Avalanche Weekly Recap Week 33 (11/8 – 17/8)

Aug 2022

Avalanche Weekly Recap Week 33 Featured Image

This week, Avalanche received a lot of positive news, and the ecosystem is moving forward every day. Let’s take a look at the highlighted news as well as the important numbers of the week.

TL;DR

Avalanche C-Chain Transaction count and Gas Used reaches new ATH
Hack Alert: Curve Finance
Partnership Announcement: Symbiosis X BenQi
The Crabada Battle Bounty is live
Multichain Integrates with Step Network
$MONEY is now on the Alternative Pool
TraderJoe has been integrated by the Open DeFi Notifications Protocol
Colonylab Announces the newest product: Colony Avalanche Index

Ecosystem Updates

Last week, Avalanche’s on-chain index showed positive signals as trading volume and gas used continuously made new highs. This week is also the first week of alpha projects of the system running officially. At the same time, important marketing and cooperation campaigns took place.

Avalanche Highlight On-chain Data

Weekly total transactions: 11,223,056
Weekly Max TPS Observed: 209
Weekly Gas Used: 2,431,462,370,523
Highest daily transaction count: 1,644,173
Average daily active addresses: 365,769,289,681

Avalanche C-Chain Transaction count and Gas Used reaches new ATH

On July 29, 2022, C-Chain’s Daily Transaction Count reached an ATH at 1,514,880. In the days that followed, Transaction Count consistently made new highs. There is no official explanation for this, but in our opinion, the amount of transactions increased sharply due to the growth of users coming to Avalanche as well as the activity of NFT projects.

Hack Alert: Curve Finance

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Curve Finance was hacked on Aug. 10, and the estimated damage was around $570,000 at the time. Curve quickly identified the cause of the problem and fixed it.

Hackers used a form of domain name attack, by placing a malicious contract on the curve.fi homepage that drained the funds of victims who connected their wallets to the homepage and approved the contract.

Curve Finance said curve.exchange is a different product that did not appear to be affected by the attack, as it uses a different domain name system (DNS) provider. In response to the hack, the platform advised users to use curve.exchange instead of curve.fi until things returned to normal.

There is no information about the loss on Avalanche.

Partnership Announcement: Symbiosis X BenqiFinance

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Symbiosis has integrated the Benqi protocol into our cross-chain zaps.

This allows users to invest in Benqi vaults with any token on any network.

Check them out: Link

The Crabada Battle Bounty is live

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Battle Bounty utilizes the existing Duel Mode as a means for collaboration with other games or projects, both within and outside of the Avalanche Ecosystem.

Crabada players will be able to earn in-game rewards by defeating a customized team of 3 Crabada with their own team, and clearing the Bounty before the timer on the Bounty Board runs out.
Join the hunt: www.crabada.com/bounty

Multichain Integrates with Step Network

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Users will be able to bridge seven assets including BNB, BUSD, DAI, ETH, USDC, USDT, WBTC to Step network. $FITFI is also transferable between Step network and Avalanche.

Step Network will deploy its core DEX, StepEx, at the end of August. The launch is through a fair launch Lockdrop. Multichain users can move assets to Step Network from Ethereum, BNB, Polygon, or other networks. This will allow them to take part in the Lockdrop and get free, unlocked tokens of StepEx.

Details: Link

$MONEY is now on the Alternative Pool

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MONEY pool is migrating from Factory Pool to Alternative Pool.

The total APR of this pool will be much higher because of following updates: (1) Moremoney will QUADRUPLE (4x) their emission, and (2) they will provide boosting incentives for MONEY pool.

If you have funds on MONEY Pool, you will need to migrate your funds to the new pool.
Details: Link

TraderJoe has been integrated by the Open DeFi Notifications Protocol

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Trader Joe has been integrated by the Open DeFi Notifications Protocol to provide its users with free mobile notification for on-chain events. In addition, Trader Joe has been a launch partner for the Notifications app release.

Users can now receive real-time notifications for their positions to better manage their trading strategies and risk.

There are currently three types of Notifications available for Trader Joe:

Borrow Limit – Account Health: Set up a custom threshold notification to monitor your borrowing health when engaging in lending/borrowing on Banker Joe.

Position Worth: Get notified when your $JOE farming or staking rewards are above a specified threshold.

Rocket Joe Launch: Get notified when a new Rocket Joe launch event has been created.

Colonylab Announces the newest product: Colony Avalanche Index

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Reasons to invest in CAI:

All-rounded exposure to Avalanche 🔺: CAI will provide exposure to AVAX, as well as the Avalanche application layer, ensuring investors benefit from growth in the ecosystem as a whole.
Additional returns from Yield Yak: A percentage of the tokens will be allocated to unlock passive yield, so investors can benefit from additional returns on their investment.
Robust methodology to safeguard funds: The index strategy is built to protect investors’ funds, by focusing on asset liquidity, safety and token utility.
The leading Avalanche index: CAI will maintain deep liquidity so investors can enter and exit seamlessly. It will be the largest Avalanche index, trusted by the top organisations in the Avalanche ecosystem.

Details: Link