Key Takeaways:
–Avalanche‘s underlying infrastructure is designed to tackle problems such as low throughput, scalability, and expensive gas fees.
–Avalanche one of the fastest layer-1 platforms in existence.
-The Avalanche ecosystem comprises some of the leading projects in the DeFi sector.
Avalanche is one of the fastest layer-1 platforms for transacting crypto assets and building smart contracts capable of running decentralised applications (DApps), created and developed by Ava Labs.
The platform provides a scalable and cost-efficient platform for users, traders, and DeFi developers but also offers enterprise-grade solutions to institutions from the public and the private sector.
Avalanche continues to gain ground in the DeFi market📈, and its ecosystem is positioning itself at the top of 🌐Web3 and NFTs builders in the industry.
Who Founded Avalanche?
Avalanche was initially conceived as a research project in 2018. It wasn’t until software engineer Emin Gün Sirer and a team of researchers at Cornell University created Ava Labs to take on the project and officially launched the mainnet in 2020.
The platform’s underlying infrastructure is designed to tackle problems within blockchain platforms like Ethereum, such as low throughput, scalability, and expensive gas fees.
Considering how relatively young Avalanche is compared to Ethereum, it has grown tremendously in just a few years after launch, outranking other layer-1s and sitting at the #4th spot of largest chains with $1.6 billion in TVL.
Avalanche Subnets – How Do They Work?
How’s Avalanche’s network designed? 🧐
The X-chain: for sending/receiving crypto 🔄
The C-chain: for building smart contracts 🏗️
The P-chain coordinates subnets and allows users to create their own custom subnets, whether public or private 📈
Avalanche’s x-chain is capable of executing 4,500 transactions/second ⚡. This makes it one of the fastest layer-1 platforms in existence. The chain reaches this throughput thanks to Directed Acyclic Graph (DAG), a form of distributed ledger technology (DLT).
Despite being a Proof-of-Stake (PoS) chain, the x-chain uses a DAG system where new transactions must reference a previous one to be confirmed instead of being gathered in a block.
Avalanche’s c-chain and p-chain use the snowman protocol, a blockchain-based consensus mechanism, because they need to keep a sequential order for smart contracts and DApps.
The Avalanche Ecosystem
The Avalanche ecosystem comprises some of the leading projects in the DeFi sector. From gaming, NFTs, lending protocols, decentralised exchanges (DEXs), and more. Together, they make up over $1.6 billion Total Value Locked (TVL).
AVAXis an EVM-compatible layer-1. The Avalanche Bridge (AB) allows users and developers to connect directly to MetaMask wallets to port their DApps and assets from Ethereum to Avalanche and vice versa.
Ethereum-based lending protocol Aave is a famous example of this, currently the number #1 DApp on Avalanche and dominating about 45% of the network’s TVL. Other examples are Benqi, a leading staking protocol, Trader Joe, the one-stop platform for all things DeFi, and Pangolin, essentially the Uniswap of Avalanche.
Avalanche’s NFT Market
A thriving market on Avalanche is NFTs. The NFT market on the platform can be categorised into play-to-earn games, move-to-earn apps, NFT platforms, NFT staking, and NFT collections.
Snail Trail Game
Snail Trail is a racing game on the AVAX network that requires a lot of strategy regarding racing and breeding. Users can breed, collect and sell Snails throughout the game or complete daily missions to receive rewards.
Pizza Game
Pizza Game is a popular blockchain-based game on AVAX inspired by the online game Cookie Clicker. Users must purchase a Pizza Chef token and stake them in the Pizzeria. Chef is an ERC721 token that produces $RONI, which can be traded on Trader Joe.
GaliXCity
GaliXCity is a cyberpunk-styled play-to-earn game that has taken over the GameFI market on Avalanche. The game offers many features and gameplay mechanics within an immersive massive multiple online (MMO) metaverse. Players can choose whichever gaming activity they prefer, from PVP, Arena PvP, online battles, and more.
Avalanche’s Top NFT Marketplaces
Avalanche’s NFT marketplaces have seen tremendous growth in 2022, with more platforms building new features for NFT content creators and collectors. Currently, the top 3 marketplaces dominating AVAX are:
- Joepegs: the leading NFT platform on AVAX —home to hundreds of NFT collections. Founded by the Avalanche-based one-stop DEX Joe Trader, it provides numerous features to improve NFT liquidity, user experience, and support artists.
- Kalao: an NFT marketplace building a full-fledged metaverse, called Kalao Citadel, to allow users to experience NFT collections in an immersive 3D environment.
- Campfire: a highly community-focused and multi-chain NFT platform that allows users to interact with other NFT holders, check current news about the market and influencers and trade NFT assets in Fantom and Avalanche.
Top NFT Collections on Avalanche
Here’s a quick rundown of some of the best NFT collections on Avalanche.
Chikn
Chikn is a collection of 10,000 upgradable NFT chickens🐔 that lay $egg, the ecosystem’s utility and governance token.
The team behind Chikn created a tri-token economy to give its NFTs a higher level of utility, these are: FarmLand, Roostr, and Chikn, all of which have different features and can be sold on open markets. Combined, they boast over $15 million in market cap.
SleeFi
SleeFi is a Web3 app designed to enhance sleep quality 🛌 in an innovative concept called Sleep-and-Earn, in which users earn SLFT tokens according to their sleeping time and quality.
Players can measure their sleep by holding one of the 10,000 Bed NFTs, which come in four sizes: Short, for 3h to 5h; Middle, for 4h – 7h; Long: 6h – 9h; and Flexible 3h – 12h.
Bed NFTs have a floor price of $240.92, and there are over 1400 holders of Beds. The app has managed to reach nearly $4 million in market capitalization.
Crabada
Crabada is a P2E game where players can breed 8 classes of Crabadas NFTs with different body parts and attributes. Gamers must mine, loot, and breed to expand their forces and earn TUS, the in-game currency. They can also stake CRA, the governance token, and receive rewards.
Crabada is one of the most popular games in the AVAX ecosystem, with Cabradas NFTs currently having a floor price of $4.60, a $1.55 million market cap, and roughly 9755 holders.
Closing Thoughts – Forging Blockchain Ties to Boost Growth
Avalanche has the ability to improve and expand on all kinds of fields: from being a fast, cheap, and scalable blockchain for regular users, to serving developers of GameFi, lending, NFTs and DeFi platforms, to providing enterprise-grade solutions to different industries.
Moreover, it seems the AVAX team is hungry for more momentum, as they continue to build and integrate with other blockchain companies.
Avalanche collaboration with blockchain intelligence firm Chainlink brings two of its most popular services, Chainlink Keepers and Chainlink VRF to its mainnet. DApps on the platform are now benefiting from these functions and adding tremendous momentum to the ecosystem.
The combination of Avalanche’s lightning fast network and Chainlink’s reliable oracle infrastructure have secured over $550 million in value for AVAX, according to an official tweet.
Check out other Research!
Get to know more about NFT and tutorials at OmniMint. For more information on OmniMint, and details on how to join our community, please follow our Twitter, or subscribe to our Telegram channel for more updates and please feel free to submit your article.