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Rising nearly 90% in a week, will AVAX be the next SOL?

Joyceand others2Authors

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Compared to the meme effect brought about by “Solunavax”, the rise of AVAX comes more from the recent stable development ecology of Avalanche.

Table of Contents:

· 3A Chain Game Shrapnel Community is Popular

·Is "Solunavax" still around?

· Ava Labs has been active recently, and the Avalanche ecosystem is gradually rising

3A Chain Game Shrapnel Has High Community Popularity

On November 8th, "Shrapnel", an AAA first-person shooter game built on the Avalanche network, was officially released. "Shrapnel" was selected as the most anticipated game of 2022 by the GAM3 awards for mobile games.

The "Shrapnel" team is composed of senior professionals in the gaming industry who have won awards from the British Academy of Film and Television Arts (BAFTA) and the Emmy Awards. They have rich experience in cross-media, virtual production, and game-as-a-service. BlockBeats reported that on October 25th, game development studio Neon Machine completed a $20 million Series A financing round, led by Polychain, which will be used to further develop its shooting game "Shrapnel".

Related reading: "Neon Machine: Polychain leads investment to achieve "life extension", game development studio favored by multiple institutions"

For those who often pay attention to the game track, Shrapnel may not be unfamiliar. From the $10.5 million financing led by Griffin Gaming Partners, Polychain Capital, and Forte in 2021, to the $7 million investment from multiple VCs such as Dragonfly, Defiance, and Three Arrows Capital in 2022, and now Polychain's $20 million lead investment, Shrapnel has always been a project of concern for major VCs.

Since the official launch of "Shrapnel", the game token SHRAP has also been listed on trading platforms such as Biget, HTX, and Bybit, with a 24-hour increase of over 100% at one point.

According to BlockBeats, "Shrapnel" places great emphasis on UGC. In "Shrapnel", players can generate their own game items and then cast them as NFTs. These NFTs can be traded on the Avalanche subnet of Shrapnel. As a highly anticipated and well-crafted 3A game, the release of "Shrapnel" has also raised more expectations for the potential of the Avalanche ecosystem in the community.

"Solunavax" still exists?

During the previous bull market, Solana, Avalanche, and Terra emerged as the three most widely adopted L1 public chains, shaping the narrative of the "new public chain". "Solunavax" also became a meme-like presence on Twitter.

During the recent bull market, Solana has been steadily rising and continuously hitting new highs for the year. LUNA, following the "bankruptcy coin" sector, also unexpectedly achieved a 24-hour increase of nearly 70%. Although the three public chains are not comparable, "Solunavax" seems to still be able to influence the price trend.

BlockBeats news, November 12th, according to market data, the public chain sector has seen a general rise, with AVAX rising by 29.46% in 24 hours and SOL rising by 12.79% in 24 hours. As of the time of writing, AVAX has risen by 47.9% in the past three days.

AVAX trend in the past week

Of course, compared to the meme effect brought by "Solunavax", the rise of AVAX is more due to the steady development ecology of Avalanche in recent times.

Ava Labs has been active recently, and the Avalanche ecosystem is gradually rising.

One month ago, there were frequent FT imitations, and Stars Arena was born in the Avalanche ecosystem. However, shortly after its launch, it was stolen about $2.9 million. After announcing the formal establishment of the company and reaching a cooperation with Avalanche's Lanuchpad platform Avalaunch, the cooperation collapsed in less than a week.

Related reading: "Stars Arena CEO resigns, Avalaunch terminates cooperation, crisis intensifies for "FT Hottest Simulated Trading Platform""

Last week, Ava Labs announced a large-scale layoff, which affected multiple teams including communications and marketing. However, a former member of the Ava game marketing team stated on social media that the layoffs were part of a broader "restructuring" strategy by the company. It can be speculated that this move by Ava Labs may be aimed at promoting the long-term growth of the Avalanche ecosystem.

On November 9th, Avalanche's no-code platform, AvaCloud, announced the integration of thirdweb. The integration allows anyone to build comprehensive applications using wallets, payments, contracts, and infrastructure tools, while also easily running customizable blockchains.

Related reading: "Avalanche targets India's crypto "red sea market" after partnering with Tencent Cloud and Alibaba Cloud".

Avalanche's recently launched no-code platform, AvaCloud, can be used to launch "custom blockchains" (also known as subnets) on the Avalanche network. Subnets can help developers quickly build customizable blockchains and specialized decentralized applications, and are cheaper than building their own network from scratch.

BlockBeats News, on November 10th, according to official sources, Avalanche announced the launch of an accelerator called Codebase for early founders. The program will last for 12 weeks and will focus on product, engineering, go-to-market, operations, organizational development, and fundraising.

In addition, the Avalanche ecosystem projects have shown impressive performance this week.

Trader Joe TVL breaks $100 million

Trader Joe is a comprehensive DeFi project launched in July 2021, known as the most influential DEX on AVAX. Its business includes spot Dex, decentralized lending (Banker Joe), NFT trading platform (Joepeg), and launchpad (Rocket Joe). Among them, spot trading is currently the core business of Trader Joe and its relatively leading business sector.

Trader Joe facilitated over $88 billion in trading volume, generating over $265 million in revenue and distributing 100% to liquidity providers and token holders. The peak daily trading volume reached nearly $1 billion.

Since October, Trader Joe's TVL has steadily increased, crossing the threshold of tens of millions of dollars and rising to the level of billions of dollars. According to DefiLlama data, as of the time of writing, the TVL is $111.3 million.

Since August of this year, the Trader Joe ecosystem has been increasingly active. After launching on networks such as Avalanche, Arbitrum, and BNB Chain, it has also been deployed on the Ethereum mainnet, and even caught the attention of Trader Joe's, the second largest chain supermarket in the United States, which sued it for trademark infringement.

Related reading: "Business too good to be true? Trader Joe sued by US chain store for trademark infringement"

The lawyer claimed that this decentralized exchange (DEX) created a story around the fictional "Trader Joe" that is closely associated with the supermarket brand.

In addition, the Trader Joe logo features an image of "Trader Joe" wearing a red hat, which is the primary color of the supermarket brand. Trader Joe's domain name is "traderjoexyz.com," which is also accused of having a strong association with the supermarket in the lawsuit.