Avalanche Update | May Week 1 | Valkyrie Launches Investor's Trust

Avalanche was one of the breakthrough blockchain platforms in 2021. However, the scalable blockchain network has remained an outstanding performer since the year began. In addition, recent reports show that Avalanche’s Q1 was a success compared to 2021 Q4. But, Avalanche’s success did not come cheap. The platform attributes its success to a number of factors.

For a start, Avalanche believes that the launch of the Avalanche Rush program triggered a new wave of growth across its DeFi ecosystem. Also, Avalanche’s $200 million Blizzard ecosystem fund was another growth button for the platform.

Since the year began, Avalanche’s userbase has surged dramatically. On Twitter alone, the scalable blockchain network boasts over 600k followers. In addition, Avalanche has welcomed new partners and projects into its ecosystem. Altcoin Buzz works to keep its readers updated about key events in the Avalanche community. Here are a few updates from Avalanche’s community during the first week of May.

Valkyrie Launches a Trust for Traditional Investors

Avalanche’s growth has captured the attention of several industry giants, the latest being the crypto investment fund Valkyrie. In addition, the platform recently announced that it was launching an Avalanche Trust (VAVAX). The trust would grant AVAX exposure to traditional investors interested in Avalanche. Also, close sources say the trust has already secured $25 million in funding.

This launch comes weeks after the investment firm set up a “Multi-Coin Trust.” This trust invested in a bundle of base-layer tokens, including AVAX. In a press release statement, Valkyrie’s Chief Investment Officer, Steven McClurg, noted that the newly formed trust is profitable to investors. Valkyrie would grant qualified investors exposure to a project they have long held an interest in.

Hexagon Deploys Testnet

Hexagon Finance, a multi-functional platform springing from Avalanche, recently offered users the chance to try out its new functional DEX testnet. The testnet comprises five liquidity pools with varying assets covering Hexagon’s primary functions. This includes trading, adding liquidity, and mining. In addition, the tokens and assets are simply deployed on Fuji for testing purposes.

Additionally, the testnet will provide a bonding opportunity for Hexagon’s community. It will allow users to grow together by participating in its upcoming bug hunt. This would help the platform detect possible issues that may obstruct the final product.

Avalanche House to Take Place in Berlin

Over a month after the Avalanche Summit held in Barcelona, the team announced plans to hold the “Avalanche House” in Berlin on May 13. The event will feature key figures within Avalanche’s community and the DeFi space at large. 

The summit will take place at Berlin’s historic Tempelhof Airport, just prior to the Formula E race weekend. Furthermore, attendees will have the opportunity to participate in blockchain 101 and technical workshops. There would also be networking opportunities. Additionally, the event would feature live music and other activities. Avalanche House aspires to foster a culture that accelerates the transition to a Web3-enabled future.

The presentations and workshops will cater to non-technical attendees. So, the other part will focus on technical developers. However, anyone interested in learning more about blockchain and honing their skills can take a track.

Loda Offers AVAX Support

Loda Finance recently announced its support for Avalanche’s native token, AVAX. The platform revealed that it had begun accepting AVAX as collateral. AVAX joins other tokens like ETH, BTC, DAI, USDT, USDC, etc., as supported cryptocurrencies on the platform.

Furthermore, Loda wants to reinvent consumer lending by using cryptocurrency as collateral. The platform believes that digital assets have great potential to transform all financial products. So, Loda aims to make the market more transparent. The loaning platform intends to help people obtain available credit to purchase what they need with their crypto portfolios.

Projects With the Highest Social Media Engagement

Avalanche’s projects enjoy a fair share of the spotlight. Protocols launched on the scalable network have a huge following and social media engagement. These engagements can help mirror the popularity of Avalanche’s projects. 

According to a recent tweet, Avalanche has had about 10 million social media engagements over the past few months. Blockchain gaming platform Crabada comes next with about one million engagements. Also, Elk Finance has about 990k social media engagements, followed by Trader Joe at 711k. Finally, Pangolin DEX competes on the list with 610k engagements. Crabada’s rise is no surprise. Gaming projects have emerged as one of the strongest attention grabbers in the crypto world.

AVAX Price

As of this writing, AVAX trades at $67.84. It has a 24-hour trading volume of $997,799,249. Finally,  Avalanche is up 13.70% in the last 24 hours.

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