Weekly Recap Series of Cryptodaily.io will publish weekly to provide all the essential events occurred as well as its impact within a week in Avalanche which comprised on-chain data analysis, highlight updates, partnership, respectively.
We do believe that the weekly series will bring the audience an in-depth overview and the analysis on Avalanche.
The Weekly Recap Series will consist of four main parts as follows
- Data on-chain: Update and analyze data located on the blockchain such as Daily txns, Unique addresses, Gas price, etc
- Panorama of the Avalanche ecosystem: Analysis of the ecosystem
- Highlight updates
1. DATA ON-CHAIN
DAILY TRANSACTION VOLUME
Daily Transactions slightly decreased around ~15% compared to last week which was the same as market, the series of FUD overwhelming the crypto market in the past week. Furthermore, the reason could be derived that Avalanche did not announce as much significant news as in the middle of June. It should be followed closely
Compared to last week, the validators increased by 2.53% which is associated with the Avaxdaily analysis, the great health signal for the Avalanche network. Furthermore, Avalanche is also one among various blockchains which have the diversified geography for validating. The diversification will lessen the concentrated risk that occurred with the case of China banning mining activities.
AVAX – Price Performance
Examining the chart in the 4H timeframe, AVAX has been sideways from around $9.8 to $14.168 in last week which also established the key support & resistance level. Thereby, the price range 9.818 & 11.631 should act as the strong support level for AVAX, whereas to assure the bullish trend, breaking $14.168 is the key level to watch closely. Taking MACD into consideration, the bearish tendency is likely to be over which is confirmed by the recent pump in volume & the closer to convergence, volume is nearly double compared to the volume at the end of June. In conclusion, everything is uncertain at this point, wait for the confirmation signal to get on.
2. PANORAMA OF THE AVALANCHE ECOSYSTEM
DEFI ON AVALANCHE:
Currently, Avalanche’s projects have reached over 200 projects while the missing sectors are gradually filling. DEX & Yield aggregator plays a vital element to attract liquidity in Avalanche while the synthetic asset element is still missed.
TOTAL VALUE LOCKED
Total Value Lock of Avalanche went sideway for past few weeks ranged from $190M to $200M which was relatively humble compared to its May TVL, however, when comparing to Ethereum’s which is $78B, it indicated that huge potential for Avalanche if all missing sectors in ecosystem is fulfilled.
Acting as the pioneer and the gateway for Avalanche, Pangolin’s account for around 69% while in some days, its TVL exceedingly covers around 75% total TVL. Therefore, Pangolin still retained its dominant role in Dapps sectors.
TRANSACTION VOLUME ON DAPPS
The txn volume in the ecosystem varied throughout the period, however, they are mostly going sideways which is associated with the Avalanche’s TVL.
LAUNCHPAD ON AVALANCHE
Since the Avalanche ecosystem initially prioritized fair launch between the Dapps which could be indicated from the fair-launch pioneers like Pangolin, Lydia Finance, etc. Thus, the launch of IDO in the ecosystem has been followed the path, or, in past week, Sherpa Cash – the first privacy token transferring solution – has also introduced a completely new model of distributing tokens by airdropping toward two platforms, Penguin Finance and Snowball.
It can be observed that the native launchpad is quite weak compared to other peers. Although Avalaunch issued tokens for the last two months, the launchpad has not introduced any new project which might be derived from bad market conditions. Thereby, Penguin Finance stepped up to fulfill the needs of ecosystem and Snowball as well.
Bridge plays a compulsory role in a fresh ecosystem like Avalanche to attract funds from other ecosystems, particularly Ethereum, however, the bridge fees as well as the finality time raise a concern among the users. Taking a glance at bridge comparison, the normal fees to transfer funds between these blockchains incurred the relatively expensive fees for retail traders, without the promoted fees from DTCDAO bridge, the normal fees should be around ~$30-$60 per time.
3. HIGHLIGHT UPDATES
The NFT trend is inevitable after the trigger of Binance marketplace, other blockchain has quickly introduced the crucial elements in their ecosystem. Avalanche is joined the NFT race among blockchains, in its roadmap, the NFT marketplace has been pushed to introduce within Q2 to catch-up with the recent trend, while predominantly newcomers are NFT sector related. The introduction of HatchyPocket Marketplace remarks the first NFT marketplace on Avalanche to fulfill the NFT marketplace V1, whereas Topps NFTs launched the new collectibles NFTs named “The Original Bazooka Joe Gang” powered by Avalanche to the users.
- As mentioned in the Bridge element in prior part & following the upcoming roadmap in July, Avalanche just published a pre-launch announcement in early July to introduce the “Next Generation Avalanche Bridge” (AB) which claimed to be 10x faster and 5x cheaper than the AEB while promised to bring a better UX than any prior bridges.
- Coming to Avalanche with a thread to criticize Pangolin for the boring DEX, Trader Joe just launched last week and rapidly reached $10M Total Value Locked within 3 Days which should be ranked 3rd place in the TVL of Avalanche ecosystem. Good move for a marketing team! Subsequently, just last week, Trader Joe, also the first native Avalanche project integrated the Chainlink Price Feeds for reliable price references.
- Penguin Finance has exploded in recent weeks with the continuous innovation for various functions which create the tremendous use-case for $PEFI as well as $xPEFI. After the introduction of launchpad last week, Penguin Finance went live with the “The Emperor Blitz” function, the betting game-mode which required xPEFI to participate.
- The integration between Avalanche and Shield wallet is live which enables the users to manage C-Chain assets in Shield Wallet app, while Avalanche wallet is also ready-to-use in Coin98 Wallet X which users can use Pangolin natively along with AVAX cross-chain bridge.
Not only Avalanche fastened the partnership progress with other protocols to support its ecosystem, but the native projects also leveraged the 3rd quarter for the partnership. The prominent one should be named out as the ones between Pangolin and Poolz – cross-chain IDO platform, it will be a direct link with Pangolin where IDO tokens will be listed and also shared in liquidity. Furthermore, the collaboration between Pangolin & Beefy.Finance, yield aggregators, to enhance the liquidity.
Big week for Trader Joe, they continuously establish the partnership with Elk Finance as well as Snowball to expand the liquidity. In the other hands, Kyve network also established the partnership with Avalanche and lastly, the partnership between BENQI & KUU Finance, liquidity underwriter, assure the safe and efficient liquidations on the protocols.
Avalanche continuously seeks for missing elements varying from security, oracles to integrate in its big picture while the partnership between native projects continuously happens to support liquidity among each other. In our thought, Avalanche is still in the beginning, thus, lots of work has to be built to fulfill the complete ecosystem. Ambitious roadmap, superior team, active builders and great community are crucial keys for any success.