Avalanche Landscape Week 24

So week 24 has just finished. It can be said that this week has many important events that you don’t want to miss. Let’s take a look at the Avalanche ecosystem this past week.

Highlight Events Of Week 24

  • The Avalanche Foundation invites developers across the ecosystem to participate in a 3-month Web3athon Hackathon (from June 9 to September 1) to focus on building Web3 solutions. The reward promises to be up to $800K with funding from many different ecosystems and projects such as Polygon, Polkadot, Avalanche, Celo, Acala, Filecoin, Circle, Ripple, and Qtum, etc. Other than that, the companion of CoinDesk and CRADL (Crypto Research and Design Lab) will develop a community of builders who can help the Web3 ecosystem to build better products for everyone, especially those who cannot afford Web3 accessibility.
  • Avalanche Co-Founder Kevin has confirmed that Three Arrows Capital does not hold $230 million worth of AVAX. According to the post of Ki-Young Ju – CEO of CryptoQuant on Twitter, he mentioned that Three Arrows Capital’s investment portfolio of the investment fund, which has AVAX as an investment property with a value of 230 million USD, was purchased in September of this year. 2021. After the post was published, the CEO of Avalanche came in to confirm that the above number was utterly wrong and that 3AC did not manage any AVAX in Avalanche’s coffers. You can read the article by following this link here 
  • The Avalanche wallet has been updated to improve security when web browsers connect to the wallet. Avalanche Foundation determined that the error did not come from the e-wallet but a vulnerability of the web browser when storing information in the web cache, in some cases even recording the seed phrase or recovery phrase. A hacker can access and steal your 24 numeric characters if your web browser is infected with malware. Therefore, Avalanche will launch the Avalanche Core browser extension shortly to handle this issue most thoroughly. Although there is no specific time to launch the product, the Avalanche development team still recommends storing Avax on cold wallets like Ledger Nano S.
  • Orchid Probabilistic Rollups are now available on Avalanche. Using Orchid’s account manager (Dapp), anyone can create an Orchid account with AVAX and pay for the VPN service byte by byte using Orchid’s layer 2. Let’s talk a little about Orchid, the organization of bandwidth sellers and consumers. Customers connect to Orchid Market and pay merchants for bandwidth to form a proxy chain to a specific resource on the Internet, thereby solving privacy issues. Usually, users can be tracked when they use social networking sites, and user data can be stolen by hackers when logging into websites.

2. NOTABLE NUMBERS ON AVALANCHE WEEK 23

  • This past week TraderJoe reached the highest revenue this month, of $582K on June 13. While the market is terrible at the moment, the protocols that lead the system Avalanche ecosystem still have exciting and profitable activities for the project and users benefiting from JOE staking to share the profits generated by the project. Since then, investors’ confidence in the ecosystem has strengthened during these difficult times.
  • The Avalanche network has reached more than 200 million total transactions. Since 2022, the total number of transactions has increased by more than 270%, from approximately 58 million transactions to more than 200 million. That immense growth happened only in the last two months when the first subnets launched on Avalanche one after another, resulting in many transactions throughout the Avalanche network.
  • Avalanche’s Ethereum bridge still holds the 3rd position in TVL compared to other blockchains. Polygon Bridge and Arbitrum Bridge have the first and second place, respectively. With a TVL of $2.1B, Avalanche Bridge accounts for 18% of the market share on Ethereum bridge.
  • In the past seven days, Avalanche ecosystem‘s TVL has dropped by 35% from last week, a red color dyeing the entire Crypto market right now. The top Blockchain layer-1, like Ethereum and BNB Chain, also suffered the same fate, dropping 20%-30%.
  • On June 18, stablecoin MIM, with a capitalization of $53 million, a small percentage of the total stablecoin capitalization on Avalanche of $2.91 billion, lost the deepest peg for the first time. The recorded price of MIM is $0.94 USD.

Overview Sectors On Avalanche

  1. DEX/AMM
  • TraderJoe: The event about 3AC’s default risk has made the public wonder if the projects invested by 3AC will be disbursed to get money to repay the debt. As one of the projects financed by 3AC, TraderJoe immediately spoke up, saying that the supply of $JOE owned by VCs is only 10%, much less than the community. And 3AC was not a significant investor in TraderJoe’s funding round.
  • Pangolin: Given current market conditions, Pangolin proposes a new on-chain vote that 6 million PNGs be transferred to our operating vault to help cover costs related to Contract audits, legal advice management, core contributors, travel, etc. within five months.
  1. LENDING/BORROWING 
  • AAVE V3: Currently at $880M, Aave V3 is the #1 ranked DeFi protocol for TVL on Avalanche, according to DeFiLlama. This achievement is easy to understand as AvaLabs incentive is available to depositors in Aave.
  • BenQI: This past week, BENQI overtook Aave V2 to become the 2nd largest lending protocol on Avalanche. Also, regarding Lido’s stETH/ETH de-peg event regarding liquid staking, BENQI has also clearly explained that all sAVAX will be 1:1 guaranteed with AVAX.

The most significant difference between the two projects is that ETH used for staking for Ethereum 2.0 is unlocked only after Ethereum switches to the PoS consensus mechanism. At the same time, AVAX stakers only need to wait 15 days to receive AVAX back.

  1. NFT

The keyword “NFT” seems to not have stopped being hot for the week. Projects belonging to the NFT puzzle continue to take new steps:

Avvy Domain, a domain name business project operating on Avalanche similar to Ethereum Name Service, users can order and buy .avax domains for their own. The project has announced a Dutch-style auction for those who want to own the first domain name on Avalanche. The auction is held on May 30 and ends on June 20. There have been more than 218 domains successfully auctioned, earning more than 5000 AVAX, according to Snowtrace.  (Link)

– After ChainLink announced the integration on Avalanche, the DEX/AMM, GAME, and NFT projects on Avalanche all quickly integrated ChainLink’s technology for their projects to help the project become transparent and create trust. More for MadVeggies users is no exception when it has just announced that it has integrated Chainlink VRF on June 14 to enhance transparency and randomness when minting project’s NFTs. https://twitter.com/Smart_Contract/status/1536392965328887817/

– The Person’s NFT collection was minted and launched on June 17 on Joepegs.

RaptOriginZ is the world’s first NFT project that is guaranteed and convertible to precious metals. It has always been at the top of NFTs in terms of trading volume on the current Kalao exchange with a market capitalization: of $915K, the trading volume of 24h $2.94K.

https://twitter.com/RaptOriginZ/status/1537057496916975618/photo/1

Kalao launches the Kalao Go program to support content creators who want to transform their art into NFTs. Kalo Go will support all services from smart contract code, build community through social sites, organize AMAs, connect with NFT KOLs, advise and back on the roadmap, NFT selling process, and marketing, etc.

  1. GAMEFI.
  • The 3AC event is in the midst of a hair-hanging situation where games like Imperium, Ascenders, or Shrapnel are invested by 3AC from private rounds, and strategic rounds are all locking tokens and haven’t released tokens yet, so the ability of 3AC to release tokens to combat liquidity reason is rare. Currently, the parties have not taken any action related to the 3AC incident and are still updating normal operations.
  • ‪Shrapnel, the popular AAA FPS game blockchain project, opens for sale to NFT Operators on Opensea for Mint 0.05 ETH.
  • Ascenders announced an updated roadmap and whitepaper. Currently, the project is in phase 3 with the strategy of building the in-game economy and the panoramic world of Ascenders.
  • Immediately after Avalanche integrated Chainlink VRF2 and Keeper, the projects on the ecosystem also announced that they would integrate the two above applications to serve their own NFT and Defi activities. Let’s take a look at the projects on Avalanche and this update.
  • the founder of Crabada also had very positive comments about the active development of the GameFi project. This combination of Chainlink VRF2 and Keeper help to fairly and automatically power Crabada weekly draws.

Newcomers

  • Last week we welcomed newcomers to the Avalanche ecosystem including:
  • ParadiseTycoon and DeFimons the play-to-earn 
  • AbraGlobal where you can trade and buy crypto
  • Game Theory is building an ecosystem of blockchain
  • Brokkr Investment Protocol that simplifies web3 through community-built Portfolios
  • Mercuryo Reinventing the ease of making payments that the world has never dreamt possible.

Conclusion

Hopefully, the information that Avaxholic has gathered in the article will be useful to you. Join the Avaxholic chat group now to discuss the hot topics about the crypto market with the Avaxholic admin team!!!

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