LiveDuel plans to shake up sports betting through its DEX built on Avalanche Subnets
Avalanche Weekly Overview - May 15, 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.
Avalanche by the numbers
AVAX token price: $34.20 (+7.12%)
Network’s total transactions: 6.97M
Avalanche C-Chain daily txns: 161,650 (-3.89%)
DeFiLlama’s Avalanche TVL: $894.53M (-0.8%)
Top 3 Avalanche DeFi projects by TVL:
BENQI: $313.44M (-11.6%)
Aave: $287.75M (-5.5%)
Trader Joe: $158.96M (-9%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: LiveDuel is shaking up sports betting by utilizing web3 technology.
🔺Why it matters: The sports betting industry hit a record $11 billion in revenue last year, up 44.5% year-over-year, according to the American Gaming Association report. The sports betting world “is ripe for disruption,” Avalanche wrote in a blog post, as the sector is mainly operated through web2-centric centralized platforms with opaque operations, high fees, limited markets and minimal transparency.
LiveDuel is utilizing Avalanche technology and launched a Subnet to build a decentralized sports betting exchange.
The startup, which was recognized as the ‘Best Startup’ at the ICE Sports Betting Conference in February, aims to improve sports betting through implementing blockchain features to enhance transparency, accessibility, efficiency and innovation. Avalanche’s technology will help LiveDuel tailor its specific needs for sports betting through fast settlement, customizable markets and community governance to help shape the platform’s future.
If done properly, web3 and decentralized finance (DeFi) technology can provide advantages to the sports betting experience through the use of automated market makers (AMMs) and liquidity pools.
LiveDuel has opened its waiting list and will roll out the platform initially with soccer-related bets and plans to expand to other sports over time.
🔺TLDR: The sports betting world is opaque and LiveDuel is aiming to fix the industry’s pain points through web3 technology and Avalanche subnets.
Scaling the ecosystem
Top 3 Avalanche games by 7-day total txns:
Defi Kingdoms: 3.23M (-2.8%)
Beam: 29.9K (-52.8%)
Playa3ull: 28.2K (-0.6%)
Community-driven Avalanche ecosystem accelerator COLONY launched its decentralized fundraising platform
Nexus Mutual, a crypto insurance provider, allocated $15M to RWA platform Re’s tokenized reinsurance fund
Social and art discovery platform Zeroone launched its mobile app on Monday
Active subnets: 42
Subnet validators: 277
Total validators: 1,769
Total blockchains created in the Avalanche network: 95
Total staked across Subnets: 546,798 AVAX
Distribution of subnets by category. Source: Snowpeer
AVAX community wins
The ACP-77 community proposal to reinvent subnets is open for discussions and feedback
ICYMI: Details from the Avalanche-powered Coachella Quests have emerged with 55K total quests and 15K new unique wallets created – check it out here
Listen in to the Avalanche X space from Tuesday with NFT marketplace Salvor, which recently joined the Avalanche Rush incentive program
Frosty Metrics shared on X that over the past 90 days, the Avalanche C-Chain has averaged greater than 90$ success rate (chart below)
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
Avalanche's Colony Lab launches a platform for investing in crypto projects (Investing.com)
'Liquid Vesting' Is Oxymoronic Blockchain Feature That Lets Early Investors Sell Without Waiting (CoinDesk)
Join in the fun
Want to dive deeper into Avalanche?
Find the latest Ava Labs job postings here
Check out the Avalanche Ecosystem Job Board for companies building onchain
Search Core’s Discover Event page for ongoing conferences, hackathons and more
Register for the Avalanche BBQ meet up in Santiago Chile on May 17
Ava Labs will speaking at Consensus in Austin, TX, look at the agenda here
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.