Avalanche Watch: June Edition

What’s New on Avalanche

All-Time High in Monthly Active Users — Avalanche continues its trend with its second consecutive month of all-time highs in active address count.

SK Planet Subnet Rollout — South Korean company SK Planet launched its own Subnet called the UPTN Subnet. UPTN is SK Planet’s Web3 portal for wallets, decentralized communities, digital collectables and more. The UPTN Subnet has built in KYC (know-your-customer) requirements for any users who sign up, making it the first regulation-compliant Subnet to see major adoption. In its first month, the UPTN Subnet onboarded over 100,000 active wallets. The initial spike in users resulted from the Subnet launch event.

AvaGPT — AvaGPT is a new AI chatbot integrated into Core web that was trained on Avalanche’s developer documentation, support articles and user-knowledge base. AvaGPT is a tool that can help both developers and Avalanche users quickly and easily troubleshoot any issues and get the info they're looking for. Learn more here.

Dr. Emin Gün Sirer speaks at House Financial Services Committee — Emin Gün Sirer, CEO of Ava Labs, testified in front of the House Financial Services Committee on hearing regarding digital asset regulation and the new Draft Market Infrastructure Bill. Dr. Sirer spoke provided insights into why blockchain networks are novel and innovative, what real world use cases are being developed, and how these distributed systems are making a positive impact on society and technology. You can listen to his talk here.

Struct Finance — Struct Finance is a new DeFi protocol launched recently on Avalanche that provides access to structured financial products derived from on-chain or real-world assets. The first Struct Finance products are Interest Rate Products, where risk-off investors, who are looking for a fixed yield rate, lend liquidity to risk-on investors. Learn more here.

Owl Explains — Owl explains is a growing educational content hub hosted by Ava Labs. The platform includes videos, podcasts, articles, and more covering blockchain and Web3 fundamentals, applications, and policy. Check it out here.

The Past Month in Decentralized Finance (DeFi)

Aave and BenQi Remain the top TVL Projects

Aave, Avalanche’s largest borrowing and lending protocol, remains the largest project by TVL. While the TVL ranks remain unchanged, the major mover in the group has been Stargate Finance with a 53.58% increase in TVL month-on-month. Stargate Finance is an omnichain liquidity transport protocol that has picked up major traction in the Avalanche ecosystem in the past few months.

Trader Joe Auto-Pools and the Rise of Dexalot

Trader Joe continues to dominate DEX trading volume on Avalanche. In June, Trader Joe released its first batch of “auto-pools” that automatically rebalance liquidity for liquidity providers. This feature continues to be optimized and simplifies liquidity provision through Trader Joe’s liquidity book model. Dexalot, a central limit order book (CLOB) protocol with a dedicated Subnet, brings a new kind of exchange to Avalanche and made its first appearance as a top 6 DEX by trading volume last month.

Dexalot Subnet Adoption — The Dexalot Subnet has nearly 3 million transactions in the last 30 days, making it the second most-used Subnet in the Avalanche ecosystem behind the DFK chain by transaction count. Dexalot offers traditional financial services and retail users a familiar CLOB-style market maker that offers low slippage trading without a centralized intermediary.

The Past Month in Gaming (GameFi)

DeFi Kingdoms, the largest game in the Avalanche ecosystem, saw a 192.58% month over month increase in active wallet count in June. The Legend of Aurum Draconis is a new addition to Avalanche’s top games by active addresses. The other games were in line with their past activity level by active wallets.

The Past Month in Non-Fungible Tokens (NFTs)

Gaming NFTs have seen a recent surge in popularity in the Avalanche ecosystem. All of the top 5 collections by trading volume in June are gaming related:

  1. Ferdy Fish (4462.93 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.
  2. Chikn (4160.68 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.
  3. Smol Joes Season 2 (3179.97 AVAX) — A Joe Studios collection that will be a part of a soon-to-be released game.
  4. Dragon Crypto Hero (1362.61 AVAX) — An NFT avatar that is required to play The Legend of Aurum Draconis.
  5. Monkeez (1315.87 AVAX) — Inhabitants of the Zungle, a virtual world where inhabitants can trade, fight, and explore the realm together.

Project Spotlight

Intain: an Evergreen Subnet Case Study

Avalanche Evergreen Subnets offer a suite of blockchain deployments and tooling designed to address company-specific and industry-wide considerations for institutional participants. Features include customizability of KYC compliance, use of custom gas tokens, and more.

Intain, a structured finance platform, launched its own Evergreen Subnet to host an on-chain market for tokenized asset-backed securities called IntainMARKETS. Because of their Subnet deployment, Intain has been able to realize efficiencies in primary insurance, secondary market trading, fund administration, and disbursement. Here are some of the high level results:

  • On the loan issuer side, reduces the issuance cost by 50–100bps on average
  • 80% reduction in the days it takes to validate a loan pool
  • 65% reduction in days it takes to underwrite a deal
  • 90% reduction in the days it take to complete post-closing administration

See the full case-study here.

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.

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