ICrypto

Hotest Blockchain News in First Media Index

Coinwire Report: Avalanche’s Ecosystem in Q2-2022 (Part 2)

Transactions per second (TPS) of 2 subnets Swimmer and DFK have surpassed C-chain.@PlayCrabada@DefiKingdoms have both seen a lot of benefits associated with moving to the Avalanche subnet! ??#AvaxholicInsights#CSSADTpic.twitter.com/qE5wOEMgVN

— Avaxholic ?? (@avaxholic) August 1, 2022

The State of Avalanche Subnets

Subnets are vital in advancing the DeFi space. And Avalanche subnets proved to be a big hit, attracting multiple projects in Q2.

For example, DeFi Kingdom Crystalvale was the first game to launch as a subnet. The play-to-earn MMORPG game first debuted on the Harmony blockchain and quickly became a fan favorite. The growing fame of the game led the developers to want more control over the underlying infrastructure as well as the opportunity to oversee validation and transaction fees through their native token. DeFi Kingdom’s TVL reportedly hit 200M+ TVL in the first month of its launch.

On the other hand, Crabada, a native Avalanche play-to-earn game, released its Swimmer Subnet on May 9th. Launching its subnet meant Crabada could lower game costs, use a native token for transaction fees, and adapt the blockchain to the game’s needs. Other Avalanche subnets include:

  • DFK Chain,
  • Swimmer Network,
  • Wrap tag and others.
3AC’s Margin Call And Their Investment in Avalanche

Three Arrows Capital, or 3AC, was one of the biggest investment funds in the crypto market. It was also one of the most renowned in the Avalanche ecosystem. However, things went south for the company after Terra’s stablecoin lost its peg. As a result, 3AC lost about $200 million of its capital.

3AC has made a series of investments in Avalanche-based projects. So, stories of its liquidation a huge blow for some of the projects.

Activity on Avalanche

Validators are a huge part of the Avalanche blockchain. According to the Coinwire report, the number of validators on Avalanche has been rising steadily since the beginning of April. More significantly, the number of validators peaked on April 21st, 2022, at 1625. A month later, the number of delegators reached a new all-time high, peaking at 21882 delegators. According to Coinwire, validators possess 86.66 % of the AVAX staked on Avalanche, while delegators control the other 13.34 %.

Source: AVAXDaily

In terms of C-Chain activities, the C-Chain Daily Transaction Count of the Avalanche ecosystem surprisingly declined in May. This drop was followed by a huge decrease in the number of active users and gas used.

Avalanche vs. Ethereum

In terms of utility, Avalanche is typically preferable to Ethereum and will probably continue to hold this advantage in the future. However, compared to Ethereum, AVAX is involved in fewer transactions. People trust Ethereum more since it is one of the oldest altcoins.

Generally, sending AVAX costs 20 times less than sending Ethereum. AVAX’s transactions are also 100 times quicker to confirm than others. Compared to Ethereum, Avalanche is four times less decentralized. This may suggest that AVAX is less reliable than Ethereum, but it does not necessarily imply that Avalanche is less safe.

Source: AVAXDaily

As the supposed number one Ethereum killer, Avalanche is demonstrating its formidable strength against Ethereum. However, Avalanche has some grounds to cover before it can wage a direct challenge against Ethereum.

DeFi and Gaming 

The Avalanche Alpha DeFi project has not seen many improvements due to the current state of the market. According to the report, this decline is not exclusive to Avalanche. The entire DeFi space is experiencing a difficult time. Token prices have slumped while some projects are completely packed up. However, there is still time for recovery for DeFi projects.

Source: AVAXDaily

Finally, in terms of gaming and NFTs, Avalanche was behind the likes of BNB and Solana. However, in terms of its ecosystem, Avalanche has an impressive record. Gaming projects on Avalanche are set to include better graphics and plots in their games in the coming months. So, there is every likelihood that gaming on Avalanche will pick up.

??For more cryptocurrency news, check out the Altcoin BuzzYouTube channel.

??Find the most undervalued gems, up-to-date research and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.

Share
 8/3/2022

Digital & Hitech

Hotest Cryptocurrency News

End of content

No more pages to load

Next page