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: $40.00 (+16.89%)
Network’s total transactions: 7.14M
Avalanche C-Chain daily txns: 205.682K (+27.24%)
DeFiLlama’s Avalanche TVL: $1.029B (+14.66%)
BENQI: $380.98M (+21.55%)
Aave: $327.05M (+13.66%)
Trader Joe: $192.22M (+20.92%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Demand from institutional players is growing in the crypto space, John Wu, Ava Labs president said on stage on Monday at the SALT iConnections New York 2024 event.
🔺Why it matters: The current crypto cycle is seeing increasing attention from traditional finance (TradFi) after spot bitcoin ETFs were approved in the US earlier this year. “What’s really great about this cycle is we’re seeing a lot of Triple A financial services firms having demand to deploy real world assets on the blockchain,” Wu said. As many TradFi players are uncertain on how to enter web3 properly, Ava Labs is helping them get into the industry too, he added.
“There’s definitely demand for the technology,” Wu said. Blockchain technology can allow for instant finality, low settlement times for transactions and more in a “compliant way.” Although adopting the sector comes with a steep learning curve for outsiders, there’s strong market signals that tokenization adoption is coming from TradFi players.
Not only are real world assets being tokenized onchain, but the product side and demand for technology is strong, too, Wu noted. The quality of partners Ava Labs is working with – ranging from banks, publicly-traded asset management funds and more – to what’s also happening with real world activity being tokenized thorough loyalty points, in-trade assets for gaming companies makes the use cases for tokenization “expanding far more” for day-to-day activities, Wu said.
🔺TLDR: Traditional financial institutions are getting involved in tokenization and blockchain technology as competition heats up this market cycle, according to Wu.
Scaling the ecosystem
Defi Kingdoms: 3.23M (- 2.81%)
Beam: 29.9K (- 52.82%)
PLAYA3ULL: 28.2K (- 0.61%)
Gamestarter created GameChain, a new chain powered by Avalanche to provide a platform for game developers build on
Avalanche Super Season with OKX has begun – explore and earn rewards here
Institutional-grade credit marketplace Clearpool Prime launched on Avalanche to help institutions transact in a compliant, KYC environment
Active subnets: 45
Subnet validators: 293
Total validators: 1,827
Total blockchains created in the Avalanche network: 95
Total staked across Subnets: 578,673 AVAX
Distribution of subnets by category. Source: Snowpeer
AVAX community wins
Listen in: Ava Labs President John Wu went on Nasdaq TradeTalks to discuss where the next wave of onchain users is coming from
Check out the Season 2 Avaissance official selections for Artists in Residences
A lot’s happening in web3 gaming on Avalanche, check out some teams making “a ton of progress”
The projects that received the first round of the Avalanche Foundation’s Community Grants Program have been announced
Trader Joe’s DEX reach new highs in May as its daily trading volume passed $100 million, the company said on X
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
Pyth and Avalanche To Unlock Over $1 Billion in Tokens This Week (Unchained Crypto)
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 or check out the Avalanche Ecosystem Job Board for companies building onchain.
Headed to Austin for Consensus? Sign up for the AVAX Startup House by Codebase on May 30 from 1-8 pm CST
Set a reminder for the X spaces about new use cases for tokenization on Avalanche on May 22 at 3pm EST
Sign up for the Token Relations x Avalanche quarterly webinar is May 31 at Noon EST
Join BENQI x Monroe Protocol for an X space on Tuesday May 28 at 9 am EST
Search Core’s Discover Event page for ongoing conferences, hackathons and more
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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.