California DMV digitizes 42M car titles on Avalanche, modernizing title transfers
Avalanche Weekly Overview - July 31, 2024
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Avalanche by the numbers
AVAX token price: $26.70 (-8.28%)
Max transactions per second: 638 (+67.45%)
Network’s total transactions: 8.96M (-1.21%)
Avalanche C-Chain daily txns: 166.36K (-6.64%)
DeFiLlama’s Avalanche TVL: $931.64M (-3.80%)
Top 3 Avalanche DeFi projects by TVL:
Aave: $346.65M (+4.81%)
BENQI: $340.19M (-4.19%)
Trader Joe: $112.53M (-12.51%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: California’s Department of Motor Vehicles (DMV) is digitizing 42 million car titles on Avalanche’s blockchain and is launching its own chain, according to an announcement on Tuesday.
🔺Why it matters: This partnership, alongside Oxhead Alpha, is part of California's ongoing efforts to improve the vehicle title transfer process.
Majority of the time, going to the DMV is often an unnecessarily slow and tedious process, requiring people to bring a number of documents and their patience as they wait in long lines.
The new system will enable vehicle owners to claim their digital titles through the DMV’s mobile wallet app, in an attempt to expedite and modernize the system.
The California DMV can offer a more efficient, secure, and user-friendly experience for residents by leveraging blockchain technology in a way that doesn’t require people to realize they’re using it.
This will improve transparency and security when residents need to transfer titles for any of their vehicles. In turn, it can reduce the potential for fraud, eliminate the need for physical documentation and possibly open the doors to new innovations at the DMV.
“We believe that ultimately, value transfer will be embedded within the system itself proving the technology works at scale and enables other jurisdictions to implement similar approaches,” Andrew Smith, president of Oxhead Alpha said in regards to helping citizens.
The digitization of car titles on the Avalanche blockchain is a big development in integrating blockchain technology into everyday use cases.
🔺The bigger picture: This shift reflects a broader trend of governments and enterprises adopting blockchain solutions to solve complex problems. For example, Deloitte and FEMA joined forces to streamline disaster recovery through blockchain technology.
California’s move to digitize car titles on the Avalanche blockchain is a prime example of how blockchain technology can create a positive impact in everyday public services and create more widespread adoption.
Scaling the ecosystem
Top 3 Avalanche games by 7-day total txns:
Defi Kingdoms: 4.18M (+4.96%)
Shrapnel: 166.71K (-11.88%)
Tiltyard: 84.68K (+4.68%)
Avant Protocol, a yield generating platform built on Avalanche, shared its token documents explaining avUSD and its yield
Folks Finance integrated Avalanche into its cross-chain lending protocol
Contributor at Spellborne shared the game’s evolution of its artistic style
Ava Labs Head of Korea Justin Kim shared metrics showing an increase in subnet transactions as web3 games MapleStory Universe (pictured on left) and Solo Leveling: Unlimited (pictured on right) launched
Active L1s: 40
L1 validators: 255
Total validators: 1,507
Total blockchains created in the Avalanche network: 99
Total staked across L1s: 496,744 AVAX
Distribution of subnets by category. Source: Snowpeer
Note: Avalanche’s subnets have been renamed to Avalanche L1s as of July 29.
AVAX community wins
OpenSea hosted a livestream on X to showcase Shrapnel’s latest STX update
Matchayuma released a thread that showcases emerging web3 games on Avalanche
X user luke152 created a deep dive into onchain finance (OnFi) and Avalanche’s participation in it
PLYR Gaming Head of BDAdam Myers shared his thoughts on the chain’s vision and why they chose to build on Avalanche
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
“Blockchain gaming gave me a deja vu from free-to-play”: Crypto Rogue Games CEO Åke André (Merit Circle on X)
Discussing Web3 interoperability with GoGoPool and Landslide Network (Chorus One Podcast on YouTube)
California DMV puts 42 million car titles on blockchain to fight fraud (Reuters)
Check out the Avalanche blog for more updates.
Join in the fun
Want to dive deeper into Avalanche?
Sign up for Avalanche ecosystem’s Crazy Crypto Orlando event on Aug. 2
Meet up with the Beam community for its event at Gamescom on Aug. 21
Join the Avalanche community at Avalanche Summit III in Buenos Aires, Argentina from Oct. 16-18
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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.