Welcome back 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.
Avalanche by the numbers
AVAX token price: $37.83 (+14.3%)
Network’s total transactions: 8.47M
Avalanche C-Chain daily txns: 229.4K (-18.3%)
DeFiLlama’s Avalanche TVL: $997.24M (+6.9%)
BENQI: $371.66M (+9.73%)
Aave: $317.31M (+8.18%)
Trader Joe: $193M (-73.78%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: The Avalanche-powered Coachella NFTs were a big win.
🔺Why it matters: Last month, Coachella Valley Music and Arts Festival announced it was partnering with OpenSea to release NFT collections as “Coachella Quests” and “Keepsake” NFTs. The initiative, which was powered by the Avalanche blockchain, brought in over 55,000 total quests during the festival, the team shared with Token Relations.
Users were able to complete quests to earn stamps, XP, prizes (as big as 2024 VIP Passes and 2025 Guest Passes) and access to the on-site Oasis Lounge. Even for people who weren’t at the festival, there were options to get rewards and experience it online.
Oftentimes, one of the biggest criticisms of NFTs is that they have no real utility and are simply funny overpriced PFPs. But, integrating the technology into real-world utility outside the web3 world can be an accelerator to bringing it to the masses. And with the success of the Coachella Quests in the five-figure arena after one weekend, it’s showing the demand for something like this across mainstream audiences.
This is just the beginning of what’s possible for NFTs and reward programs onchain. As partnerships like this continue to blossom and show traction, Avalanche’s NFT ecosystem can continue to enter other sectors beyond collectibles and PFPs – making the market more valuable.
Scaling the ecosystem
DeFi Kingdoms: 3.98M (-2.22%)
Beam: 86.88K (-10.42%)
Tiltyard: 56.7K (-4%)
Over $1.3M TVL has been deposited into Memecoin Rush, X user yieldyak_ reports
Monroe Protocol has partnered with BENQI to join the Avalanche network and provide omnichain expansion – learn more here
South Korean gaming studio, Nexon, has launched its own Avalanche subnet
Monitor Profits & Losses with Avalanche’s native wallet Core’s new function
Active subnets: 28
Subnet validators: 268
Total validators: 1,738
Total blockchains created in the Avalanche network: 89
Total staked across Subnets: 545,497 AVAX
Distribution of subnets by category. Source: Snowpeer
AVAX community wins
Check out Messari’s State of Avalanche Q1 2024 report
Ava Labs VP of Platform Engineering Patrick O’Grady shared that the first Vryx devnet processed 5B micropayments at a sustained rate of 100K transactions per second (TPS)
If you want to try it yourself, check out the Github link to run your own devnet and test this, in a GEO-DISTRIBUTED net, Ava Labs co-founder Kevin Sekniqi said on X.
Check out the top gainers on Avalanche’s ecosystem in the last 24-hours
Set a reminder for Clearpool and Ava Labs discuss credit vaults and RWA on Avalanche, on May 1st at 10 AM EST here
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
PlayDapp Mainnet Is Now Live as an Avalanche Subnet (PlayToEarn)
Join in the fun
Want to dive into Avalanche full-time? Find the latest Ava Labs job postings here or join an event below:
Want to be an early adopter of the HyperSDK? Here are resources to get started
Watch Ava Labs Founder and CEO Emin Gün Sirer and President John Wu live at Cornell Blockchain Conference in NYC on April 26th
Justin Kim, head of Korea at Ava Labs, is speaking at the Southeast Asia Blockchain Week April 24, 5:40 PM local time
The Avalanche Summit III is happening in Buenos Aires from Oct. 16 - 18. Sign up for ticket alerts here
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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.