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.
ICYMI: Codebase is hosting a virtual demo day on Dec. 18 from 10-11:30am EST to showcase upcoming Avalanche-powered startups from its Season 2 Cohort. Sign up here.
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Avalanche by the numbers
AVAX token price: $47.57 (-10.41%)
Max transactions per second: 285 (+8%)
Network’s total transactions: 25.6M (+3.06%)
Avalanche C-Chain daily txns: 330.6K (-11.46%)
DeFiLlama’s Avalanche TVL: $1.63B (-4.12%)
Benqi: $885.77M (-21.11%)
Aave: $524.85M (-2.09%)
LFJ: $178.38M (-4.76%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: The stablecoin market cap on Avalanche has almost doubled year-to-date.
🔺Why it matters: At the beginning of the year, the stablecoin market cap on Avalanche was about $1.1 billion. Now, it's at $2.1 billion, according to DefiLlama data. That’s almost a 100% increase, showcasing the rise in popularity for stablecoins on Avalanche.
For context, Avalanche supports Tether (USDT) and USDC, the two of the largest stablecoins by market cap, at $138.3 billion and $40.7 billion, respectively. Additionally, Agora launched its stablecoin to the network, contributing more than $26 million in market cap to the ecosystem.The network’s support of these stablecoins is important because it provides options for user’s who seek stablecoins as a safe haven.
Last month, BlackRock deployed its digital liquidity fund BUIDL to the Avalanche network. This fund, which has nearly $526 million in total asset value, contributes about $32 million toward the overall Avalanche stablecoin market cap. In relation to the other networks BUIDL deployed to, Avalanche is the second most valuable in terms of value.
🔺The bigger picture: Stablecoins are continuing to gain market share and dominance as new use cases arise and the sector finds more product market fit. The increase in market cap can point toward the fact that users are turning to Avalanche as their network of choice for stablecoin usage.
In a more broader sense, stablecoins play a critical role in decentralized finance and global payments. If Avalanche can continue on an upward trend for its stablecoin market cap, it can continue to be a noteworthy player for stablecoin usage.
Scaling the ecosystem
Gunzilla Testnet: 18.32M (-1.14%)
Pulsar: 13.41M (+5.86%)
Defi Kingdom: 4.8M (+4.62%)
Northern Trust created a whitepaper that dove into interoperability of tokenized assets, highlighting Avalanche
GoGoProtocol TVL hit new all-time high of $88.72M on Dec. 9, according to DefiLlama
Shatterline deployed its arena FPS web3 game to the Epic Games Store
Avalanche C-Chain revenue hit $225K on Dec. 9, a 3-month high (shown below)
Source: Artemis
Active L1s: 41
L1 validators: 269
Total L1 validators: 1,572
Total blockchains created in the Avalanche network: 116
Total staked across Subnets: 541,987 AVAX
Distribution of L1s by category. Source: Snowpeer
AVAX community wins
Eclipse, an Avalanche gaming-centric L1, partnered with Verasity to deliver content across its upcoming marketplace, Eclipse Deck
Itching to see some Shatterline gameplay? Check out this stream from X user predz0rx
Learn more about Retro9000 in an explanatory video by X user adityakrx
Avalanche Archives
Here’s Avalanche-based articles that made headlines this week.
‘Crafting The Crypto Economy’ Series Returns With Academic and Legal Thought Leaders (Ava Labs on Medium)
Union Labs partners with Avalanche: Advancing Interoperability with Project Ridge (Union Blog)
Check out the Avalanche blog for more updates.
Join in the fun
Want to dive deeper into Avalanche?
Gaming L1 PLYR is hosting a bridging campaign - see details here
Participate in Beam’s month long advent calendar for a chance to win onchain rewards
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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.