Weekly 21 On Chain Recap

Welcome to Week 21 On Chain Recap of Avaxholic. Here we cover events from May 23rd to May 29th.

Upcoming Events In Week 21

  • May 23rd:

Yeti Finance AMA with Platypus

Sparkworld AMA with ImperiumEmpires

The Snake City IDO and Validator Round begun

  • May 24th:

Metropius Minting NFT

Time Shuffle Game AMA with Avalanche Party Animals

Snapshot 1 – Eligible Funds On DOMANI DAO

  • May 25th:

BountyBaddies Minting NFT

Scavenger hunt on Xkart Racing

  • May 26th:

Dragon Crypto Gaming Beta Testing Livestream

  • May 27th:

NFT Selling on SnakeCity

Highlights Of Week 21 On Avalanche 2022

Here are the highlighted events last week:

  • Avalanche integrates Coinbase
  • The Capital 2022 Speaker
  • Avalanche has native $USDC & $ USDT
  • Subnet Starter Pack: Avalanche Faucet
  • Proposal of ApeCoun DAO to build an Avalanche Subnet
  • Avalanche Go @v1.7.11: State Sync is out
  • Cumulative Address Count In 2022

Besides that, we have also collected highlights of Avalanche projects as follow:

Week 21 Notable Numbers

Let go through notable numbers on Avalanche from May 23rd to May 29th

Avalanche Network reached $4.4B in TVL generally, and $2.1B on its Bridges. It also has 3.2M total addresses and more social followers even during the bear market.

There are also big events happening while the market experiencing a sharp drop. Most notable ones are Snake City (20M $SNCT burnt before IDO). Slim Trail distributed around 1.22M $Slim in daily mission for its community. And Futureswap held a trading competition with $11k in $AVAX as prizes.

Looking through these events, we can see that a lot of projects such as NFT, Defi and GameFi have been very active. This could probably due to the release of subnets, which allow users to have faster and cheaper transactions, while developers can have a space categorized for their projects.

So let’s check out what is with all the hype about subnets

Currently, we can try out 2 of these fully-functioning subnets: Defi Kingdoms, and Swimmer Network. DeFi Kingdoms’ expansion pack, Crystalvale, allows Avalanche users to bridge and use their subnet. While Swimmer Network is a fork from Avalanche Network that uses Crabada cryptocurrencies as its governance token.

This could explain the reason for why Crabada experience an influx in TVL, reaching $64.25M, and became a project with the most asset this month on Avalanche.

So what does this mean for the crypto market that is currently downward almost back to its initial price?

For each column, we have what called a wave. From the chart above, 1st and 3rd waves are uptrend waves, while 2nd and 4th (where we currently at) waves. Using that, we analyzed that when AVAX returned back to around $20 reached the rebound area, the market will begin its uptrend 5th wave (which soon be soon based on cycle).

With the release of subnets and many hackathon events, many projects will have the funds to buy back and bring the price up in the following month. All we can do now is keep our self up-to-date on activities of this Network.

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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