Avalanche news

The Avalanche blockchain is one of the most consistent crypto platforms over the last few months. The fast-paced network has enjoyed a series of wins. Avalanche has witnessed incredible community growth. In addition, the platform hosts several DeFi projects.

Since the new year began, the Avalanche community has remained busy. As a result, there are newsworthy activities on the platform each week. Due to Avalanche’s popularity within the crypto space, Altcoin Buzz shares weekly updates of trends on the platform. Here are the recent happenings on Avalanche.

1) Platypus Hits 1B in TVL

Platypus Finance is one of the standout decentralized platforms on Avalanche. The single-side AMM protocol helps users to exchange stable cryptocurrencies like $USDC, $USDT, $DAI. The platform offers users an engaging interface. Also, Platypus optimizes scalability and slippage.

According to a recent announcement, Platypus has recently hit $1 billion in TVL. Therefore, in terms of TVL, Platypus Finance currently ranks fifth on Avalanche.

2) FTX Enables $USDC Deposits and Withdrawals for the Avalanche C-Chain

FTX, one of the largest crypto exchanges, recently offered support for $USDC deposits and withdrawals for Avalanche C-Chain. Also, this is a good development for both FTX and Avalanche users. Following the implementation of this feature, Avalanche users can easily move funds from the Avalanche chain to a centralized exchange.

However, users who send $USDC.e instead of $USDC will lose their funds. Furthermore, FTX bears no responsibility for wrong addresses or wrong transactions.

3) Yeti Finance Announces an Airdrop

Yeti Finance recently collaborated with 0xGokek to create NFTs as rewards for its community.  In addition, the platform is an interest-free decentralized borrowing protocol. Yeti will share 40 Yeti NFTs amongst community members who meet the criteria. Those eligible for the airdrop are:

  • Active users
  • Testnet participants,
  • Users who gave feedback

Yeti Finance reserved 10 NFTs as a reward to its partners like Trader Joe, BENQI, Colony Lab, Kalao, and 0xGokek. In addition, Yeti will randomly airdrop testnet users $100 in $JOE, $QI, $CLY, or $KLO. According to the platform, these rewards will promote a stronger community drive for the project.

4) Ava Labs Plans to Expand its Team

Ava Labs, the team behind Avalanche, recently announced plans to expand its team. The team needs this expansion to cater to the recent surge. Furthermore, Ava Labs enables decentralized apps to launch on Avalanche. The team issued a tweet calling for new members in various departments. This includes engineering, business development, marketing, and product.

Also, Cornell computer scientists formed Ava Labs with help from Wall Street talents. Since its launch, the team has gained credibility. In addition, Ava Labs have received funding from various companies and investors. This includes Andreessen Horowitz and Initialized Capital.

5) Avalanche’s Moralis Hackathon Concludes

Avalanche recently concluded its Moralis hackathon. The event gathered different talents across the world. Also, the hackathon, which was a collaboration between Moralis and Avalanche, featured a $500,000 prize. The three-month contest accelerated the creation of Avalanche-based dApps, Web3 apps, and DeFi projects.

Each participant took part in a public demonstration of their work before a team of judges. The top three competitors each received $175K, split between them. Participants had to build on both Moralis and Avalanche’s platform to qualify for the top 3 prizes.

At the end of the competition, Musing clinched the top prize. Musing is a decentralized Q&A platform that allows users to earn tokens by asking and answering valid questions. Also, the $50,000 cash prize went to Snowflakes.network, which emerged in second place, while Astrocave Academy grabbed $25k in third place.

These projects now have a chance to collaborate with bigger platforms on Avalanche and also receive investors.

6) Ascenders Plans to Launch on Avalanche

Avalanche’s community is gaining a reputation for featuring some of the best blockchain games. Several crypto games have made the scalable blockchain their likely destination. Ascenders, an open-world RPG with an MMO-style economy, has revealed its plans to launch on an Avalanche subnet. The game also features tradeable player-minted digital assets, including NFTs.

Moreover, Ascenders promise to be a player-driven economy with an intriguing storyline and excellent graphics. Launching on Avalanche gives the game creators the confidence that players can play the game and run quick transactions without concerns about high gas fees.

AVAX Price Outlook

As of writing, the price of AVAX is trading at $82.78.Furthermore, it has a 24-hour trading volume of $1,4 billion and a marketcap of $20.3 billion. Avalanche is down 3.31% in the last 24 hours.

We hope you’ve enjoyed the latest Avalanche updates.

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