The Avalanche Snow Report: February 2023

Welcome to The Avalanche Snow Report! This monthly newsletter brings you highlights from across the Avalanche ecosystem, including DeFi, Enterprise & Institutional, NFTs & Culture, Gaming, and Infrastructure & Enablement.

Have feedback or want to learn more? Please contact luke.chmiel@avalabs.org.

Network Highlights

Avalanche Introduced the HyperSDK

HyperSDK is the first framework for building high performance Virtual Machines from scratch on Avalanche, providing developers a foundation to build the fastest blockchains in the world, out-of-the-box. Read more here.

Ava Labs’ VP of Engineering, Patrick O’Grady, Spoke with a16z

Patrick provided an in-depth overview of Avalanche Subnets, the network’s technique for horizontally scaling its throughput with connected, sovereign subnetworks. Catch the crypto research talks here.

Save the Date for the Avalanche Summit in Barcelona May 3-5

Sign up on the website for email updates; apply to speak here and apply to sponsor here. Looking forward to seeing you there!

DeFi

Dexalot Subnet Launches Amid Avalanche’s “Subnet Szn”

Decentralized Central Limit Order Book (CLOB) exchanges are moving in on a DeFi market dominated by AMMs. Dexalot is Avalanche's first decentralized CLOB and this month launched its Subnet. Dexalot uses  dual-chain design, which allows users to deposit and withdraw assets on the Avalanche C-Chain and trade on the Dexalot Subnet.

The use of a CLOB gives Dexalot a similar feel to a Centralized Exchange (CEX), albeit on-chain and decentralized. Avalanche's consensus, together with Subnets, enables the dApp to be optimized for speed, low cost, and a smooth user experience. Review the Dexalot Subnet guide here, catch the Spaces replay here and the team’s interview with Ava Labs Founder & CEO Emin Gün Sirer here.

No Days Off for GMX & GLP

Avalanche’s largest derivative exchange GMX hit record volumes, record levels of TVL, and record levels in the supply of $GLP in February. GMX’s perp exchange has a unique design model with network effects for onboarding users. One of the unique features is $GLP, which is redeemable when a user deposits one of the crypto assets accepted. In return, users receive a percentage of trading fees generated on the platform. When users stake GLP, they are eligible to receive a portion of these rewards. In addition several Avalanche DeFi dApps have enabled users to earn further rewards by depositing GLP into their protocols.

Trust Runs Thicker with Deepwaters

It's an exciting time for the exchange space. Deepwaters' launch on Avalanche is no exception and is a development worth following. Deepwaters ushers in a new generation of exchange and aims to bring some of the best parts of DeFi to centralized finance, ushering in a new type of centralized exchange–one where users are treated with equal opportunity, where orders are invisible to everyone, including Deepwaters itself. Benefits include: No front running; MEV, or sandwich attacks; no PFOF or order internalization; no reordering or order flow privileges; no adverse selection; and no information asymmetry or data bleed.

Enterprise & Institutions

Tencent Cloud to Support Projects & Developers Across the Avalanche Ecosystem

In addition to providing developers with rapid node deployment, Tencent Cloud and Ava Labs will explore partnering around Avalanche Subnets for enterprises to help accelerate adoption of Web3 technologies across traditional businesses. Read more about the partnership here.

BBVA Celebrates 90th Anniversary With NFT Collection on Avalanche

In celebration of its 90th anniversary, Mexico’s largest financial institution, BBVA, launched an NFT collection on Avalanche. The designs are inspired by Mexican traditions and pay tribute to the country's customs and culture. The series, titled  "Collection: 90 years with Mexico", was created by Sergio Torres Lebrija, Head of Innovation, Strategy & Sustainability and Diego del Olmo, Head of Blockchain & Digital Assets, both from BBVA Mexico. Read more here.

IntainMARKETS Brings Efficiency, Transparency & Cost-Effective Management to the ABS market

In the last of their three-part series, the Intain team reviews how IntainMARKETS addressed institutional concerns regarding the blockchain. Catch all three pieces here.

Ava Labs Introduces Money Moves, a Series to Talk All Things Tokenization

This new Ava Labs series aims to help individuals and institutions  understand what tokenization means, why it matters, and how to learn more about participating e in a market anticipated to grow to $20T+ by the end of 2030.

Gaming

Rune Seeker Builds Next Generation Strategy Card Game on Avalanche

Card games represent a big opportunity for blockchain integration as one of the most popular game styles in the world, with an estimated $750 million in revenue in 2023. Trading card games have an opportunity to return value to their players. Prior to the world’s digital transition, trading card players owned their cards, free to trade and sell collections over time, building value along with their enjoyment of the game. Read on here.

DOS Labs Launches Subnet Built for an Alliance of Gaming Studios

DOS Labs, a gaming studio with over 400k daily active players and a large network of Web3 game developers, launched an Avalanche Subnet this month. The Subnet is cultivating a rich ecosystem for both players and game developers and intends to support an exchange, asset management tools, and more. To learn more, see here.

NFTs & Culture

Leading Indian Game Streaming Platform, Loco, is Creating Next Generation Fan Experiences on Avalanche

Loco, a leading independent esports and live-streaming platform, is building a suite of Web3 products to bring innovative fan experiences with a custom Avalanche Subnet. Loco recently raised $42 million, which is among the largest Series A rounds in Indian and South East Asian gaming history. The platform also partnered with other gaming publishers like Krafton, Activision Blizzard and Riot Games. Read more here and here.

Avalanche and Ed Balloon to Host Inaugural Avalanche Park Concert Series

The Avalanche Park Concert series kicked off in LA on Feb 23rd with the goal of offering a new way to experience music through Web3, giving fans NFT gated benefits and digital stamping music on Avalanche. Attendees of the event received a free Avalanche Park NFT upon arrival and unlocked unique experiences at the kickoff concert, including a raffle via MynaSwap for rare shoes from Cool Kicks. At later events in the series, Avalanche Park NFT holders will get priority access to the RSVP websites, VIP experiences, merch discounts, and raffle opportunities to meet featured artists. The kickoff lineup was curated by Ed Ballon and included other top artists such as JPEGMAFIA, Jeleel, Clipping, & Witch Prophet!

Infrastructure & Enablement

Core Says Goodbye to Manual Network Switching

Core, the wallet built by Ava Labs, unveiled Cross-Chain transaction signing. This innovative addition streamlines the transaction signing process by eliminating the need to switch networks and enables smooth interaction across multiple chains. With this, Core is making a significant move towards unifying the UX across different chains (including all EVM compatible chains and Subnets).

KuCoin Wallet Integrates With Avalanche C-Chain

With the integration of Avalanche C-Chain, KuCoin Wallet gives users easy access to all Avalanche native assets. KuCoin Wallet completed the full integration of the Avalanche ecosystem on both mobile and PC, providing users with the chance to explore a wealth of Avalanche dApps and track real-time assets in a unified manner from all devices.

ICYMI: Avalanche Sessions