In the ecology of the Avalanche avalanche protocol, what mines are worthy of attention?

Recently, the enthusiasm of the market seems to have returned to the public chain, and the currency prices of each public chain continue to rise. With the popularity of public chains, the popularity of Defi projects on various public chains has also increased.

DeFiLlama data shows that the current lock-up volume in the Avalanche ecosystem has reached 1.74 billion US dollars, and just ten days ago, this figure was only 250 million Dollar. The high rewards of the Avalanche Foundation are undoubtedly a powerful booster for the rapid growth of locked positions. On the 18th, the Avalanche Foundation announced that it will launch a $180 million liquidity mining reward plan, Avalanche Rush, to encourage more applications and assets to join the booming The developed Avalanche DeFi ecosystem. This article will give a quick overview of some projects within the AVAX ecosystem.

Currently, there are 12 projects in the Avalanche ecosystem that lock more than one million dollars, including 1 lending project, 7 DEX platforms, and 3 aggregation device and 1 stablecoin swap DEX.

BENQI: the absolute leader who monopolizes half of the country

Data from DefiLlama shows that BENQI's lock-up volume is as high as 988 million US dollars, and this project alone has accounted for 56.73% of the total lock-up volume of AVAX ecosystem. The absolute leader in the ecology. The circulation market value of the protocol native token QI is about 100 million US dollars.

BENQI is the first native lending agreement on the Avalanche network, led by Ascensive Assets, Dragonfly Capital, Spartan Group, Ava Labs, GBV Capital and other institutions participated vote, which was officially launched on August 19. It is reported that the AVAX project that SBF participates in mining also includes BENQI.

Currently, the rewards provided by BENQI include protocol native token QI and network native token AVAX. There is also a pool of QI-AVAX LP tokens.

From the point of view of income, compared with the compound interest APR of thousands of percent or even tens of thousands of ecological income aggregators, BENQI’s APY is the lock-up amount The lowest among the leading projects, but the investable assets of this agreement are all mainstream cryptocurrencies, and its volatility cannot be compared with other liquidity mining projects.

Pangolin: Ecological Leading DEX

Pangolin is Avalanche's native DEX, which runs on the AVAX C chain, with a total lock-up volume of 380 million. Currently, the market value of PNG, the protocol’s native token, is about $97 million.

It is worth noting that the governance tokens of this protocol are completely distributed fairly, and 95% of its native token PNG will be produced through mining. , investors, consultants or any insider assign PNG. The remaining 5% will be distributed through community airdrops. The total amount of PNG is 512 million, and 256 million tokens will be issued in the first four years, which will be halved every four years.

The protocol relies entirely on community governance. The community can vote to increase or decrease the liquidity pool, and PNG can also be directly allocated to users or smart contracts (such as community treasury). In addition, community votes can also change transaction fees.

Trader JOE: DEX Mining

Trader JOE is the second largest DEX in the ecosystem with a lock-up volume of USD 195 million, which is about half of that of Pangolin. Previously, there was news in the community that SBF may have participated in the mining of Trader JOE and BENQI, but the authenticity of the news is not yet testable. Different from Pangolin, in addition to AMM mining, the Trader JOE protocol can also pledge the native token XJOE for profit (similar to XSUSHI launched by Sushi).

Yield Yak: Aggregator Faucet

Yield Yak is Avalanche’s native revenue aggregator, the protocol can automatically reinvest for users to increase ROI. There are currently more than 100 currency pairs included.

Currently, the locked volume of the agreement is 130 million US dollars. The total supply of the protocol’s native token YAK is 10,000 pieces, 50% of which are mining output, 15% are generated through re-investment, 15% are held by the team, 15% are allocated to ecological partners, and 5% are airdropped by the community. The total circulating market value of YAK is about 80 million US dollars.

Different from the automatic reinvestment of common aggregators, this protocol adopts an interesting incentive system for reinvestment. Each currency pair pool has a "reinvestment" button. Users can pay the gas fee to initiate a reinvestment. After the reinvestment is initiated, the agreement automatically harvests the farm income and reinvests the income to obtain compound interest. Users who initiate reinvestment do not need to have a share in the pool, any user can initiate it. In order to motivate users to initiate, the "re-investment" initiator can get 0.25% to 5% of the income from this harvest.

Penguin Finance is one of the largest aggregators in the ecosystem. However, compared with Yield Yak, Penguin Finance supports fewer currency pairs, with only 13 investable currency pairs. In addition, the protocol also provides a single-currency staking profit function similar to XSUSHI. At present, the locked position of the agreement is about 13 million US dollars.

Snowball: Stablecoin Swap and Compound Interest Investing

The Snowball protocol provides Avalanche with the first stablecoin swap AMM, developed on top of Pickle Finance on Ethereum. Currently, Snow has launched three different stablecoin swap pools: s3D, s3F, and s4D. In addition, the agreement also provides automatic compound interest investment.

This protocol supports AMM exchange and mining of USDT, TUSD, BUSD, DAI, FRAX and other stable coins.

At present, the total locked amount of Snowball is about 20 million US dollars. SNOWBALL tokens are released fairly, 80% will be produced by liquidity mining, 10% will be allocated through governance, 8-9.5% will be reserved for development funds, and 0.5-2% will be airdropped in the Pickle.finance community.

Beefy: Multi-chain revenue aggregator

Beefy is not an Avalanche eco-native project. This project was originally an ecological aggregator in BSC, and has deployed multiple chains including BSC, HECO, Avalanche, Polygon, and Fantom. The total locked-up volume of the project is about 800 million US dollars, but the 570 million US dollars are all locked in BSC, and the locked-up volume on Avalanche is only 5.94 million.

Currently, this is the only multi-chain project in the Avalanche ecosystem with a lock-up volume exceeding one million US dollars.

The ecology of a group of high-performance public chains represented by AvaLanche, Solana, NEAR, etc. is gradually prospering. New public chains and new public chains, new public chains and old public chains, around DeFi The competition for funds for the project is still going on, and the market is still exploring where the funds should go.  

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