HomeKNOWLEDGECryptoLandscape ecosystem Avalanche 30rd week

Landscape ecosystem Avalanche 30rd week

The last week of July has passed with many outstanding events on the Avalanche ecosystem. In this article, the team will summarize as well as give some perspectives in the future of the system. 

The information and graphics in the article are referenced from Avaxholic – The #1 source of information about the Avalanche ecosystem.

Overview of the ecosystem in week 30

Important events

  • Last weekend Avalanche Foundation announced Avalanche Hacks | Summer 2022 is an AngelHack hackathon focused on building the Avalanche ecosystem. Working with partners across Avalanche's ecosystems, this hackathon aims to ensure developers have access to a wide variety of technologies to use to build their projects. Besides that, the contest aims to become a space for you to solve problems in DeFi and GameFi using an eco-friendly, low-cost and fast platform in the blockchain industry. The total prize pool is worth $50K USD (in $AVAX) and will start on August 22nd.
  • Ava Labs has just released Avalanche Explorer. Allows users to access and monitor the activity of C-chain and subnets launched on Avalanche. Users can track on-chain data such as wallet address, amount of Gas used, Contracts, number of transactions, Validator, Delegator…. Besides, users can use the function to compare different parameters with each other to clearly see the strengths of each subnet and C-chain.

  • As you all know, Avalanche in addition to cooperating in developing Defi and Daaps, Avalache also combines with traditional projects. Among them is TOGG company, which is Turkey's first electric car manufacturing company. By bringing blockchain technology into Togg tools; will be able to process and store data such as part maintenance and replacement on blockchain technology. TOGG users can use Avax wallet to pay for parking and repair fees. And there are many more benefits that Avax can bring to traditional businesses 
  • Avalanche also recently partnered with Amberdata, a leading provider of digital asset data and insights, to add the Avalanche network to its line of supported blockchain products. The integration will bring dynamic, granular data about the Avalanche ecosystem to financial institutions that can leverage this data to support research, trading, analysis, and reporting.

Notable numbers

  • Since the launch of the DFK chain subnet of the Defi Kingdoms project in early April, we have witnessed many remarkable developments and milestones of this subnet such as: 4 million transactions after more than 10 month of launch, 1 million dollars transferred from Harmony chain to DFK…. Today we saw another milestone that the number of transactions for the day reached 330 thousand transactions on July 500, and also one day later this number continued to increase to 23 transactions. 

  • Avalanche network has recorded USDC native on-chain has reached a new milestone of 1.6 billion, the number of USDC has been continuously increasing since its launch in 2021 last year. An important milestone for Avalanche as stablecoins are a metric to measure the flow of money into the #DeFi ecosystem. Previously there was only USDC.e on Avalanche, USDC.e is USDC bridged from ETH network to Avalanche. 

  • This week, the Avalanche network also noted that Gas used has created a V-shape representing a remarkable growth since mid-July, up to 7%. And more importantly, let's take a look at Gas on Avalanche C-Chain. It is still cheap as the network runs 120 million transactions per day and the gas usage is also close to ATH.

  • $2,2 billion is the total amount stolen from #DeFi projects in the first half of 2022. According to recorded data, up to 4 out of 6 months lost assets worth more than 200 million USD. possibly, it was in February and March when there was an increase in damage caused by two major hacks in the Bridge array (Wormhole and Ronin Bridge). But the special thing is that Avalanche does not have a hack on the ecosystem, from which we see Avalanche's extremely high security and decentralization.

  • More than $50 million $BTC.b has bridged through to join the Avalanche ecosystem within just 1 month of its launch, showing that money is trending here. Compared to the $260.000 WBTC worth $5,3 billion transferred to Ethereum, the amount of BTC currently available in Avalanche is still very small, although there are greater advantages to attracting funds into the ecosystem such as low transaction fees. more, faster transaction processing speed, no network congestion, Dapps have more attractive yield.

Highlights of projects on Avalanche week 30

DEX

  • With the move to the Flare blockchain, Pangolin will be able to see new cross-chain token pairs, provide swap functionality in DApps for partner projects, and bootstrap liquidity for the network. 
  • Platypus has officially launched Dashboard, users can now easily search for TVL number, 24h volume or detailed parameters for each token. 

lending

  • BENQI in the past week has increased Collateral Factor (CF) for Staked AVAX, sAVAX, BTC.b, shows that the project appreciates the stability of these two tokens in the near future to help the project achieve better capital efficiency. 
  • Aave V3 still holds the top spot on Avalanche's TVL chart. Not only that, Avalanche's TVL accounts for 95% of the total token value locked on the protocol. This shows that users' demand for Aave V3 lending platforms on Avalanche is the most popular with an attractive incentive. 

Yield

  • Vector Finance has just released a Smart Converter function that helps find the optimal route for swapping. This means if $zJOE or $xPTP is trading at a discount on Trader Joe, the protocol's smart switcher will route the trade there automatically.
  • Yield Yak launches Liquid Staking feature similar to BENQI. With yyAVAX, the protocol is expected to take about 2 days to allow users to exchange yyAVAX for AVAX with minimal slippage instead of 15 days like BENQI. 

NFT

  • In recent times, the trend of free-mint NFT is increasing strongly on Avalanche with many new projects launching daily and existing projects with impressive quantity and price floors. 
  • Smol Joes is the first to be sold for free from the Joepegs NFT marketplace by Trader Joe. A small collection of only 100 items, it quickly rose to success when the floor price skyrocketed to 250 AVAX. Sibling collections like Smol Lands, Smol APA, and Smol Creeps also follow to fill this ecosystem.

Summary

We ended week 30 with many outstanding events on the Avalanche ecosystem. From Avalanche launching Avalanche Hacks Summer 2022 to developing the Defi ecosystem and attracting Daaps developers to Avalanche. Along with that, Avalabs launched Avalanche Exploer, which allows users to track on-chain activities of C-chain and also launched subnets. We also celebrate the milestones of the Avalanche network this week 30, with over 1.6 billion USDC generated and circulating in the Defi ecosystem. In addition, projects in each category such as DEX/AMM, Lending... also have the development and update of new features as I described above.  It can be seen that although the market situation has not changed positively, the excitement of the Avalanche ecosystem has never stopped this is sure to continue and more so please look forward to exciting events in the next week.

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