seemingly "not so sexy" DeFi projects, like BENQI, are actually the most indispensable layer of this ecosystem.

In conclusion

MapleStory is lively, BlackRock is glamorous, but what truly gives Avalanche the opportunity to enter the "next growth cycle" are those "daily usable, continuously compounding" on-chain experiences.

And projects like BENQI are the core engine that makes everything run smoothly.

This is not an advertisement; it's just a reminder:

You think you are playing a game, but in reality, you are using BENQI as your utility company.
You think you are just earning points, but in fact, you are already part of node governance.