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.
New here? Subscribe here to get updates to your inbox. Every Wednesday.
Editors note: This week’s newsletter was released a day later on July 4, for a US-based July 4 holiday special edition.
Avalanche by the numbers
AVAX token price: $27.10 (+3.63%)
Max transactions per second: 441 (-33.58%)
Network’s total transactions: 7.72M (-3.02%)
Avalanche C-Chain daily txns: 164.4 (-2.43%)
DeFiLlama’s Avalanche TVL: $753.68M (+8.87%)
BENQI: $301.52M (+19.92%)
Aave: $279.19M (+7.84%)
Trader Joe: $96M (+12.58%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Ava Labs launched the Avalanche Interchain Token Transfer (Avalanche ICTT), a solution that enables developers to deploy contracts for secure token transfers on the Avalanche network.
🔺Why it matters: Traditionally, bridging tokens between different layer-1 blockchains (L1s) required third-party audits and usage of centralized solutions. This leads to higher costs, greater exposure to security risks, and more delays when transferring between chains. Avalanche ICTT leverages validator sets of the source L1 blockchain instead of a central operator. It aims to alleviate previous problems, enhance the security and reliability of cross-chain transactions.
Avalanche ICTT reduces the time and expenses users encounter with cross-chain token transfers. With pre-built, security audited, and permissionless smart contracts, this solution aims to simplify bridging of tokens such as USDC and bitcoin across various L1s on Avalanche, Michelle Tian, senior technical product manager at Ava Labs, said in a post.
🔺TLDR: Avalanche ICTT aims to enable more seamless, secure, and cost-effective token transfers across different L1s, which could promote a more integrated and efficient blockchain ecosystem. The introduction of Avalanche ICTT could potentially pave the way for broader adoption and growth in the decentralized landscape as a result.
Scaling the ecosystem
DeFi Kingdoms: 3.91M (+2.35%)
Shrapnel: 192.05K (+7.34%)
Tiltyard: 68.62K (-30.05%)
PLYR launched its gaming blockchain mainnet onto Avalanche subnet
TrueZK integrated Avalanche as a primary layer to make it easier for developers to set up custom rollups
Developers have been building in the Avalanche ecosystem this year with over 185K new contracts, according to Flipside data
Avalanche joined the Onchain Olympics, a 30 day NFT minting event celebrating the EVM ecosystem
Active subnets: 45
Subnet validators: 297
Total validators: 1,557
Total blockchains created in the Avalanche network: 98
Total staked across Subnets: 586,728 AVAX
Distribution of subnets by category. Source: Snowpeer
AVAX community wins
The Avalanche Korea team shared screenshots of its closed beta testing the web3-based NFT platform Solo Leveling: Unlimited
House of Chimera provided a resource thread of tools in the Avalanche ecosystem
X user 0xFrenchy wrote a thread covering the Avalanche network and what’s being built on the network
Avalanche’s token AVAX is showing a “positive sign” of recovery, according to an X post by Austin Barack, founder and managing partner at Relayer Capital (chart below)
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
PLYR Gaming Blockchain Mainnet Launches as Avalanche Subnet (CoinTrust)
Chainlink data streams go live on Avalanche Network (CoinTelegraph)
Swiss Government Bank Launches XRP, ADA, SOL, AVAX & DOT Trading (CoinGape)
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities (Ava Labs’ Morgan Krupetsky on Medium)
Check out the Avalanche blog for more updates.
Join in the fun
Want to dive deeper into Avalanche?
Find the latest Ava Labs job postings here
Participate in Avalanche’s Hack House in Brussels on July 10
Meet up with the community at the Avalanche Summit from October 16-18 in Buenos Aires, Argentina
To get this newsletter delivered to your inbox every Wednesday, subscribe here.
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.