Avalanche launches Season 3 of its incubator Codebase to support builders with $500K in grants
Avalanche Weekly Overview - February 5, 2024
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: $27.35 (-15.85%)
Max transactions per second: 617.3 (+121.26%)
Network’s total transactions: 27.58M (+0.88%)
Avalanche C-Chain daily txns: 439.61K (+54.41%)
DeFiLlama’s Avalanche TVL: $1.31B (-4.38%)
Top 3 Avalanche DeFi projects by TVL:
Benqi: $616.27M (-27.01%)
Aave: $548.23M (-2.26%)
LFG: $127.93M (-15.19%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Avalanche’s startup incubator, Codebase, is launching it’s Season 3 to help a new cohort of founders build innovative web3 projects on its network.
Applications for Season 3 are open till March 1, 2024, apply here.
🔺Why it matters: The program aims to provide support to builders in the cohort globally by giving them exclusive experiences to create their innovative ideas on Avalanche and be supported by the Ava Labs team.
Although Codebase provides teams with $50,000 in funding, it also aims to provide these early-stage startups tools and resources to succeed. It also brings in guidance from Ava Labs coaches and industry leaders such as the Co-Founder of Benqi, Hansen Niu, the Head of Growth at Lens and Aave, Christina Beltramin, the Co-Founder of GoGoPool, Steven Gates and more.
The cohort is able to leverage the network's developer tools and performance capabilities to build real world applications of blockchain. By the end of the program, teams launch testnets with a product released on Avalanche.
Taking a trip down the recent memory lane, Season 2 had three winners, that built innovative projects in a variety of categories, as detailed below:
The first place winner, Chiss Protocol helps people in countries with weak currencies by creating an onchain foreign exchange system with lower fees compared to SWIFT.
AutoPen makes document signing easier in Argentina through smart contracts, which supports small businesses in the country.
Disgo integrates web3 technology into restaurants with a new loyalty system that lets customers share rewards with friends.
These projects bring new users and use cases to Avalanche and can attract more builders and users to Avalanche, creating a stronger network effect.
While Codebase isn’t limited to a specific type of project, it wants to tap into “existing industry opportunities” and work with founders who are“ dedicated to expanding blockchain use through real-world applications, asset tokenization, and web3-native solutions,” according to its website.
🔺The bigger picture: Avalanche actively supports builders through a number of programs and initiatives. The network has a commitment to innovation with this incubator, alongside other fundraising opportunities and activations for builders. Recently, Avalanche’s infraBUIDL(AI) Program announced a partnership with Aethir’s $100M ecosystem fund as well as the Quadratic Funding Round with Gitcoin for DeFi and AI projects. The support from the foundation, Ava Labs team and ecosystem helps builders focus on innovation and ultimately, grow the network.
With the recent network upgrade of Avalanche9000, it has become easier to launch an Avalanche L1 with lower barrier to entry with about 99% reduction in costs to deploy. Validators can now pay monthly fees instead of needing to stake 2000 AVAX, or approximately $55,320. The different L1s also can participate in interchain messaging to interoperate with one another, unifying users and liquidity.
These network changes, combined with Codebase's continued evolution and scale, show Avalanche's focus on helping developers succeed. Each new project and upgrade can make the network stronger. As more builders join and create useful products, Avalanche will continue to grow as a platform for practical blockchain solutions.
Scaling the ecosystem
Top 3 Avalanche games by 7-day total txns:
Gunzilla Testnet: 17.19M (-2.24%)
Pulsar: 12.93 (-0.68%)
Defi Kingdoms: 4.76 (+10.33%)
Quboid launched its loyalty rewards network QChain on Avalanche
Ava Cloud announced a new API to create and deploy Avalanche L1s
Want to stake your AVAX? Learn how via SeaFi
ICYMI: Apollo and Securitize are bringing tokenized private credit fund onchain with six chains, including Avalanche
Active L1s: 47
L1 validators: 224
Total L1 validators: 1415
Total blockchains created in the Avalanche network: 50
Total staked across Subnets: 427,274 AVAX
Distribution of L1s by category. Source: Snowpeer
Note: Avalanche’s subnets have been renamed to Avalanche L1s as of July 29.
AVAX community wins
Avalanche Foundation launches Dual Funding Rounds with Gitcoin for DeFi and Gaming projects building on the network
Avalanche is live on Swap.io to enable swapping with account abstraction
Chaos Labs released a Volatility Analysis of Benqi Finance, sharing insights on the staking and lending platform
Speaking of Benqi…watch how to do fast multi-chain transactions with it and SwissBorg
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
Check out Avalanche’s webinar with Pakt, a blockchain business stack, to learn about building web3 infrastructure
Letter: Watershed moment for the future of business (Financial Times, via Ava Labs President John Wu)
Watch this Builder Spotlight interview with Colony Lab’s Co-Founder Elie Le Rest and learn how the team plans to democratizes early-stage investments
AVAXAI Builds First Deepseek Powered DeFAI Product (Chainwire)
Dive deeper into web3 gaming token utility in this X space with Avalanche and Pulsar
Check out the Avalanche blog for more updates.
Join in the fun
Want to dive deeper into Avalanche?
Tune into the Avalanche webinar on Feb. 6 at 12PM EST with web3 and sports media leaders to learn about “The Future of Fan Engagement”
Find the latest Ava Labs job postings here
Check out the Avalanche Ecosystem Job Board for companies building onchain
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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.