Avalanche Weekly Recap| Apr 11 – Apr 17, 2022

This week’s news is headlined by Avalabs’ successful fundraising of $350 million at a valuation of $5.25 billion. However, it appears as though money is being withdrawn from the market at a time when Bitcoin’s price is not so stable. Nonetheless, the projects are still under development, and there are frequent updates accessible. This is a good time for projects to expand their development and provide new features to users.

Network Growth

Daily Transactions

Average Daily Transactions April 11 – April 17 on the Avalanche chain reach 859,772 transactions. Up 1.9% since last week (843,769). The number reached 882,984 at the peak of the data on April 14. And the lowest was on April 17, with 838,158 transactions. The number of transactions rose dramatically following the news of Terra is Buying $100M In AVAX.

Unique Addresses

There are an average of 2,504,345 unique addresses this week. Last week, there were 2,448,468 addresses, a 2.3% increase. This is a steady rise in the pace of growth throughout time.

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Active addresses

The daily active address count has been consistent at 89,944 addresses over the previous seven days, up from 86,264 last week (+4.27%). This represents a positive increase in this indicator as compared to the previous week. April 15 is the day with the most active addresses (97,069 addresses).

Total Value Locked

In the previous seven days, there has been a decrease in the overall amount of value locked up. It went from  15.66 billion to 14.09 billion (-10.2%). Most ecosystems TVL are seeing a decline as a result of unpredictable market volatility. The top five positions have remained unchanged.

Highlight Events

Ava Labs Has Raised $350 million

According to an exclusive report from Bloomberg published, is seeking to raise $350 million in funding at a valuation of $5.25 billion. Avalanche has steadily grown in popularity as a layer-1 blockchain in the ecosystem, after only Ethereum – which is presently the most commonly used – the Binance Smart Chain, and Terra.

More details here

YETI FINANCE mainnet is live

Yeti Finance is a next-gen decentralized borrowing protocol that allows users to borrow and cross-margin up to 11x leverage against base assets like WBTC, staked assets like sAVAX, Trader Joe LP tokens — and over 20x on yield-bearing stablecoins, at a 0% interest rate. At launch:

  • The $YETI token will officially go live!
  • Liquidity mining will commence immediately (more information soon)
  • Users will be able to borrow against a large set of collaterals at 0% interest

More details here.

CEX.IO supports $AVAX staking

Customers can now buy or deposit AVAX, stake it, earn up to a 5% staking reward and stand a chance to win free AVAX tokens.

More details here

DeepSquare joins the Avalanche ecosystem

DeepSquare, a community-led project that migrated from Ethereum to the Avalanche ecosystem, aims to become the first compute protocol on the fastest open-source platform for enterprise blockchain by launching its own subnet on Avalanche. DeepSquare’s sustainable decentralized grid compliments the Avalanche ecosystem to power innovation in the fields of AI, Metaverse, and Web3 in a transparent and inclusive manner.

More details here

Platypus announces new nft project

10,000 heroes to be minted using PTP. The specifics will be provided as soon as they are available. Please keep an eye out for the latest platypus innovation.

More details here

KLO staking v2 introduces veKLO and esKLO

KLO holders voted in favour of governance proposals KIP-001 and KIP-002 with a clear majority of 87% of all votes. As these proposals made significant changes to the tokenomics of Kalao, the team had to create new smart contracts for staking. 

More details here.

ElkNet v2 deployed

ElkNet just completed a monumental upgrade and is now equipped with a new cross-chain “reservoir” system, a generic messaging layer, and optimizations that make the ElkNet faster, more efficient, and more secure. The update is now live at app.elk.finance.

More details here.

BenQi Liquidity Mining rewards migration is live

Liquidity Mining rewards migration is LIVE!

Borrowing for $USDC and $USDT is also LIVE!

More details here.

Pangolin Official Q2 2022 Roadmap

In Q2 2022, Pangolin presented its development roadmap. With a primary objective of developing cross-chain capabilities.

More details here.

Spotlight Projects

Top Gainers and Losers

The top 5 gainers this week is likely to bring in some fresh faces. Most projects have a low capitalization and a strong growth rate in the situation of falling bitcoin prices.

Yeti Finance

Yeti Finance is an interest-free decentralized borrowing protocol built on Avalanche that allows users to borrow up to 11x against their entire crypto portfolio: LPs tokens, staked assets, and base tokens.

The native stablecoin of Yeti Finance worth $1 USD, YUSD, is backed by a wide basket of yield-bearing collateral deposited in the Yeti Finance protocol. Users can trade $YUSD for other assets, contribute to a liquidity pool, or farm the $YUSD stability pool on Yeti Finance, earning $YETI in the process.

The project was officially launched on April 16 and was a success, generating $500 million in TVL on the first day and getting a retweet from Avalanche. That is quite a remarkable statistic.

Kingdom Quest

Kingdom Quest is a blockchain-powered casual gaming bundle. The games will be accessible for PC and mobile devices (Both Android and iOS). All in-game characters, items, and currencies will be available to players as NFT and tokens. Players will be able to recruit heroes and lead them in combat against the evil dimension in Kingdom Quest. The ultimate goal of the heroes and players is to bring peace to the entire Kingdom.

Recently, the project has prospered from several partnerships, and nft sales have begun. This appears to be a notable play-to-earn game in the Avalanche ecosystem.

Find more information about Avalanche:

Website: https://www.avax.network/

Whitepaper: https://www.avalabs.org/whitepapers

Twitter: https://twitter.com/avalancheavax

Telegram: https://t.me/avalancheavax

If you have any questions, comments, suggestions, or ideas about the project, 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.


Coincu Ventures