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.
Avalanche by the numbers
AVAX token price: $34.30 (+6.45%)
Network’s total transactions: 7.04M
Avalanche C-Chain daily txns: 168,205 (-34.2%)
DeFiLlama’s Avalanche TVL: $915.56M (+4.78%)
BENQI: $354.45M (+8.53%)
Aave: $304.42M (+1.51%)
Trader Joe: $174.66M (-7.19%)
GMX: $61.4M (+0.74%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Web3 gaming platform Funtico is launching on Avalanche.
🔺Why it matters: About one-third of Avalanche subnets are focused on gaming. Funtico joining the Avalanche ecosystem adds to that metric and points to the network’s growing position in the web3 gaming industry. And some of the biggest games on Avalanche bring in five to six-figure total transactions on a weekly basis, according to Frosty Metrics data.
Most games need high throughput and speed to keep up and the platform said it chose Avalanche because of its “customizable subnet blockchains with the scalability that the high demands of gaming require,” the company said in a blog post. With Avalanche’s HyperSDK, web3 games building on its chain can achieve subsecond finality and complete over 100,000 transactions per second (TPS).
The two entities will partner to release up to 10 games on Funtico’s platform, scaling the optionality and depth of the NFT and gaming sectors on Avalanche. The company aims to bring a “novel” approach and be a full-service gaming suite that provides reward systems and implementation of its own reward token to support its games. “Funtico aims to attract players from web3 and web2 to enjoy all our games,” its CMO Josh Cabrera said in a post.
🔺TLDR: Web3 gaming is a substantial part of the Avalanche ecosystem. As more platforms like Funtico choose to launch on it, the network’s growth and validity in the sector can also scale to reach new and existing audiences.
Scaling the ecosystem
Defi Kingdoms: 3.378M (-3.2%)
Beam: 50.97K (-36%)
Tiltyard: 35.03K (-40%)
Flipside is offering up to $10K in crypto rewards for users who complete Avax quests
Memecoin Rush 2 is live on SteakHut and giving out more rewards for users who provide liquidity to top memecoins - details here
Term Labs launched on Avalanche to help improve fixed-rate lending markets
Active subnets: 41
Subnet validators: 266
Total validators: 1,525
Total blockchains created in the Avalanche network: 91
Total staked across Subnets: 524,798 AVAX
Distribution of subnets by category. Source: Snowpeer
AVAX community wins
Avalanche Ambassadors DAO partnered with Avalanche ecosystem projects and raised $120K
Listen in: Lightspeed podcast brought on the Ava Labs team to discuss all things Avalanche
Ava Labs engineers released a research paper diving into Frosty, Avalanche consensus
Options platform Arrow Markets is raising $250K and its registration period is closing soon, ahead of its initial dex offering (IDO)
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
Avalanche to Power SI Tickets’ NFT Platform (Avalanche Blog)
BitNote Launches Encrypted Notes on Avalanche (Avalanche Blog)
Join in the fun
Want to dive into Avalanche full-time? Find the latest Ava Labs job postings here or join an event below:
Check out Core’s Discover Event page for ongoing conferences, hackathons and more
Next Thursday, May 16 in NYC: The OnFi Breakfast Club – RSVP here
Replay: Avalanche hosted an X space with the founder of BitNote to talk about its open-source password and data management platform build on its chain
Listen to the Avalanche Community Proposal Meeting on ACP-77 (a proposal to maintain subnets, separate from the primary network)
Avalanche Summit III will be in Buenos Aires from October 16-18: Sign up for presale
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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.