As the cryptocurrency market continues to evolve, the past week has brought exciting developments, particularly for the Avalanche blockchain. Let's dive into the latest trends and news that are shaping the landscape for crypto enthusiasts, meme coin investors, and NFT creators.
This my weekly update on what happened in the Avalanche ecosystem, here's my weekly update on Youtube if you fancy a watch, if you like this type of content please be sure to like and subscribe.
Let’s get stuck in.
Market Overview
Bitcoin has shown impressive upward momentum, closing last week at $62,851 and reaching $69,001 this week—its fourth-highest weekly close ever. This surge brings much-needed mainstream attention to the crypto space. In contrast, Avalanche (AVAX) ended the week slightly lower at $28.94, down from $29.17, but still exhibits strong momentum in the ecosystem.
Bitcoin's dominance started at 57.90%, peaked at 59% midweek, and is now experiencing a slight pullback. This fluctuation raises an intriguing question: if Bitcoin breaks its all-time high, how quickly will liquidity flow into altcoins and meme coins, particularly those on Avalanche?
Avalanche Ecosystem Highlights
This week has also seen positive news for Avalanche. Luigi Demeo, COO at Ava Labs, tweeted that transactions on the Avalanche network have nearly doubled in the past week. Remarkably, this statistic does not account for "Off the Grid" transactions, which we’ll discuss shortly. Furthermore, the stablecoin market cap on Avalanche has surged 130% year-to-date, reaching $2.3 billion. These metrics suggest that more capital is ready to flow into the ecosystem, potentially signalling the beginning of what I like to call "The Great Rotation to the Red Chain."
The Avalanche Summit: Key Takeaways
The highlight of last week was the Avalanche Summit in Buenos Aires, where a significant announcement took centre stage: the launch of Avalanche 9000. This upgrade aims to simplify and reduce the costs associated with launching your own Avalanche Layer 1 blockchain.
Emin Gün Sirer, the founder of Avalanche, likened the transition to how web development evolved from bespoke coding to user-friendly platforms like WordPress and Shopify. Previously, launching on Avalanche required 10,000 AVAX, amounting to approximately $300,000. With Avalanche 9000, costs are set to decrease to 1.33 AVAX per month for a validator, making blockchain development more accessible than ever.
Gas fees are also set to drop by 95% which is great to see.
Overall what this should be doing is encouraging more builders on avalanche, which means more users on chain.
It also means that for end users, so the people using all of these newly built layer ones that it will be cheaper for them to use.
Combined with the tech on avalanche, this should mean fast and cheap for end users.
People will be using sites and apps built on avalanche, without even knowing it that are cheap to use and fast.
This is what will see mass adoption of blockchain/web 3 technology all built on avalanche.
Gaming Takes the Spotlight
One of the most promising sectors on Avalanche is gaming. The launch of Off the Grid has generated buzz, receiving rave reviews from gamers and mainstream press alike. This game has already created over 7.5 million wallets, marking a substantial influx of new users into the Avalanche ecosystem. Although still in early access on the testnet, the excitement surrounding Off the Grid is palpable, as its success could pave the way for more high-quality blockchain games.
What I think is important is that any new products launched on chain are good at what they are supposed to be.
The vast majority of end users are not going to care that a game for example is one of the first games built on Avalanche, using blockchain technology, they don’t really care.
They just want to play an amazing game, if it’s not good, then no matter how good the tech, they won’t play it. This is where previous games have stalled, they simply weren’t good enough to grab gamers attention.
Off The Grid is different.
It’s received rave reviews and has bee well received across all areas, from mainstream press and coverage in the gaming sector alike
This appeal to end users is what new applications on blockchain need to have.
Moreover, another game, Pulsar, successfully transitioned from testnet to mainnet, doubling the total transactions of all projects on Avalanche combined. This surge in activity is a testament to the growing interest in blockchain gaming on the platform.
One other thing I saw this week was on a tweet I shared from Emin, founder of Avalanche.
Did anyone else notice a subtle detail on this tweet ?? You know the way he just casually mentions that he met with president Milei. So, Emin had a meeting with the actual president of Argentina, after hosting the avalanche summit in Argentina.
I know that there has been talk from within Avalanche about how certain governments are very keen on incorporating blockchain technology and that the main barrier to entry was the cost.
So, now with the launch of avalanche 9000, could it only be a matter of time before we see actual nations on avalanche
Fingers crossed on that one.
Airdrops and Community Engagement
Another big story was the avalanche foundation dropped a surprise airdrop to users of the arena.
So what is the arena
“The Arena is a next gen SocialFi app redefining how creators connect, engage, and monetize their content.”
In a surprising move, the Avalanche Foundation announced an airdrop for users of the Arena, a next-gen SocialFi app designed to redefine content creation and monetization. This initiative not only rewards early adopters but also attracts more liquidity to the Avalanche ecosystem. The Arena is gearing up for the launch of the $ARENA token, with users earning points through various activities.
I think this is super cool and initiatives like this not only reward the loyal early adopters on chain, but also bring eyes and therefore liquidity over to Avalanche which is amazing.
This is all part of the Arena preparing for the launch of the $ARENA token.
The current scheme is called the uprising and Over the course of the campaign, users will earn points on a public leaderboard which will translate to tokens that are distributed at the end of the month-long campaign.
They have said the following ways are how to earn points.
Inside the app:
Increase trading volume
Boost your portfolio value
Onboard new users via your unique referral link
Outside the app: Spread the word on X. If the official Arena account likes your post, you’ll score additional points.
Now, I have to admit, I missed the boat a little with the Arena. Which is now looking like a bit of ball drop.
So I am now spending more time on there.
Adding more content and engaging more
So if you are on there. Jump over and say hi.
I’m the same as x @Defi_si.
Here’s my referral link if you want to join The Arena https://arena.social/?ref=Defi_si
Like I said, I’m jumping in on this, so I will create some more detailed content on this, as I work through.
If you are super active on the arena and have any hints or tips for me, do drop them in the comments as I’d love to know what the community are doing on there.
Next years summit location announced
One other story from the summit is the location of next years event.
Which is going to be in my homeland and will be in
Drum roll….
London.
So this is super exciting and I am making it mu mission to attend, I am manifesting this and working hard to make this a reality. Although I am currently on the other side of the world I am determined to be there in person and creating a lot more content like this live on the ground.
Looking Ahead
With the upcoming US elections, volatility is expected in the market. However, overall sentiment remains bullish. As we anticipate announcements from various projects, particularly the largest meme coin on Avalanche, $COQ, there’s a buzz in the air. Rumours suggest that the launch of COQ Net is imminent, and as a COQ holder, I'm excited to see what this means for the community.
Conclusion
The Avalanche blockchain is on a promising trajectory, fuelled by increased transaction volumes, significant upgrades, and a vibrant gaming ecosystem. As we navigate the complexities of the crypto space, the message is clear: excitement is building, and opportunities abound. Whether you're a crypto enthusiast, meme coin investor, or NFT creator, this is an exhilarating time to engage with the Avalanche ecosystem.
Stay tuned for more updates, and as always, let's keep pushing towards the great rotation to the red chain!