Avalanche Watch: July Edition

What’s New on Avalanche

Avalanche Vista - The Avalanche Foundation announced a fund of up to $50 million to purchase tokenized assets minted on the Avalanche blockchain. This initiative is a part of Ava Lab’s core mission to digitize the world's assets including equities, credit, real estate, and commodities. Tokenization could supercharge Avalanche DeFi by tapping into new markets. Learn more here

Avalanche Academy - Ava Labs recently published training material and learning modules for the next wave of Avalanche developers. Current courses include Avalanche Fundamentals, Subnet Architecture, and Customizing the EVM (beta). Become an expert in the Avalanche Ecosystem, Virtual Machine Development, and Subnet Architecture at Avalanche Academy.

Bank of America Recognizes Avalanche as a Platform Powering the Future of Trading/Value Transfer - In a recent report on Global Digital Assets by Bank of America, Avalanche was noted as a platform powering the future of trading/value transfer. Read the full report here

Core Stake - Core, a product suite developed by Ava Labs, just released Core Stake, the go-to tool for validating and delegating on the Avalanche network. With a minimum of 25 AVAX, users can delegate their AVAX to secure the network and earn AVAX. Learn more about Core Stake here

Decentralized Sequencing - NodeKit, a company building a shared sequencer called SEQ, announced they are building SEQ on an Avalanche Subnet. SEQ aims to reduce potential downtime issues, censorship concerns, and performance issues in Ethereum scaling. Learn more here.

The Past Month in Decentralized Finance (DeFi)

Avalanche the FX Chain - EUROC, a euro-backed stablecoin issued by Circle, is now deployed natively on Ethereum and Avalanche after the Avalanche EUROC launch on June 24. Ethereum has a stablecoin market capitalization of $66.7b with EUROC accounting for $50.9m (0.076%). Comparatively, Avalanche has a stablecoin market cap of $1.27b with a EUROC market cap of $2.33m (0.18%). Proportional to their respective stablecoin markets, the Avalanche EUROC stablecoin market cap is 2.36x that of Ethereum. This heightened relative use could be due to the inexpensive fees on Avalanche and support for EUROC on Avalanche DeFi protocols (e.g. Trader Joe, Dexalot, CablesFinance, and Uniswap), and is suggestive of a narrative described by Ava Labs’ head of DeFi Luigi D'Onorio DeMeo – that Avalanche is poised to become the “FX Chain”. 

BenQi dominating Liquid Staking Market - The liquid staking token (also known as liquid staking derivative or LST/LSD) market is rapidly expanding across blockchains. The primary function of LSTs is to lower the barrier to entry for staking, and to unlock capital that would otherwise be locked in staking. The LST market on Avalanche is largely dominated by BenQi and their LST token sAVAX. Although BenQi dominates the market, it has not shown the same growth in the past month as its competitors GoGoPool (+38.1%) and YieldYak (+18.7%). 

Trader Joe Continues DEX Market Dominance - Trader Joe continues its long-running reign as the largest DEX on Avalanche. Along with announcing an expansion to Ethereum, Trader Joe also improved the fee efficiencies of their stableswap pools in July. See the spotlight section below for an in-depth look at the Uniswap launch.

BenQi becomes Top TVL Project on Avalanche - Aave saw a withdrawal in TVL on Avalanche during the launch of Aave’s GHO stablecoin on Ethereum. Some of the liquidity locked in Aave on Avalanche may have been pulled to Ethereum to mint GHO. At the same time, BenQi saw a brief surge in deposits as the project exceeded 7m staked AVAX. 

The Past Month in Gaming (GameFi) 

DeFi Kingdoms Dominates Active GameFi Wallets - DeFi Kingdoms continues expanding its monthly active wallet count. This past month, DeFi Kingdoms released new features: combat testing grounds and bazaar. The combat testing grounds provide a more familiar gaming experience to those not integrated in DeFi, and the bazaar is an on-chain orderbook perfect for trading low-liquidity items. Of the other Avalanche GameFi applications, Crypto Royale has the greatest growth rate in the last 30 days with over 1,200 active wallets last month. 

The Past Month in Non-Fungible Tokens (NFTs)

NFT sales on Avalanche saw a month-on-month decrease of 30%. The top 5 collections by volume were: 

  1. Chikn (2754 AVAX) - An upgradable NFT collection used by the Chikn NFT gaming ecosystem. Chikn recently launched its new game called Coq Fight that allows players to battle each other through upgradable and tradeable NFTs.
  2. Ferdy Fish (1653 AVAX) -  A collection of 300 NFTs, Ferdy Fish is a PFP project with a strong community and connection to ferdyflip.xyz, a collection of games that use Chainlink’s verifiable randomness functions. 
  3. The Salvors (1421 AVAX) - A pfp project of Salvors that set sail for the open ocean, determined to achieve their objectives despite the obstacles and perils ahead. 
  4. Peons V2 (607 AVAX) - A Joe Studios collection that showcases the second era of Rich Peon Poor Peon. The original collection was the fifth best selling collection last month on Joepegs, Avalanche’s largest NFT Marketplace. 
  5. Dragon Crypto Hero (603 AVAX) - An NFT avatar that is required to play The Legend of Aurum Draconis. The higher the avatar’s rank, the more starting stats the player gets to spend. 

Project Spotlight - Uniswap V3

Uniswap off to a Strong Start - Uniswap V3, an industry standard decentralized exchange (DEX), launched on Avalanche. The new Avalanche deployment is off to a strong start with over $3m in total value locked, and the DEX recently peaked around $7m in daily volume. The Avalanche deployment comes on the heels of the announcement of Uniswap V4, which introduces “hooks” or smart contracts that run at various points of a pool’s action lifecycle. This new architecture could allow for new levels of customization, but V4 is not yet live. 

About Avalanche

Avalanche is a smart contracts platform that scales infinitely and regularly finalizes transactions in less than one second. Its novel consensus protocol, Subnet infrastructure, and HyperSDK toolkit enable Web3 developers to easily launch powerful, custom blockchain solutions. Build anything you want, any way you want, on the eco-friendly blockchain designed for Web3 devs.

Website | Whitepapers | Twitter | Discord | GitHub | Documentation | Forum | Telegram | Facebook | LinkedIn | Reddit | YouTube

SHARE //
NEXT UP//

Avalanche Watch: May 2024

Gaming

LiveDuel Brings Web3 Sports Betting to Avalanche

Gaming

Elixir Games Announces Acquisition of RoboKiden and Strategic Partnership with Ava Labs

NFT

Artist Spotlight: Ed Balloon Blending Web2 and Web3 at Avalanche Park

Gaming

Gamestarter introduces ‘GameChain’ powered by Avalanche

Institutions

Wine Capital Fund Leverages Oasis Pro and Avalanche to Make Fine Wine an Investable Asset Class

Community

Introducing Core’s Airdrop Tool: A Free Way to Distribute Tokens and Reward Your Community on Avalanche

NFT

Salvor Secures Avalanche Rush with a $1M Incentive Grant to Build Out Avalanche’s Prime NFT Lending Platform

Gaming

Avalanche & Funtico: Revolutionizing Gaming on the Blockchain

Avalanche Watch: April 2024

DEFI

The Avalanche Foundation Announces Memecoin Rush

Institutions

Homium Issues First Home Equity Loans on Avalanche

Enterprise

Feature.io Uses Avalanche-Powered API to Bring Web3 to Any Streaming Platform or Media File

Enterprise

stc Bahrain and Avalanche forge partnership to drive Web3 progress in the Middle East

Enterprise

Avalanche x Seedhe Maut: Revolutionizing the Fan Engagement Economy with Metasky

Enterprise

Really Launches Avalanche Subnet to Expand Reach of On-Chain Movies

Developers

Frosty: Bringing Strong Liveness Guarantees to the Snow Family of Consensus Protocols

Platform

BitNote Launches Encrypted Notes on Avalanche

Platform

Avalanche Integrates with Stripe for Crypto Onramping

Avalanche Watch: March 2024

Platform

The Avalanche Foundation Unveils the Icebreaker Program

Community

The Avalanche Foundation Launches Ambassador DAO to Usher in the Next Wave of Users

The Avalanche Foundation Announces a New Board

Community

The Avalanche Foundation Discloses Community Coin Holdings

Platform

Avalanche Foundation Launches Community Grants Program with Gitcoin

Institutions

Clearpool Expands to Avalanche with Exclusive Launch of Credit Vaults

Enterprise

Coachella to Gamify the Festival Experience and Distribute New Rewards Using Avalanche

Developers

Startup Incubator Codebase Names First Cohort

Institutions

Diamond Standard Leverages Oasis Pro and Avalanche to Make Diamonds an Investable Asset Class

Institutions

Tokenization 101: The Tokenized Collateral Ecosystem

Enterprise

Avalanche Powers Web3-Enabled Voucher Program on Alipay+ D-store

Institutions

Avalanche and Chainlink Leveraged in Tokenized Asset Settlement Project

Developers

The Graph Expands Data Tools for Avalanche Developers

Community

Avalanche Foundation: Eligibility Criteria Framework for Community Coins

Platform

Avalanche Watch: February 2024

NFT

Best Dish Ever Launches NFTs on Avalanche, Pioneering the Future of Culinary Exploration

Gaming

Legendary MMORPG MapleStory Comes to Avalanche

Platform

Teleporter Makes Avalanche a Fully Interoperable L0 Network

Enterprise

Loyalty+ to Receive Multiverse Incentives to Spur AI-Enhanced Loyalty Programs

DEFI

SteakHut V2 Introduces New Liquidity Features on Avalanche

Enterprise

Avalanche to Power SI Tickets’ NFT Platform, Box Office

NFT

Looty and Inspect Launch Loyalty Platform with Loot Crate Rewards, Boosting Avalanche NFT Season

Platform

Durango: Avalanche Warp Messaging Comes to the EVM

Community

Avalanche DeFi Saga with Rep3

Institutions

Citi Tests Benefits of Private Markets Tokenization With Avalanche Evergreen Subnet ‘Spruce’

Enterprise

Avalanche Named Exclusive Sponsor of Collider on the Lot Startup Accelerator

Platform

Cortina: X-Chain Linearization

Avalanche Watch: January 2024

Gaming

Owned Blends SocialFi and Gaming on Avalanche with Battle Tech

Enterprise

The Empire State Building Launches NFT Loyalty Program on Avalanche Using Uptop

Institutions

Intain Launches Avalanche Subnet to Usher in New Era for Multi-Trillion Dollar Securitized Finance Market

Institutions

How Avalanche Uses Account Abstraction to Improve the Web3 Experience for Institutions

Institutions

Institutional Products, Pilots Signal Growing Interest in Tokenization

Enterprise

Edgevana to Provide Infrastructure to Avalanche Network, Expanding Validator Decentralization

Institutions

South Korean Digital Asset Custodian BDACS to Support Avalanche

DEFI

Struct Finance Joins Avalanche Rush with an Incentive Program of up to $1M

DEFI

Fonbnk Builds Avalanche On-Ramp for Cross-Border Payments in Emerging Markets

Platform

Avalanche Wallet Phase-Out Guide

Platform

Avalanche Watch: December Edition

Institutions

What is Asset Tokenization: Why & Why Now?

DEFI

Sub-Saharan Africa: A Land Of DeFi Opportunity

NFT

NFT-TiX Migrates to Avalanche and Announces Global Festival Partnerships

Enterprise

AR Platform Really to Upgrade Entertainment Using Avalanche

Gaming

Tiltyard Gives Web3 Games Tournaments and Fantasy Sports Features

DEFI

Hubble Exchange Launches Order Book DEX Built on a Custom Avalanche Subnet

Platform

Avalanche Watch: November Edition

Developers

NodeKit Raises a $1.2M Pre-Seed Round to Build a Shared Sequencer L1 with HyperSDK

Gaming

Mirai Labs Blends SocialFi and Web3 Gaming, Migrates to an Avalanche Subnet

Institutions

Republic Selects Avalanche for its Profit-Sharing Note, Gains Vista Support

Platform

Avalanche Watch: October Edition

Institutions

Avalanche Supports Citi FX Solution Under Project Guardian

Institutions

Onyx by J.P. Morgan Leverages Avalanche To Explore a New Paradigm for Portfolio Management

Platform

Avalanche Foundation Mission Statement and Reminder About System Unlocks

Developers

Web2 and Web3 Leaders Launch Codebase by Avalanche, an Accelerator Supporting Early-Stage Avalanche Projects

DEFI

Avalanche Expands Forex Market in Africa With Canza Finance’s Baki Launch

Platform

Avalanche Powers Metaverse Experience at Hong Kong FinTech Week

Gaming

5 Great Web3 Games Coming Soon

Institutions

Beneath the Surface: The Infrastructure Driving Tokenization Forward

Developers

Avalanche is Advancing Off-Chain Computation Services for Developers

Enterprise

Neal Stephenson’s LAMINA1 to Reimagine the Open Metaverse with New Layer 1 Built on Avalanche

Ava Labs Accelerates Push in India with Key Senior Hires

Platform

CCRI Finds Avalanche Emits 12x Less CO2 Than Ethereum, 300,000x Less CO2 Than Bitcoin

DEFI

The Tangible Benefits of Bringing Non-USD Stablecoins and FX On-Chain

Institutions

On-Chain Cash Management: Thematic Takeaways From Partner Discussions

Platform

7 Avalanche Use Cases

NFT

Builder Spotlight: Zeroone is Rethinking How NFT Enjoyers Create and Collect

Institutions

Navigating Tokenized Asset Investments for Institutional Buyers

NFT

Blockticity Mints $275M in Hemp and Other Product Certifications on Avalanche, Disrupting a $4.5T Industry

Developers

Introducing Firewood: A Next-Generation Database Built for High-Throughput Blockchains

Community

Builder Spotlight: Steven Gates Wants to Bring Subnets to the World

Community

Avalanche Foundation Launches Ted Yin Grant Program to Expand Open Source Technology Development

Enterprise

Korean Entertainment Giant Powers Ticketing Platform with Avalanche

Developers

Developer Spotlight: NodeKit’s Cofounder on Why Avalanche is “Unrivaled”

Platform

New Avalanche C-Chain Explorer Launches

Developers

Time to Finality (TTF): The Ultimate Metric for Blockchain Speed

Platform

Avalanche Watch: August Edition

Developers

Movement Labs Raises Pre-Seed Round, Launches Movement SDK To Reignite Web3’s Interoperable Future

Gaming

Builder Spotlight: Kam Punia’s Quest to Level Up Web3 RPGs

DEFI

Multiswap Launches with Plan to Unlock Swaps of 300+ Assets in a Single Transaction on Avalanche

Gaming

Korean Game Publisher Neowiz and Ava Labs Form Partnership