In recent weeks, Avalanche's on-chain transaction volume has surged, with its 7-day moving average (7DMA) on-chain transactions reaching 1 million, the highest level in more than a year. By comparison, at the beginning of May, the number was just 296,000, meaning it more than doubled to 696,000 in less than two weeks, followed by a significant decline and slowdown at the end of the month. However, as June approached, Avalanche on-chain transactions exploded, with the 7-day moving average of (7DMA) growing from 400,000 on May 31 to more than 1 million in just two weeks. The increase in transaction volume is reflected in the 7-day moving average of average on-chain transaction fees, which doubled from 0.0035 AVAX in early May to 0.0072 AVAX at the time of writing. Considering the spike in trading volume in June, but not the number of active addresses, it can be speculated that the surge in trading volume in June was driven by a smaller group of users making exchanges more frequently, rather than a new influx of wallets, most likely catalyzed by arena.trade. arena.trade is a token issuance platform that allows users to mint tradable ERC-404 tokens directly from X posts using the joint curve mechanism.