Welcome to the Avalanche Weekly Overview. A one-stop-shop for the AVAX community to get up to speed on the Avalanche blockchain network’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
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Avalanche by the numbers
AVAX token price: $23.16 (+9.5%)
Max transactions per second: 380 (+1.60%)
Network’s total transactions: 8.73M (+29.48%)
Avalanche C-Chain daily txns: 147.4K (+10.84%)
DeFiLlama’s Avalanche TVL: $890.02M (+4.47%)
Aave: $310.41M (-1.12%)
BENQI: $308.24M (+1.86%)
Trader Joe: $92.53M (+6.78%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Agora launched its US digital dollar, AUSD, on the Avalanche blockchain.
🔺Why it matters: The stablecoin AUSD initially launched on Ethereum, but has now expanded to Avalanche with over $20 million minted.
Agora has already formed partnerships with multiple decentralized finance (DeFi) platforms such as Dexalot, Trader Joe and BENQI to provide liquidity, lending, and trading functionalities of AUSD to the Avalanche network. The digital dollar-focused company is also backed by big name crypto VCs like Galaxy, Dragonfly Capital and Kraken Ventures, to name a few.
The launch of this stablecoin on the Avalanche network showcases the evolution of digital finance and its expansion across layer-1 chains. With over $60 million minted in total across Ethereum and Avalanche, Agora is positioning AUSD as a fully-collateralized US digital dollar that can leverage Avalanche’s technology while maintaining security.
“The Avalanche team has a deep understanding of requirements needed for institutions to build on-chain,” said Nick van Eck, Agora co-founder and CEO in a blog post. “Sub-second finality, customizability, and low transaction costs have driven many TradFi institutions to begin experimenting on Avalanche.”
A number of blockchains have implemented in-house stablecoins to their network, as a growing number of institutions are exploring blockchain solutions. This launch can showcase networks’ commitment towards scaling DeFi, onchain payments and stablecoins by bringing new incentives for traditional businesses, which can be attractive for both retail and institutional investors.
🔺The bigger picture: Stablecoins are a vital part of the web3 financial ecosystem, and the asset class’ role can expand to traditional institutions, local economies and more to help enable faster, more inclusive global transactions.
Across all stablecoins, the market cap is about $176 billion with trading volume around $63 billion in the past 24-hours, CoinMarketCap data showed at the time of writing. AUSD might make up a small part of that, but adds to the point that stablecoins are a prominent aspect of the broader crypto ecosystem.
Agora’s AUSD launch on Avalanche is a step toward opening opportunities, particularly in markets that have historically been excluded from the global financial system.
This partnership has the potential to open the door for Avalanche to provide more innovation of financial-based products within its network, as well as real-world asset yields.
Scaling the ecosystem
Defi Kingdoms: 4.28M (+0.58%)
Tiltyard: 92.4K (+186.13%)
Shrapnel: 77.6K (+17.33%)
Crystalfall, an upcoming web3 action role-playing game built on Avalanche, announced a rebrand ahead of its beta launch
PlayCOQ deployed an open-alpha phase of its battle royale game to Google Play and the iOS store
Fableborne launched its Adventures Season 2 play-to-airdrop campaign, alongside a new program to give players a platform to give direct input for future game updates
The latest L1 Stats
Active L1s: 34
L1 validators: 247
Total L1 validators: 1,387
Total blockchains created in the Avalanche network: 103
Total staked across Subnets: 497,347 AVAX
Distribution of L1s by category. Source: Snowpeer
AVAX community wins
X user blaack_mamba created a guide to provide players insight into season 2 Fableborne’s play-to-earn campaign
See the latest play-to-airdrop games on Avalanche via a thread made by X user web3_viper
Learn why there's so much hype surrounding Off the Grid – in a thread created by X user AlphasofAvax
RoboKiden released a video on X that explained its technological developments
Join in the fun
Want to dive deeper into Avalanche?
Applications for Codebase, an incubator program by Avalanche that funds and supports web3 founders, are open until Sept. 1
Join the Avalanche community at Avalanche Summit III in Buenos Aires, Argentina from Oct. 16-18 – check out the full event agenda here
Get your developer related questions answered for everything Avalanche related in the community Discord
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This product was built by Token Relations.
This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.