Avalanche Weekly Overview
The First Edition - April 17, 2024
Welcome to the first edition of 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.
🔺Avalanche by the numbers🔺
AVAX token price today: $34.77
Network’s total transactions: 9.18M
Avalanche C-Chain daily txns: 280.78K (-6.3%)
DeFiLlama’s Avalanche total value locked (TVL): $927.2M (-19.87%)
Top 3 Avalanche DeFi projects by TVL:
BENQI: $503.37M (+1.04%)
Aave: $375.7M (+4.4%)
Trader Joe: $153.78M (+3.5%)
The percentages and metrics are based on a 7-day period, unless noted otherwise.
Inside the network
🔺What we’re watching: Avalanche TVL hit $1.5B on Monday.
Avalanche TVL from October 2022 to April 2024 Source: DeFiLlama
🔺Why does it matter: This is the highest TVL for Avalanche’s C-Chain since October 2022. At the time of publication, Avalanche’s 7-day volume was $843.1 million, up 30%.
But the C-chain isn’t the not the only one inside its network hitting new recent peaks. The TVL on decentralized trading platform Trader Joe hit $775.85M on Tuesday, its highest level since May 2022.
Trader Joe is in the middle of its Memecoin Rush, a single-sided staking program, where the Avalanche Foundation distributed $12,000 AVAX, worth about $415,200, for “Week 2 Rewards.” Over 6,000 wallets have been rewarded tokens and those who deposit tokens into designated staking pools can accrue points for the following week, Trader Joe shared on X.
In March, Avalanche’s total DEX trading volume increased about 249.5% month-over-month to $9.66 billion, hitting the highest volume amount since February 2022. Trader Joe consisted of about 81% market share of Avalanche's DEX activity.
Trader Joe and other protocols like Steakhut Finance, Balancer and Yield Yak are now in their third week of Memecoin Rush. The program initially aimed to expand liquidity and community engagement and based on the recent highs in the market, and it is doing exactly that (and then some).
Scaling the ecosystem
Top 3 Avalanche games by total txns:
DeFi Kingdoms: 4.07M
Beam: 97K
Tiltyard: 59K
Homium raises $10M and launched the first tokenized home equity loans on Avalanche
Folks Finance is building its cross-chain lending app through Avalanche
Feature.io is bringing web3 and rewards to streaming platforms and media
Active Subnets: 39
Subnet validators: 267
Total validators: 1,738
Total blockchains created in the Avalanche network: 89
Total staked across Subnets: 543,617 AVAX
Distribution of subnets by category. Source: Snowpeer
AVAX community insights
Avalanche developers Aaron Buchwald and Martin Eckardt discuss the importance of ACP 68, which aims to open up experimentation and innovation further for devs
🎙BloodLoop co-founder Pasquale Finiello explains how the Hero-Shooter game gained traction
The Avalanche NFT ecosystem is alive and well as the COQ EMINU JOEPEGGERU sold for 47 AVAX, worth about $1,600, at the time of publication
Avalanche Archives
Here’s Avalanche-related articles that made headlines this week.
Homium Raises $10M and Tokenizes Home Equity Loans on Avalanche (CoinDesk)
Avalanche Watch: March 2024 (Avalanche blog)
Saga Reveals Massive Airdrop With Ethereum, Solana, and Avalanche Projects (Decrypt)
OpenSea Adds Support for 'Off the Grid' GUNZ Blockchain on Avalanche (Decrypt)
Join in the fun
Want to dive into Avalanche full-time? Find the latest Ava Labs job postings here or join an event below:
Calling artists: apply to Avalanche’s Avaissance Season 2 by April 30 for the free program with remote virtual classes and professional web3 mentorship
Justin Kim, head of Korea at Ava Labs, will be speaking at the Southeast Asia Blockchain Week April 22-28
The Avalanche Summit III is happening in Buenos Aires from Oct. 16 - 18. Sign up for ticket alerts here
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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.