Avalanche Q2 Overview
Throughout Q2 Avalanche has been continuing to push out new upgrades,
exciting collaborations, and a series of impressive metrics across the board. The purpose of
this report is to examine everything that’s happened in the broader Avalanche ecosystem
recently, along with some of the numerous advancements with its Evergreen Subnets and
continued growth in daily active users and transaction count. While we have tried to be as
comprehensive as possible, there’s always a chance we missed a topic - if you’re looking for
more information, you can check out the Avalanche Twitter and active blog.
From the much-awaited Avalanche Summit in Barcelona that made waves in the crypto
community, to the Cortina Mainnet Upgrade that enhanced the consensus mechanism
across the primary network to further enhance compatibility with Avalanche’s Warp
Messaging, Avalanche has been pushing its ecosystem further ahead.
As we discussed in our previous research, Ava Labs launched the Evergreen testnet, Spruce,
attracting heavyweight partners like T. Rowe Price Associates and Wellington Management.
In the coming phases, Spruce promises to open up third-party applications, assets, and
processes, truly expanding the horizons of on-chain trade execution and settlement.
In addition, SK Planet's Avalanche Subnet launch which will serve as a hub for digital
collectibles and decentralized communities, to the introduction of Beam by Merit Circle
DAO, a gaming subnet that will host new gaming-focused tooling and an NFT marketplace.
This subnet will focus heavily on improving blockchain knowledge amongst the masses and
improving Ava Labs’ brand recognition in the process. To start, there will be an NFTintegrated plan to familiarize younger generations with the OK CASHBAG program and a
road-to-riches NFT membership. So far, over 122,000 addresses have registered on the
subnet in less than two months.
However, it's not just about launching new features and upgrades; Avalanche has also been
witnessing impressive network performance. Monthly active addresses witnessed a surge,
along with monthly transaction count and gas usage. On the DeFi front, Trader Joe and GMX continued to dominate as top DEXs, along with Stargate, Wonderland, and Aave
pushing ahead with their multichain vision. Avalanche’s TVL sits at a little over 123 million
AVAX, up from its April low of roughly 90 million AVAX - this puts Avalanche as the 5th
largest chain by TVL as of writing. In USD terms, this is roughly $1.5 billion. One of the
biggest successes in recent months has been Dexalot’s continued volume growth since
early 2023, achieving over $81 million in cumulative volume and exploding in growth over
the last month and a half. Arrow Markets has been GameFi and NFTs on Avalanche have
seen substantial activity too. Avalanche saw DeFi Kingdoms continue to grow its lead, while
in the NFT lane, there was a significant rise in new NFT mints. Additionally, Avalanche has
been able to attract more artists to the digital world with its Avaissance program offering
residency for artists. More on this in a later section. In terms of cross-chain activity,
Avalanche emerged as a suitable Omnichain Hub for a variety of applications.
For the full 15-page report click here.
exciting collaborations, and a series of impressive metrics across the board. The purpose of
this report is to examine everything that’s happened in the broader Avalanche ecosystem
recently, along with some of the numerous advancements with its Evergreen Subnets and
continued growth in daily active users and transaction count. While we have tried to be as
comprehensive as possible, there’s always a chance we missed a topic - if you’re looking for
more information, you can check out the Avalanche Twitter and active blog.
From the much-awaited Avalanche Summit in Barcelona that made waves in the crypto
community, to the Cortina Mainnet Upgrade that enhanced the consensus mechanism
across the primary network to further enhance compatibility with Avalanche’s Warp
Messaging, Avalanche has been pushing its ecosystem further ahead.
As we discussed in our previous research, Ava Labs launched the Evergreen testnet, Spruce,
attracting heavyweight partners like T. Rowe Price Associates and Wellington Management.
In the coming phases, Spruce promises to open up third-party applications, assets, and
processes, truly expanding the horizons of on-chain trade execution and settlement.
In addition, SK Planet's Avalanche Subnet launch which will serve as a hub for digital
collectibles and decentralized communities, to the introduction of Beam by Merit Circle
DAO, a gaming subnet that will host new gaming-focused tooling and an NFT marketplace.
This subnet will focus heavily on improving blockchain knowledge amongst the masses and
improving Ava Labs’ brand recognition in the process. To start, there will be an NFTintegrated plan to familiarize younger generations with the OK CASHBAG program and a
road-to-riches NFT membership. So far, over 122,000 addresses have registered on the
subnet in less than two months.
However, it's not just about launching new features and upgrades; Avalanche has also been
witnessing impressive network performance. Monthly active addresses witnessed a surge,
along with monthly transaction count and gas usage. On the DeFi front, Trader Joe and GMX continued to dominate as top DEXs, along with Stargate, Wonderland, and Aave
pushing ahead with their multichain vision. Avalanche’s TVL sits at a little over 123 million
AVAX, up from its April low of roughly 90 million AVAX - this puts Avalanche as the 5th
largest chain by TVL as of writing. In USD terms, this is roughly $1.5 billion. One of the
biggest successes in recent months has been Dexalot’s continued volume growth since
early 2023, achieving over $81 million in cumulative volume and exploding in growth over
the last month and a half. Arrow Markets has been GameFi and NFTs on Avalanche have
seen substantial activity too. Avalanche saw DeFi Kingdoms continue to grow its lead, while
in the NFT lane, there was a significant rise in new NFT mints. Additionally, Avalanche has
been able to attract more artists to the digital world with its Avaissance program offering
residency for artists. More on this in a later section. In terms of cross-chain activity,
Avalanche emerged as a suitable Omnichain Hub for a variety of applications.
For the full 15-page report click here.
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