AVALANCHE WEEKLY UPDATE (WEEK 45) | A promising ecosystem brimming with future possibilities
Over the course of the past week, the Avalanche ecosystem has continued to grow and accelerate, resulting in the creation of new ATH. In particular, the price of AVAX increased from $78.31 to $99.9 (~27%) between November 8, 2021, and November 15, 2021. Because of this, several applications in the ecosystem have seen significant growth, including TraderJoe (~67%), BenQi (~72% ), Pangolyn (~36%), and others.
Avalanche Substantial News
Tether Token (USDt) Launches on Avalanche
Tether Operations Limited (“Tether”), the company behind the blockchain-based tether.to platform, has launched Tether tokens (“USDt”) on Avalanche, a decentralized smart contracts platform built for global finance and commerce. Avalanche is a low-cost, high-performance network built to grow with blockchain technology. With Avalanche’s EVM compatibility, Ethereum developers can easily build and launch apps.
The Avalanche network’s launch of Tether’s token will aim to support long-term growth and sustainability while increasing stablecoin usage across the DeFi ecosystem.
“We’re excited to launch USDt on Avalanche, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “For those who believe in the development of Layer-1 blockchain platforms Avalanche represents an evolved project that boasts Ethereum Virtual Machine compatibility and could be an essential driver for developers looking to port decentralized applications over from Ethereum
“USDt on Avalanche is an essential building block for DeFi users,” says Emin Gün Sirer, Director of the Avalanche Foundation. “Tether has become a well-accepted, time-tested stablecoin with extensive support throughout exchanges. It will be even more powerful with Avalanche as its foundation.”
Binance announced to list BENQI (QI)
At 2021-11-15 08:00, Binance lists BENQI (QI) and opens trading for the QI/BTC, QI/BNB, QI/BUSD, and QI/USDT trading pairs (UTC). Users can begin depositing QI in advance of trading. Withdrawals for QI will begin at 08:00 UTC on 2021-11-16. (UTC)
Axial stableswap has launched on Avalanche
Axial launched late on November 10, 2021, and has achieved over $4m TVL. Current APRs on Stablecoins are in the thousands. Axial is a spinout of @snowballdefi’s stable vault and is audited.
- 61.91 staking ratio (242M) – down 0.4% from last week
- ~10.07% current staking reward per year
- 1116 Validators – down 21 from last week
AVAX was listed on Public.com
Public.com is a financial education platform that teaches individuals how to become better investors. Members can use the platform to manage a diverse portfolio of stocks, ETFs, and cryptocurrencies. On Public, ownership enables access to content and education that is contextual to their portfolio and is created by a community of over a million investors, creators, and analysts.
Coinbase made AVAX tradable for New York residents
Avvy Domains partnered with Avalanche
Avvy enables users and businesses to replace computer-generated identifiers such as wallet addresses with human-readable and memorable names such as johndoe.avax. Subnets are the future of Avalanche: distinct but interoperable blockchains. In Avalanche, digital entities exist across multiple blockchains, posing unique naming system requirements.
The mission of Avvy Domains is to provide a robust and flexible platform for referencing entities across subnets and outside the Avalanche ecosystem. It intends to collaborate closely with developers to ensure widespread integration of Avvy Domains. We hope that human-readable identifiers and identity provision via reverse lookups benefit both users and developers.
PayRue Wallet integrated Avalanche
PayRue Swap is built on the 0x Protocol and enables users to swap any token on any supported chain directly from a mobile application. PayRue DEX Wallet is decentralized, allowing users to retain control of their private keys and freely import and export wallets. PayRue Wallet has now reached phase 1, which is truly being a multi-chain wallet. What authors mean by this is that they will support wallet and swap functionality across a variety of blockchains that are compatible with Ethereum.
Today PayRue Wallet supports:
- Binance Smart Chain
Hummingbot extended its liquidity mining program for AVAX
Avalanche has officially extended its liquidity mining campaign for 12 more weeks on Binance with $27,000 up for grabs in rewards. According to reports from Hummingbot There have already been 918 distinct individual miners participating in the campaign. The order volume has reached over $292 million as of today. There is strong encouragement from the team to join and start earning right away.
Crabada launched their idle-game
TaleCraft, an upcoming crafting NFT game, next week will have its IDO on Avalaunch
Blockchain gaming platform Talecraft has revealed the launch of its medieval-themed NFT gaming metaverse. Users will be able to explore a medieval game setting and utilize crafted NFTs for different in-game activities.
Did you know #Talecraft was featured on #CoinCu? Check out the article here: https://cointelegraph.com/press-releases/talecraft-launches-medieval-nft-gaming-metaverse…
Kalao Marketplace and VR app launched
The Kalao VR app offers an immersive experience to showcase your NFTs and view other collections in fully customizable galleries
Avalanche Dogs NFT collection paused their contracts after realizing it lacked a withdraw function
Pangolyn is voting on upgrading their Tokenomics which includes a 57% max supply burn.
$PNG token is listed on Icrypex, a popular exchange in Turkey
Trader Joe temporarily reached top 3 DEX’s in trading volume
xJOE can now be used as collateral in Banker Joe
Pendle, a novel AMM designed for pool tokens, integrated BENQI and Trader Joe
- Accessibility: Pendle aims to support numerous protocols and assets, allowing you holistic and effortless management of yield on a single platform.
- Flexibility: You own your capital. On Pendle, you can deposit or withdraw as you please, without having to wait for contract maturation.
- Fully On-Chain: All transactions are handled by smart contracts and are verifiable. This means transparency and honesty between Pendle and you.
YetiSwap shared a sneak-peak images of their NFT staking
BENQI enabled QI as collateral
VEE announced that they will be listed on Gate.io, MEXC, and Jubi (JBEX)
VEE will be listed on Gate.io, MEXC, and JBEX at the same time: November 14, 2021, at 23:00 EST. This will allow their community users an easier trading experience and additional options to buy VEE.
Mine & Mint
Multiple new versions of XPower, the first mineable c-chain token, was launched
$XPOW is the very first proof-of-work token on #Avalanche has now new ‘siblings’. Their names are $XPOW.CPU, $XPOW.GPU, and $XPOW.ASIC! They are well and already alive on the mainnet. Happy mining.. ⛏️ at: http://xpowermine.com
SecureDAO: A Secure Reserve Currency on Avalanche
$SCR is a decentralized reserve currency that remains unbound by a peg. Solving liquidity ownership.
MetaDAO objectives are to build
- Support natural and legal bylaws by implementing a service that can implement automated legal framework on a protocol alongside the templates that can be deployed by end users. (Means custom templates)
- Develop automated function to dispute resolution using MetaAI bots (AI use cases)
- Developing multi-protocol function that allow integrated working of DAO and inherit rules and observation for the MetaAI and execute them bi-directional
- Onboard orgs with custom templates
- Connect these orgnisation
- Observe the dynamics between them
- Learn and experiment
This project demonstrates an advanced Hardhat use case, integrating other tools commonly used alongside Hardhat in the ecosystem.
Sperm Bank DAO
The project comes with a sample contract, a test for that contract, a sample script that deploys that contract, and an example of a task implementation, which simply lists the available accounts. It also comes with a variety of other tools, preconfigured to work with the project code.
OrcaDAO enabled Yak farming tokens as collateral
OrcaDAO is the first native Stablecoin (AVAI), and Governance token (ORCA) pair that allows for lending using crypto collateral at 0% interest, built on and for the Avalanche Network.
For the first time, Yield Yak users can use their deposited assets as collateral. Deposit YRT (Yak Receipt Token) into the AVAI stablecoin vaults for a 0% loan. Your Yield Yak deposits will continue to compound in the background. 1 AVAI = 1 USD. Users of Yield Yak can stake YRT in OrcaDAO vaults. AAVE $AVAX lending strategy will be the first single-asset strategy accepted by the vaults, with more single-asset strategies to follow. It is planned to include YRT tokens from LP farms in the future. A user can only borrow a certain percentage of their collateral’s USD value. Starting with a 50% cap, if you deposit $100 USDC via your Yak Receipt Token, you can borrow up to $50 AVAI. Take care! The liquidation threshold is also 50%, so give yourself plenty of room below that. The 50% limit will be reviewed periodically. A Chainlink oracle price feed is used to ensure accurate collateral prices. The project earns revenue by charging 0.75 percent for returning the token. Prices change rapidly and vaults must remain accurate at all times.
Axial, a stableswap protocol, launched as a product of Snowball Finance
Axial debuted on November 10th, based on the popular Snowball DAO. The application’s core functions are swapping and providing liquidity. Axial has a distinct advantage over other DEXs on Avalanche, such as Trader Joe or Pangolin, in that it focuses on providing liquidity for value-pegged assets and charges significantly lower swap fees. This means less slippage on high-volume trades and little to no temporary loss when providing liquidity.
Maximus integrated Chainlink price feeds
Maximus is a new generation Yield Farming Aggregator & Optimizer for Avalanche!
Maximus brings a new breath to the Avalanche ecosystem with its unique features and will be providing the most lucrative financial tools to the whole ecosystem through a new token architecture that keeps its price proportional to AVAX with auto buybacks and allows the best mechanisms for people who like to earn other tokens from other projects via various compounders and maximizers while providing a strong token utility and no sell pressure on other projects.
Stuff for Devs
Avalanche Hacks, an in-person hackathon for Turkish-speakers, will take place in Istanbul
Avalanche Hacks is an in-person hackathon for Turkish-speaking builders. The event is set to begin on December 3 and will end on December 5. The event is aimed toward blockchain developers building decentralized solutions that digitize all the world’s assets.
AvalancheGo v1.6.5 went live, which introduces the ability to query validator uptime
Avash v1.2.1 went live
AvalancheJS v3.9.3 went live
It can clearly be seen that Avalanche has begun to pay attention to the gaming nft component of its ecosystem as a result of these developments. Is this the location where the next infusion of cash will be received? In addition, more and more well-known projects are beginning to integrate with the Avax system, demonstrating the potential of the system as an ecosystem in the future.
If you have any questions, suggestions, or ideas about the projects, please email [email protected]
DISCLAIMER: The Information on this website is provided as general market commentary, and does not constitute investment advice. We encourage you to do your own research before investing.