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
Total Burned Fees
Avalanche total burned fees in X-chain & C-chain
In general, the burned fees along with txn volume increased sharply from the early of 2021 which was the moment that Avalanche introduced the swap between X-chain & C-chain in Avalanche Wallet and activated the Dapps in Avalanche ecosystem. Furthermore, during this month, the burned fees also decreased as the txn volume plummeted compared to other months. The decrease from on-chain activity related to the burned fees and txn volume is associated with the weak Dapp activity occurred in early of July.
Avalanche validator counts
Compared to last week, the validators consistently rise which reach ATH in the system (996 validators), its activity will leverage the security of the ecosystem while during the bad market, acting as a validator promised the consistent APYs. Furthermore, under the increase of validators and a worse market, the total stake surged by 55.13% which should illustrate that more investors believe in the potential growth of AVAX.
AVAX – Price Performance
AVAX Price Chart (Tradingview)
Examining the chart in the 4H timeframe, the bear side takes advantage to sharply break the strong support zone as $11.631, while AVAX goes side by side under the trend line which indicates the downtrend might not be able to break yet. Approaching the moderate support zone as $10.583 and strong support zone as $9.818, this should be the good zone to accumulate AVAX as its support zone has been tested for several times before. To ensure the bullish trend, the downward trend line as plotted needs to be broken as AVAX was to move along the line which should be the crucial resistance line to break. In conclusion, funds should be distributed along the buy zone as $10.583 and $9.818 (DCA) if prices go further while breaking the resistance downside line is a must to ensure the confirm signal for the near bull.
Panorama Of The Avalanche Ecosystem
DeFi On Avalanche
Fantom & Avalanche DeFi comparison
Compared to its blockchain peer, although Avalanche was born later than Fantom even a year, however, its ecosystem rapidly expands. In general, the essential pieces to build the complete ecosystem has been fulfilled as well as reinforced the missing pieces by various partnerships.
Total Value Lock
Top 5 pools of Trader Joe by Total Value Locked
Total Value Lock of Avalanche spiked up by 5%-10% compared last week as Markr integrated Trader Joe in its tracker tools, however, compared to the mid of June, Avalanche TVL still decreased by 10% and its figure steadily went sideways from the beginning of July. Benefiting from the heat after launching, Trader Joe has rapidly claimed third place in the TVL ranking while they offer exceedingly high APY for AVAX-ETH pool compared to other DEX in Avalanche which is one of the crucial factors that farmers move to Trader Joe.
Top 5 pools of Trader Joe by Total Value Locked
Furthermore, examining the daily revenue generated from the protocol, Trader Joe surprisingly thrives to claim the second place with approximately $2.5K per day while the revenue from the old ones such as Canary Exchange or Baguette Exchange are humble, $55 and $31, respectively. Using the DEX Aggregator as Markr to swap, TraderJoe, under the integration with Chainlink, even provides a better price compared to Pangolin in some trading pairs such as AVAX/PEFI or AVAX/PNG.
Daily Revenue of Avalanche DEX
Lending & Borrowing
Otherwise, throughout the period, despite the active DEX developing & NFTs, the lending & borrowing sector called money market is relatively weak compared to other chains. While under the upcoming tendency as leveraged AMM, without the sufficient foundation of the money market, Avalanche might not be able to catch up with other chains. During this week, BENQI Finance decided to publish a short teaser to get users take a glance at its interface, later on, the post received positive sentiments among users along with the support of Avalanche well-known developers. By the sentiment, it indicated that Avalanche’s users literally realized the missing elements, in other words, the needs of users.
AAVE prepare Avalanche deployment
Furthermore, scanning through the Avalanche Reddit, the thread found that they indicated AAVE – blue-chip money market, started its research to deploy its app in Avalanche. Thanks to the C-chain of Avalanche, it is compatible with EVM exactly like Polygon, thus, the deployment of Ethereum Dapps in Avalanche was not the critical issue. If AAVE went live in Avalanche, its activity will attract the extraordinary fund migrating from Ethereum. Examining the migrating effects of AAVE, take a look at what happened when AAVE decided to migrate to Polygon and what we might expect from it.
The TVL Growth Journey of AAVE in Polygon
- In this week, Trader Joe approached and collaborated with Markr.io – Avalanche tracker tools to list its pools and projects on the system while Markr.io is now launching the beta swap and including Trader Joe in its DEX Aggregators.
- Continuing the successful launch, Trader Joe introduces the initiative called “Grown on Avalanche” to support the new Avalanche projects.
- Avalaunch announces the beta launch with the incentives worth $5000 & 5000 $XAVA which recruits for 20-30 volunteers to give a feedback among the user experience in its launchpad
- Announcing the partnership in prior week, Defi Yield Protocol – the cross-chain defi has rushed to be live on Avalanche
During the week, the partnership among native projects was not actively announced like previous weeks, but Avalanche as an ecosystem still reach collaborations with various projects.
- Avalanche collaborated with Multipad which help to address the need of its ecosystem, other multi-chain launchpad.
- Tenderly, a blockchain developer platform, integrates with Avalanche which allows developers to use its pro toolkit to facilitate building on Avalanche with stressless bug fixing.
- Avalanche announced the partnership with Onomy Protocol which will bring the cross-chain stablecoin economy to its ecosystem,
- Going live in the early of this week, DeFi Yield Protocol announced the first collaboration with premier DEX as Pangolin, thus, its action will bring more users along with liquidity to Avalanche ecosystem. Additionally, the AVAX/DYP pair in Pangolin reached over $500,000 in liquidity just a week after DYP went live.
- A quick summary for the new collaborations as well as what values they offer
Last week was quite peaceful in Avalanche, not so much breaking news or numerous partnerships, however, the on-chain data, particularly, number of validators, witnessed a sharp increase as well as reaching ATH for Avalanche network, in other words, Avalanche network became more secure. To close the week 27, after a waiting period, Benqi Finance – the first Avalanche borrowing & lending- introduced the first teaser toward their platforms, smooth UX-UI while generating positive signal among Avalanche users. Within two weeks to close July, New Avalanche Bridge will finally launch which is a good signal and worth for waiting because it facilitates to attract more funds to the ecosystem.