Franklin Templeton launches market fund on the Avalanche network
Avalanche Weekly Overview - August 28, 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.
New here? Subscribe here to get updates to your inbox. Every Wednesday. 🔔
Avalanche by the numbers
AVAX token price: $23.76 (+2.59%)
Max transactions per second: 416 (+9.47%)
Network’s total transactions: 8.54M (-2.18%)
Avalanche C-Chain daily txns: 181.2K (+22.93%)
DeFiLlama’s Avalanche TVL: $906.4M (+1.84%)
Top 3 Avalanche DeFi projects by TVL:
BENQI: $363.97M (+18.08%)
Aave: $343.79M (+10.75%)
Trader Joe: $109.64M (+18.49%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Franklin Templeton, a global investment firm that manages about $1.6 trillion in assets, announced the launch of its Franklin OnChain U.S. Government Money Fund (FOBXX) to the Avalanche network.
🔺Why it matters: FOBXX is a U.S. registered mutual fund that utilizes the blockchain for processing transactions and ownership sharing. The fund will use BENJI tokens to represent shares of the $420 million fund, which can be used to gain exposure to it through its investment app.
Institutions like Franklin Templeton have historically been cautious about how they approach crypto and utilizing blockchain technology, given strict regulatory restrictions and guidelines. However, by tokenizing an asset like a government-backed security, this has the opportunity to demonstrate how the benefits of the blockchain can be used in traditional markets in a secure way.
"Franklin Templeton shares a mutual commitment to developing transformative digital financial products and services that will meet onchain investor demand today and bring off-chain capital and users into the ecosystem tomorrow,” said John Wu, president at Ava Labs.
The blockchain provides transaction transparency and ownership tracking, which in turn showcases the capabilities of traditional finance and decentralized finance under one system. It also incorporates a more accessible platform since BENJI tokens can be traded 24/7 and provide investors a fragment of a multi-million dollar fund. This can give investors access to opportunities that might have been out of reach due to financial or regulatory barriers some countries face.
🔺The bigger picture: Avalanche’s continued efforts to expand its ecosystem of institutional participants and opportunities for all types of investors has the potential to make waves across the traditional and crypto markets.
Franklin Templeton’s move to tokenize assets on Avalanche demonstrates that the blockchain is contributing toward the movement of crypto beyond just a speculatory matter, into practical, real-world financial applications.
As more financial institutions embrace blockchain technology, the adoption of tokenized assets and other categories, both retail and institutional players can continue to dive deeper into the sector, too.
Scaling the ecosystem
Top 3 Avalanche games by 7-day total txns:
Defi Kingdoms: 3.56M (-10.27%)
Shrapnel: 146K (+0%)
Tiltyard: 90.9K (+0.08%)
Grayscale Investments announced the launch of the Avalanche Trust, an investment fund that offers investors the opportunity to gain exposure to AVAX
MapleStory Universe unveiled its in-game token currency and tokenomics for its upcoming game-centric L1
Pulsar shared it processed over 600M transactions on its L1 testnet
Active L1s: 35
L1 validators: 255
Total L1 validators: 1,441
Total blockchains created in the Avalanche network: 103
Total staked across Subnets: 513,347 AVAX
Distribution of L1s by category. Source: Snowpeer
AVAX community wins
X user tradesgiving made a post describing why Fableborne has seen success across web3 gaming
Want to learn more about AVA Land and AI gaming? Check out this thread created by X user Axel_bitblaze69
DeFi Kingdoms shared a sneak peak its upcoming PvP feature for its web3 game
Read up on the latest Spellborne ecosystem updates via a thread created by Spellborne’s head moderator
Avalanche Archives
Crypto Regulation "Only Strengthens the U.S. Dollar" (Featuring Ava Labs President John Wu on Schwab Network)
Franklin Templeton Expands Its Blockchain Fund to Avalanche (Decrypt)
Grayscale unveils investment trust for Avalanche’s AVAX token (The Block)
AI in Gaming Part I: Where We’ve Come From and Where We Are Right Now (Merit Circle on X)
Check out the Avalanche blog for more updates.
Join in the fun
Want to dive deeper into Avalanche?
Meetup with the Avalanche community on Sept. 2 during Korea Blockchain Week
Join the Avalanche community at Avalanche Summit III in Buenos Aires, Argentina from Oct. 16-18 (Shameless shill, but we’ll be there! Hit us up on X if you wanna meetup)
Codebase, an incubator that funds and supports web3 founders building on Avalanche, is accepting applications until Sept. 1
To get this newsletter delivered to your inbox every Wednesday, subscribe here.
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.