Welcome to the Avalanche Weekly Overview. A one-stop-shop for the AVAX community to get up to speed on the Avalanche blockchain network’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
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These metrics are based on a 7-day time frame, unless noted otherwise.
🔺What we’re watching: Nonco launched its foreign exchange (FX) onchain to the Avalanche network.
🔺Why it matters: Nonco is a digital asset firm that connects traditional FX markets with the stablecoin ecosystem to provide institutions liquidity for trading. The integration of blockchain technology to its services can enable a more direct conversion between USD-backed stablecoins and local currency-denominated stablecoins. In turn, it can allow businesses to transact in their local fiat, while reducing liquidity fragmentation and operational friction.
By connecting institutional FX liquidity providers to the Avalanche ecosystem, Nonco can be a prime use case for how traditional financial infrastructures can integrate blockchain technology. The solution is aimed to deliver an atomic settlement that eliminates counterparty risk, while maintaining the pricing efficiency of traditional markets. This means it keeps the properties from regular buying and selling like fair prices but in a safer environment. As a result, the user would get a deal that’s fast, secure and still priced fairly, simultaneously.
Since the Avalanche C-Chain is an EVM-compatible blockchain that has high throughput and low transaction fees, it could handle institutional-grade financial services that require reliable, frequent execution. In a growing interest to adopt blockchain technology into traditional outlets, having the backend be similar to technology users are already familiar with can be crucial for success.
🔺The bigger picture: This implementation represents Avalanche’s next step toward showcasing blockchain’s potential to become a core financial market infrastructure tool. By bringing FX markets onchain, Nonco and Avalanche hope to prove that blockchains can handle sophisticated financial operations.
Since Nonco provides non-USD stablecoins liquidity through this mechanism, Avalanche can play a key role for cross-border commerce and international business operations.
Top 3 Avalanche games by 7-day total txns:
The team behind Off the Grid launched its token, GUN, to centralized exchanges like Binance and MEXC, among others
Gelato added support for developers to launch Avalanche L1s using its rollup-as-a-service platform
Avalanche C-Chain daily active returning addresses hit 156.6K on March 26, a new high for the year, Artemis data shows
Stargate Finance, a multi-chain liquidity swap protocol, reached $78.5M in TVL and up 69% MoM (shown below)
Source: DefiLlama
L1 Stats
Active L1s: 54
Total L1 validators: 913
Total blockchains created in the Avalanche network: 57
Total staked across Subnets: 473,920 AVAX
Distribution of L1s by category. Source: Snowpeer
Stable Jack token generation event is taking place on Apr 3 – see details about how to participate
Learn about AI developments in the Avalanche ecosystem in a roundtable discussion with Aethir Cloud, Wolves DAO and more
The Gitcoin x Avalanche Foundation funding campaign concluded for its DeFi and gaming tracks – learn about the projects involved
Here’s Avalanche-based articles that made headlines this week.
Why ‘Off the Grid’ Maker Gunzilla Revived Game Informer Magazine (Decrypt)
Nasdaq files 19b-4 with SEC to list and trade shares of Grayscale’s proposed Avalanche ETF (The Block)
Gunzilla Games’ GUN token hits $68M market cap within hours of launch (Blockworks)
Check out the Avalanche blog for more updates.
Want to dive deeper into Avalanche?
Developers: Check out this hackathon event featuring a prize pool of $50K across multiple tracks
Coq and Avalanche Team 1 DAO are collaborating to host a joint community event on May 20
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.