Avalanche Ecosystem Value at Risk: Most Income Lost

The Avalanche Foundation has introduced Gross Chain Income (GCI), a new framework for measuring where income flows across the Avalanche ecosystem and identifying opportunities for more value to accrue to AVAX. The first step in this framework is to measure how much value the ecosystem creates and channels, which is done through the Gross Chain Product (GCP). GCP measures the value added produced by Avalanche protocols on-chain, while GCI measures income, including income that originates outside the on-chain economy but flows to people and balances inside it.

The three levels of GCI are: NGCP (Nominal GCP), which measures the value added produced on-chain; NGCI (Nominal GCI), which adds holder yield, or income earned outside the on-chain economy that accrues directly to Avalanche-resident holders of tokenized funds and yield-bearing stablecoins; and NGCI-general, which adds issuer reserve income, or the yield that token issuers or fund managers retained on the assets backing the Avalanche-resident float of their tokens.

According to the data, in June 2026, on-chain production was $3.1M of NGCP, holder yield added $2.7M to reach $5.8M of NGCI, and issuer reserve income then added $6.9M to reach $12.7M of NGCI-general.