Colombian neobank migrates from Ethereum to Avalanche for cheaper stablecoin solutions
Avalanche Weekly Overview - October 16, 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: $27.50 (+6.6%)
Max transactions per second: 605 (+60.05%)
Network’s total transactions: 12.04M (+19.21%)
Avalanche C-Chain daily txns: 190.5K (+19.81%)
DeFiLlama’s Avalanche TVL: $1.08B (+3.81%)
Top 3 Avalanche DeFi projects by TVL:
BENQI: $1.07B (+26.86%)
Aave: $386.15M (+1.67%)
LFJ: $119.27M (+1.40%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Colombian neobank Littio announced it is migrating its yield-bearing product “Yield Pots” from Ethereum to Avalanche.
🔺Why it matters: Littio has an existing relationship with OpenTrade to provide its users access to stablecoin products through the tokenization of real-world assets (RWA). The company plans to make it cheaper by migrating to Avalanche.
Avalanche's ongoing RWA initiative includes a $50 million program to foster development in this region. This looks to position the network as a hub for financial products that blends traditional assets with blockchain technology.
Additionally, Littio hopes to improve efficiency and accessibility by leveraging Avalanche’s fast finality and low fees. As the Colombian peso continues to weaken, with a 54% decrease in value over the past decade, Littio has seen an increase in demand for its stablecoin product from fintech companies looking to hedge against the country’s currency drop.
This shift can also provide Colombian users with a more reliable way to access USD-denominated financial assets. If done right, it can become a crucial benefit in a region where traditional banking services are often limited.
🔺The bigger picture: Littio’s transition to Avalanche shows the growing role the network plays in providing financial solutions in regions with unstable currencies.
Avalanche’s low-cost infrastructure can give stablecoin solutions like Yield Pots the ability to scale for less and attract customers across Latin America.
As blockchain adoption grows in Latin America, platforms like Littio can help bridge traditional finance and decentralized technology for countries with uncertain economic conditions.
Scaling the ecosystem
Top 3 Avalanche games by 7-day total txns:
Defi Kingdoms: 4.5M (-2.56%)
Shrapnel: 145.06K (-13.66%)
Tiltyard: 48K (-2.12%)
Off The Grid hit 22.7M transactions since the game entered public early access on Oct. 8
Avalanche of Ava Labs’ Head of Social Media Avery Bartlett created a video to further showcase the game
Pukecast hosted a spaces on X that featured Gunzilla’s Director of Web3 Theodore Agranat
Dexalot, a DEX built on Avalanche, hit all-time highs of $26.7M in TVL and $181M in daily volume (shown below)
Source: DefiLlama
Active L1s: 40
L1 validators: 279
Total L1 validators: 1,570
Total blockchains created in the Avalanche network: 107
Total staked across Subnets: 562,278 AVAX
Distribution of L1s by category. Source: Snowpeer
AVAX community wins
Learn more about Dexalot’s inception story in a thread by its Community Manager Boogieb
Check out this beginner’s guide for Defi Kingdoms made by X user renpencreations
X user 0x_dano created a thread that dove into the latest CoqInu ecosystem events
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
Avalanche Summit Admission Is Free for Developers in Latin America. Here’s Why (Avalanche Blog)
Off The Grid, battle royale game with planned crypto features, nabs #1 slot on Epic Games Store (The Block)
Avalanche Foundation to buy back nearly 2M AVAX sold to Terra in 2022 (Cointelegraph)
Check out the Avalanche blog for more updates.
Join in the fun
Want to dive deeper into Avalanche?
If you’re a developer on Avalanche, apply for the network’s latest builder program: Retro9000
Explore a list of different DeFi and gaming protocols on the Avalanche network, by X user GEMInsights
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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.