Avalanche Announcements and Top Avalanche (AVAX) Projects: What Are They Up To??

By Michael @ CryptoEQ | CryptoEQ | 23 Mar 2022


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*First, an update on the ongoing conference*

At Avalanche's week-long conference currently taking place in Barcelona, Spain, the core Ava Labs team revealed a new Avalanche-native wallet called Core and support for Bitcoin to its bridge. With the success of the Avalanche <-> Ethereum bridge and wBTC on Ethereum, these two new  releases should fund instant adoption among AVAX users.

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Trader Joe

Trader Joe is an Automated Marker Maker DEX, similar to Uniswap, that lets users trade, earn yield, and stake tokens. It’s Avalanche’s second-largest DeFi dApp by TVL, behind AAVE, with ~$1.4 billion in TVL, and is consistently a top-5  DEX among all platforms, averaging around $730 million in daily volume. 

In February 2022, Avalanche hit its peak NFT volume at $5 million despite having less than 500 unique buyers. The majority of the volume came from Crabada, a new play-to-earn (P2E) game on Avalanche. 

 

Pangolin Exchange

Pangolin is a decentralized exchange that offers quick settlements, low transaction fees, and a democratized governance model. Through this platform, users can send, receive, or swap any tokens supported by the Avalanche or Ethereum blockchains. Moreover, automated market-making algorithms determine Pangolin's token prices, providing incentives for users to become liquidity providers in exchange for partial shares of transaction fees and free reward tokens. 

Pangolin has three major advantages: 

  1. Quick, low-cost trades
  2. Open, equitable token distribution
  3. Community-oriented development

 

The Avalanche network powers Pangolin Exchange so it can supply fast, seamless transaction finalities with low fees. Not only does it offer the benefits of trading on a decentralized exchange, it also provides a user-friendly interface comparable to a centralized platform. Also, Pangolin was created to be an open, equitable, and democratic trading platform, and obliges this model through its primary governance token PNG. Since the platform is community-driven and community-focused, PNG tokens are never distributed internally to members of the organization. Rather, 100% of PNG tokens are distributed to the Pangolin community with 95% put towards liquidity pooling and 5% towards airdrops for reward tokens. 

 

NFTs

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Source: Delphi Digital

While Avalanche’s NFT ecosystem remains small compared to rivals Ethereum and Solana, the Avalanche Foundation hopes to change that with a recently announced incentives program to spur subnet, DeFi, and gaming development. The Avalanche Multiverse program will give away 4 million AVAX tokens (~$290 million) with the goal to replicate the success of Avalanche Rush, but for subnets. The money will be used to subsidize the AVAX staking requirement for subnet operators and provide liquidity mining incentives. The program will be divided into six phases over an undisclosed period of time. 

One specific project, NFTrade, is a first-of-its-kind NFT marketplace with cross-chain functionality. It enables users to freely market their digital assets using a single platform that supports multiple blockchain networks. The two major advantages of NFTrade are its cross-chain NFT swapping and multi-chain compatibility

Cross-chain swapping is a unique, innovative feature in which users can swap their digital collectibles between supported blockchain networks. This means a collector could trade an Ethereum asset for an asset minted on another blockchain, such as Polygon. As of November 2021, NFTrade supports trading on the Avalanche (AVAX), Binance Smart Chain (BSC), Ethereum (ETH), and Polygon (MATIC) blockchains. Nevertheless, the platform plans to continue expanding multi-chain support to other blockchains in the coming years.

 

DeFi Kingdoms

The first subnet to receive incentives through the Multiverse program is DeFi Kingdoms (DFK). DFK originally launched on the Harmony blockchain and has begun looking to expand to other chains. DFK users purchase NFTs with in-game utility, provide liquidity, and can trade on a native DEX. With a subnet, users will only need $JEWEL, the native DFK token, to make transactions—no need to hold AVAX or any other coin to play (or earn).

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Michael @ CryptoEQ
Michael @ CryptoEQ

I am a Co-Founder and Lead Analyst at CryptoEQ. Gain the market insights you need to grow your cryptocurrency portfolio. Our team's supportive and interactive approach helps you refine your crypto investing and trading strategies.


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