Avalanche Watch: March Edition – A Data-Driven Report on the Avalanche Ecosystem
Are you curious about what's happening in the Avalanche ecosystem? Do you want to learn more about the latest news, trends, projects, and network performance of this fast and scalable smart contracts platform? If so, you're in the right place!
In this article, we will summarize the main points of the Avalanche Watch: March Edition, a data-driven monthly report powered by data and analytics from The Tie. This report covers major news announcements, platform upgrades, projects, network performance, and more! 🚀
Let's dive in and see what Avalanche has achieved in March 2023!
What's New on Avalanche
Avalanche had a busy and productive month with many exciting developments and initiatives. Here are some of the highlights:
- Avaissance – The Avalanche Foundation launched a new, two-part program to support the NFT ecosystem on Avalanche. Digital artists of any skill level can apply for Artist-in-Residence and receive funding, one-on-one mentorship, virtual workshops, and more. Additionally, through the new Mona Lisa Initiative, the Avalanche Foundation will gift Avalanche NFTs to art-focused DAOs to highlight work from up-and-coming artists. Learn more here.
- Cortina – The pre-release code for the Avalanche Cortina upgrade is available for deployment on Avalanche's Fuji testnet. Cortina will standardize all Avalanche blockchains to Snowman++ consensus, enable X-Chain integrations with Avalanche Warp Messaging and into existing exchanges, novel transaction types, and more. Learn more here.
- Ava Labs' CEO appointed to CFTC's Technical Advisory Board – Emin Gün Sirer, Ava Labs' CEO, has been appointed to the CFTC's technical advisory board, which aims to inform regulators about the latest developments in cryptocurrency. See Gün's announcement here.
- TSM – TSM, previously known as Team SoloMid, is a major esports gaming company that is releasing its gaming platform, Blitz, on an Avalanche Subnet. Through Blitz, TSM aims to onboard its existing 30m user base into the Avalanche ecosystem. Learn more here.
- Core Wallet Upgrades – The Core wallet team released the iOS app, making Core mobile accessible to 1 billion mobile users. Core Mobile is the fastest growing version of Core Wallet. Additionally, the Core web browser extension now offers a “Discover” tab, which is a consolidated place for vetted information on projects, learning materials, and the latest news on Avalanche. Learn more here.
- Glacier API Beta – The team at Ava Labs released the beta launch of Glacier API, an API repository for enriched blockchain data from Avalanche and Ethereum and the official API service for indexing Avalanche Subnets.
The Past Month in Decentralized Finance (DeFi)
Avalanche continues to grow its DeFi ecosystem with more projects, integrations, and innovations. Here are some of the key metrics and events from March:
- BTC.b Supply Reaches All Time Highs at ~10k – BTC.b is a wrapped version of Bitcoin that runs on Avalanche. It allows users to transfer Bitcoin to Avalanche and use it in various DeFi applications. In March, the supply of BTC.b reached an all-time high of ~10k, indicating a strong demand for Bitcoin on Avalanche. Learn more here.
- Pangolin Exchange Surpasses $1B in Total Value Locked (TVL) – Pangolin is a community-driven decentralized exchange (DEX) that runs on Avalanche. It offers fast and low-cost trading of any Avalanche-based asset. In March, Pangolin surpassed $1B in TVL, making it one of the largest DEXes in the crypto space. Learn more here.
- Benqi Finance Raises $6M in Strategic Funding Round – Benqi Finance is a non-custodial liquidity market protocol that enables users to lend, borrow, and earn interest on their crypto assets. Benqi Finance raised $6M in a strategic funding round led by Ascensive Assets and Mechanism Capital, with participation from Dragonfly Capital, Arrington XRP Capital, Spartan Group, and others. Benqi Finance is expected to launch on Avalanche in Q2 2023. Learn more here.
- Yield Yak Launches Auto-Compounding Vaults – Yield Yak is a yield aggregator that optimizes returns for liquidity providers on Avalanche. Yield Yak launched auto-compounding vaults that automatically reinvest the rewards earned from providing liquidity on Pangolin and other DEXes. This allows users to maximize their compound interest and earn higher yields. Learn more here.
- Prosper Launches Prediction Markets on Avalanche – Prosper is a cross-chain prediction market platform that allows users to create and participate in prediction markets on various topics. Prosper launched on Avalanche, offering users a fast and low-cost way to bet on the outcomes of events such as cryptocurrency prices, sports results, elections, and more. Learn more here.
The Past Month in Non-Fungible Tokens (NFTs)
This was an especially strong month for Avalanche NFTs; the total volume of Avalanche NFTs in March was $1.09m, which is +62.2% from February's mark at $668.9k.
- Avalaunch – Avalaunch is a platform for launching new projects on Avalanche. Avalaunch announced its first NFT collection called Snowflakes, which consists of 10,000 unique and randomly generated snowflakes with different attributes and rarities. The Snowflakes NFTs will be used as access tokens for participating in Avalaunch sales and events. Learn more here.
- Avalanche Punks – Avalanche Punks is a collection of 10,000 pixel art characters inspired by the original CryptoPunks project. Each Punk has its own unique traits and personality. The Punks can be traded on the Avalanche Punks marketplace, where users can bid, buy, and sell their Punks using AVAX. Learn more here.
- Avaxstars – Avaxstars is a collection of 10,000 randomly generated 3D characters that live on the Avalanche blockchain. Each Avaxstar has a unique appearance, name, and backstory. The Avaxstars can be used to play games, access exclusive content, and join a vibrant community of collectors and fans. Learn more here.
- Avalanche Kitties – Avalanche Kitties is a collection of 10,000 adorable and unique cats that are minted on the Avalanche blockchain. Each Kitty has its own traits, colors, and accessories. The Kitties can be bred to create new Kitties with different combinations of attributes. The Kitties can also be traded on the Avalanche Kitties marketplace, where users can buy and sell their Kitties using AVAX. Learn more here.
The Bottom Line
Avalanche is a fast-growing and innovative smart contracts platform that offers a variety of use cases and opportunities for developers, users, and investors. In March 2023, Avalanche made significant progress in expanding its ecosystem, improving its platform, and attracting more attention and adoption from the crypto community.
If you want to learn more about Avalanche and stay updated on its latest developments, you can visit its official website , follow its Twitter account , join its Telegram group , or read its Medium blog . You can also check out the Avalanche Watch: March Edition for more data and insights on the Avalanche ecosystem.
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