The Avalanche Snow Report: June 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

Ava Labs CEO Emin Gün Sirer Speaks to the House Financial Services Committee

Emin Gün Sirer recently gave his testimony before Congress and the House Financial Services Committee in Washington D.C. Titled “Fostering Responsible Growth Of Blockchain Technology,” the Ava Labs CEO spoke about the need for free, safe, and responsible blockchain innovation. He was accompanied by COO Kevin Sekniqi, General Counsel Lee Schneider and the CEO’s Chief of Staff Daniel Gosek. Read the full testimony here.

Avalanche Network Notches Third Consecutive Month of ATH Monthly Users

June marked the Avalanche network’s third consecutive month with a new all-time-high for monthly active users, as well as the second straight month with more than 1,000,000 MAU’s. Follow the latest user metrics here.

DeFi

Struct Finance Brings Structured Products to Avalanche

A new DeFi primitive has launched on Avalanche, similar to a collateralized loan obligation, or CLO in traditional finance, the protocol brings a tranching system in which there is both a fixed and variable component of yield.

The senior, or fixed, stack receives a return that is known before a depositor puts their money into the protocol. generated from any underlying protocol that generates yield, such as GMX with their GLP. GLP generates yield from trade fees that are collected on GMX. The junior, or variable, component can potentially achieve higher returns than their fixed counterparts but takes a larger amount of risk and may have little to no yield on their assets. Learn more here.

Circle’s EUROC Seeing Adoption in Avalanche DeFi Ecosystem

With integrations from Trader Joe, Cables Finance and Glacier Exchange, Circle’s EUROC has quickly become a catalyst for FX trading on Avalanche. Follow along as ERUOC continues to gain liquidity, volume, and token holders, and further cements itself as a staple of the Avalanche ecosystem. Read more here.

Enterprise & Institutions

SK Launches Anticipated Avalanche Subnet Featuring Digital Collectibles

SK, one of South Korea’s largest conglomerates with 200+ subsidiaries, including SK Planet, launched their dedicated Avalanche Subnet, UPTN. This groundbreaking Web3 portal leverages an Avalanche Subnet and introduces Avalanche Digital Collectibles, Web3 wallets, and community features to SK’s millions of users.

The UPTN Subnet has seen immediate, real adoption, with 67,000 KYC’d real users choosing to sign up within the first week (now at ~100,000 users). Read more here.

Reflexivity Research Publishes Report on Evergreen Subnets

The latest research report from Reflexivity highlights how Evergreen Subnets enable institutions to take advantage of public blockchain interoperability and customize their own subnetworks to meet regulatory and operational requirements. Read the full report here.

Alibaba Cloud and Its Partners Unlock Rapid Metaverse Deployment on Avalanche for Millions of Cloud Clients

Raymond Xiao, Head of International Web3 Solutions at Alibaba Cloud, joined Ava Labs’ John Wu and Lydia Chiu to discuss Alibaba Cloud's role in unlocking rapid metaverse deployment on Avalanche for millions of cloud clients. Watch the full video here.

Gaming

Ava Labs Announces Web3 Game Studio Avalanche Arcad3

Last week, Ava Labs introduced Avalanche Arcad3, a new program connecting traditional game publishers with Web3 studios to accelerate their journeys in Web3. From regulatory guidance to implementing token economies and marketing, Arcad3 offers a range of support services.

Participating partners include Japanese media powerhouses GREE and Gumi, as well as Web3-native partners Republic Crypto, Shrapnel, Gunz Chain, Dynasty Studios, DeFi Kingdoms, TSM’s Blitz, 2dao3, Avalaunch, and more. Read more about Arcad3 here.

The Gaming on Avalanche Team Represented at 3XP

Avalanche’s booth at the premier Web3 gaming expo 3XP, held at the Pasadena Convention Center in Los Angeles from June 8-9, was a hub of activity and showcased games like DeFi Kingdoms and Shrapnel.

To see how Web3 gaming companies at 3XP are making the effort to balance an integrated blockchain stack and compelling gameplay experience, check out this Yahoo Finance article.

NFTs & Culture

Avaissance Opens Artists in Residence Classes to Public

The Artist in Residence classes have begun! This semester’s artist mentors include NFT and artistic industry leaders Emonee LaRussa, Ryan Wen, Dave Krugman, John Lê and Georgio Constantinou.

All classes are presented as live virtual webinars and are open to the public. Weekly class schedules are announced every Monday from the Art on Avax account.

NFT-Tix Migrates to Avalanche and Announces Global Festival Partnerships

Events ticketing platform NFT-TiX announced  their exclusive use of Avalanche to power NFT ticket offerings. Using Avalanche, NFT-TiX aims to provide tickets that are truly owned by attendees, enabling easy transfer and sale. Every transaction is recorded on a public ledger, providing transparency and preventing manipulation.

Additionally, NFT-TiX announced a host of large scale event organizers who have signed on to use the Avalanche-powered platform, including Exit Festival, Breathe Convention, Garden of Dreams, Sarajevo Film Festival, No Sleep Festival, and more. Learn more.

Infrastructure & Enablement

Register Now for GM Vietnam Hackathon

Avalanche will have an exclusive track within the premier hackthon GM Vietnam. The hackathon will feature access to the Avalanche Dev Rel team and guide builders as they embark on their journey of developing on Avalanche. Get your tickets here.

Avalanche Community Gearing Up for AVAXPDX

The community-led conference takes place from August 3-5 and tickets can be purchased on Moongate. Get your tickets here.

Avalanche’s Product and Engineering Team Debut AvaGPT

Core Web now features an AI chatbot trained on our developer and user knowledge base, offering another way to learn about the Avalanche ecosystem and how to build on top of it.

It’s simple: just type in the question you have, and AvaGPT will scour the Avalanche documentation for answers. Learn more about AvaGPT.

ICYMI: Avalanche Sessions