David Canellis


<p>Much has been said of Solana’s recovery since the whole Sam Bankman-Fried thing. But one of the network’s primary rivals, Avalanche, is also having a bit of a moment.</p>



<p>Blink and you might have missed it: Avalanche (<a href="https://blockworks.co/price/avax">AVAX</a>) has flipped bitcoin cash (<a href="https://blockworks.co/price/bch">BCH</a>), polygon (<a href="https://blockworks.co/price/matic">MATIC</a>), polkadot (<a href="https://blockworks.co/price/dot">DOT</a>), tron (<a href="https://blockworks.co/price/trx">TRX</a>) and chainlink (<a href="https://blockworks.co/price/link">LINK</a>) over the past two weeks.</p>



<p>At $9.8 billion, AVAX is now a top-10 cryptocurrency by market cap (if you don’t count Lido Staked ETH), its highest rank all year.&nbsp;</p>



<p>In US dollar terms, AVAX has jumped 150% year to date — almost all of it over the past month. Bitcoin (<a href="https://blockworks.co/price/btc">BTC</a>) has returned slightly more, with <a href="https://blockworks.co/news/bitcoin-price-bull-market-compare">BTC’s rallies largely credited with</a> turning crypto into a sea of green after a dark, lengthy bear market.</p>



<figure class="wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="Interactive or visual content" src="https://flo.uri.sh/visualisation/16049872/embed#?secret=vYlNRrwxMF" data-secret="vYlNRrwxMF" frameborder="0" scrolling="no" height="575" width="700"></iframe>
</div><figcaption class="wp-element-caption"><em>Hit play to see Avalanche flip its way into the top 10</em></figcaption></figure>



<p>Avalanche’s outsized gains are more apparent when tracking its price against bitcoin. Of the top 30 or so cryptocurrencies, AVAX’s bitcoin ratio is the second-best performer over the past three months, having risen 60%, trailing Solana’s, which nearly doubled.</p>



<p>That means a hypothetical crypto trader who sold BTC for AVAX three months ago could now get 60% more bitcoin back on that play — all while BTC itself has rallied 70% against the US dollar.</p>



<p>As of earlier today, ether’s bitcoin ratio had meanwhile slipped by about one-fifth — half as bad as Binance’s BNB. Anyone who sold bitcoin for ether (<a href="https://blockworks.co/price/btc">ETH</a>) at the start of September would get almost 20% less BTC if closing those positions today. </p>



<figure class="wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="Interactive or visual content" src="https://flo.uri.sh/visualisation/16050430/embed#?secret=RDr3YwMZAH" data-secret="RDr3YwMZAH" frameborder="0" scrolling="no" height="575" width="700"></iframe>
</div><figcaption class="wp-element-caption"><em>Notice how SOL and LINK’s bitcoin ratios pumped first, with AVAX following a few weeks later?</em></figcaption></figure>



<p>Much like Solana, Ethereum, Tron and Polygon, Avalanche is a <a href="https://blockworks.co/news/the-investors-guide-to-avalanche-avax">layer-1 blockchain</a> that supports stablecoins, DeFi applications, memecoins and even <a href="https://blockworks.co/news/avalanche-ordinals-asc20-transaction-record">Ordinals-like inscriptions</a>.&nbsp;</p>



<p>Still, why are markets favoring Avalanche?&nbsp;</p>



<p>Vivek Raman, head of proof of stake at boutique digital asset unit BitOoda, pointed out that all the “alternative layer-1” networks outside of Ethereum are having tremendous runs.</p>



<p>“Solana is up more than seven times from its cycle lows after dropping 95% from its 2021 peak,” Raman said.</p>



<p>“Avalanche is the next major layer-1 that is having a mean reversion bounce and is therefore outperforming right now,” Raman continued. “The major two crypto assets — ETH and BTC — were down much less than altcoins, and this Avalanche move is simply part of a catchup move.”</p>



<figure class="wp-block-embed is-type-wp-embed is-provider-flourish wp-block-embed-flourish"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" class="wp-embedded-content" sandbox="allow-scripts" security="restricted" title="Interactive or visual content" src="https://flo.uri.sh/visualisation/16056295/embed#?secret=1ex1tN93HP" data-secret="1ex1tN93HP" frameborder="0" scrolling="no" height="575" width="700"></iframe>
</div><figcaption class="wp-element-caption"><em>Avalanche is still down more than 80% from all-time high set in November 2021</em></figcaption></figure>



<p>Avalanche’s tech stack was also used for a recent Project Guardian pilot, led by JPMorgan Onyx, which explored the potential benefits of tokenized investment portfolios.&nbsp;</p>



<p>The actual Avalanche mainnet wasn’t used, though, with the banks <a href="https://blockworks.co/news/avalanche-ordinals-asc20-transaction-record">playing around with a fresh permissioned (private) version</a> of the blockchain.&nbsp;</p>



<p>Still, Raman reasoned that JPMorgan’s tests&nbsp; “could be a fundamental driver for the [Avalanche] ecosystem.”</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



<p><strong>The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.</strong></p>


Avalanche flips MATIC, TRX and LINK to become a top-10 crypto

Macauley Peterson


<p>As the <a href="https://blockworks.co/podcast/bellcurve/da96220c-95d1-11ed-87e7-9bc68a4e9540">app-chain thesis</a> continues to gain mind share, developers on layer-1 <a href="https://blockworks.co/tag/avalanche">Avalanche</a> have put their own spin on the concept with the launch of AvaCloud this week.</p>



<p>Coincidentally, Circle, the issuer of the second-largest stablecoin USDC, announced that its euro-backed token EUROC is now natively available on the Avalanche C-chain — marking its first foray into multichain expansion.&nbsp;</p>



<p>AvaCloud is billed as a “launchpad for deploying and scaling no-code, fully managed custom blockchains” — what Avalanche calls <a href="https://www.blockworksresearch.com/glossary#subnetwork-subnet">Subnets</a>. These are analogous to Cosmos’ consumer chains, which are connected to the Cosmos Hub using <a href="https://blockworks.co/news/neutron-cosmos-replicated-security">replicated security</a>.</p>



<p>The product suite comprises an interoperable blockchain builder with managed validators and analytics tools. It is aimed at businesses that want to launch blockchains quickly with minimal overhead costs.</p>



<p>Avalanche touts the in-development game Shrapnel and Korean marketing platform SK Planet among its early adopters.</p>



<p>Aave co-founder Stani Kulechov <a href="https://twitter.com/StaniKulechov/status/1661382877077020672?s=20">called</a> it “an interesting way to deploy a customized app-specific network.” Avalanche is Aave’s third-largest market by total value locked, behind Polygon’s PoS chain and Ethereum, <a href="https://defillama.com/protocol/aave">according to</a> DeFi Llama.</p>



<p>Beyond making it easier to deploy interoperable blockchains, there are other parallels with the Cosmos app-chain ecosystem. In a <a href="https://twitter.com/circle/status/1661721751313604609">Twitter space</a> with Circle, Luigi D&#8217;Onorio DeMeo, head of DeFi and developer relations at Ava Labs, highlighted the “imminently launching” Avalanche Warp Messaging (AWM). This is a communication protocol for Avalanche broadly analogous to Cosmos’ Inter-Blockchain Communication (<a href="https://blockworks.co/tag/ibc">IBC</a>).&nbsp;</p>



<p>“That allows for somebody to take native USDC on the C-chain and move it to, for example, their payment subnet that has USDC as the gas token, and allows people to move USDC cheap and fast across the network,” DeMeo said.</p>



<p>Like IBC, the solution will not rely on a third-party bridge, which makes it both more secure and more scalable.</p>



<p>The Avalanche C-chain is its <a href="https://blockworks.co/tag/evm">EVM</a>-compatible subnet which carries the vast majority of all activity, network stats <a href="https://subnets.avax.network/stats/network?selectedChart=active_addresses&amp;selectedChains=mainnet_43114">show</a>.</p>



<p>Circle has issued USDC on Avalanche <a href="https://www.circle.com/blog/understanding-avalanche-usdc-vs.-usdc.e">since</a> late 2021. It is also natively <a href="https://www.circle.com/en/usdc">issued</a> on 7 other blockchains: Ethereum, Solana, TRON, Algorand, Stellar, Flow, and Hedera. Circle recently announced Cosmos’ as <a href="https://blockworks.co/news/cosmos-circle-stablecoin-usdc-noble">its next destination</a> for native USDC issuance.</p>



<p>Previously the stablecoin had to be bridge over from Ethereum, and there remain almost $125 million <a href="https://snowtrace.io/token/0xA7D7079b0FEaD91F3e65f86E8915Cb59c1a4C664">USDC.e</a> — the bridged variety on Avalanche — compared to $420 million in <a href="https://snowtrace.io/token/0xb97ef9ef8734c71904d8002f8b6bc66dd9c48a6e">native USDC</a>.</p>



<p>AvaCloud coupled with the launch of Circle’s euro-backed stablecoin could facilitate applications in forex trading, DeMeo said, as well as dapp development targeting the European market. <a href="https://blockworks.co/tag/mica">The regulatory environment in Europe is generally perceived as more favorable</a> compared to the United States.</p>



<p>Avalanche advocates point to the notable uptick in active addresses, which jumped by about 20,000 or 25% this week alone.</p>



<p>That’s not necessarily the same as “active users,” however, according to Blockworks Research analyst Dan Smith — despite Avalanche’s marketing <a href="https://twitter.com/jayks/status/1661824710290579464?s=20">claims</a> on social media.</p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1600" height="376" src="https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=1024&amp;h=1024" alt="" class="wp-image-57162" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=1600 1600w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2023/05/image-22.png?w=80 80w" sizes="auto, (max-width: 1600px) 100vw, 1600px" /><figcaption class="wp-element-caption"><em>3-month trend of active addresses; Source: </em><a href="https://subnets.avax.network/stats/network?selectedChart=active_addresses&amp;selectedChains=mainnet_43114"><em>subnets.avax.network/stats/</em></a></figcaption></figure>



<p>Smith points out that the cheaper a chain is to transact upon, the more manipulable the address count statistic is. Transactions on the C-chain typically cost less than 10 cents. Transaction volume overall <a href="https://subnets.avax.network/stats/network?selectedChart=tx_count">has been flat</a> over the same 3-month period, data shows.</p>



<p>Ava Labs calls the introduction of EUROC “a pivotal moment for Avalanche.”</p>



<p>“DeFi continues to expand into a multi-currency, cross-border environment — delivering a trusted and fully reserved euro stablecoin like Euro Coin will greatly accelerate the adoption of instant payments and remittances to a much larger swath of the world,&#8221; said John Nahas, business development vice president at Ava Labs, in a statement on Thursday.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



<p><strong>The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.</strong></p>


Avalanche Adds Native Euro Stablecoin, AvaCloud

Ornella Hernandez

<div id="highlights-block_6345c9a261162" class="highlights">
        <ul>
                <li>Gemini also adds support for AVAX on exchange on Tuesday</li>
                <li>AVAX price has been in decline for the past few months</li>
            </ul>
    
</div>



<p>OpenSea, the largest peer-to-peer marketplace for NFTs on Ethereum, has launched today on the Avalanche (AVAX) proof-of-stake blockchain.&nbsp;</p>



<p>Avalanche joins six other supported chains including Ethereum, Solana, Arbitrum, Klaytn, Polygon and Optimism.</p>



<p>OpenSea is currently featuring 200 Avalanche-native collections with more to come, according to Ava Labs, which stated that the total NFT sales volume has increased by 180% since the second quarter of 2022.&nbsp;</p>



<p>The top three chains with the most NFT sales volume denominated in USD are Ethereum, Ronin and Solana, according to <a href="http://cryptoslam.io/" target="_blank" rel="noreferrer noopener">CryptoSlam data</a>. Avalanche ranks seventh, with an estimated $404.6 million in sales.&nbsp;&nbsp;&nbsp;</p>



<p>The NFT collections trending on OpenSea on Avalanche at the time of publication include Smol Jones, Rich Peon Poor Peon, and Chikn.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">GM🔺! We’re excited to share that <a href="https://twitter.com/avalancheavax?ref_src=twsrc%5Etfw">@avalancheavax</a> <a href="https://twitter.com/hashtag/Avalanche?src=hash&amp;ref_src=twsrc%5Etfw">#Avalanche</a> is officially live on OpenSea!! <a href="https://t.co/3nDP3zQGAx">pic.twitter.com/3nDP3zQGAx</a></p>&mdash; OpenSea (@opensea) <a href="https://twitter.com/opensea/status/1579864021037379585?ref_src=twsrc%5Etfw">October 11, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Separately, digital assets exchange and custodian Gemini <a href="https://www.gemini.com/blog/gemini-adds-support-for-new-blockchain-network-avalanche-avax" target="_blank" rel="noreferrer noopener">announced</a> support for trading of native AVAX on Tuesday.&nbsp;</p>



<p>The past few weeks, however, have not been kind to AVAX&#8217;s token valuation.&nbsp;</p>



<p>In decline for almost a year, AVAX once peaked at $134.87 in Nov. 2021 and has been hovering under $20 for the past month, according to <a href="https://cms.blockworks.co/prices" target="_blank" rel="noreferrer noopener">data compiled by Blockworks</a>.</p>



<p>The layer-1 network was dogged by allegations surrounding <a href="https://cms.blockworks.co/tag/kyle-roche/" target="_blank" rel="noreferrer noopener">a former legal adviser</a> in August.</p>



<p>Its total value locked has declined from a peak of $12.15 billion to $1.55 billion, <a href="https://defillama.com/chain/Avalanche" target="_blank" rel="noreferrer noopener">according to DefiLlama.</a></p>



<p>Neither OpenSea’s nor Gemini’s support served to lift the cryptoasset in Tuesday trading, which was changing hands at around $16 as of 3:55 pm ET.</p>





<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



<p><strong>The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.</strong></p>


OpenSea Adds Avalanche Marketplace, AVAX Traders Shrug

Shalini Nagarajan

<div id="highlights-block_630dee84a7a1a" class="highlights">
        <ul>
                <li>A controversial report ruffled feathers by claiming lawyer Kyle Roche and Ava Labs formed a secret pact to damage rivals</li>
                <li>“All videos passed our analysis as real videos,” a digital media forensics expert told Blockworks</li>
            </ul>
    
</div>



<p>Ava Labs CEO Emin Gün Sirer is hitting back at claims of engaging in a <a href="https://cms.blockworks.co/ava-labs-ceo-rejects-report-alleging-conspiracy-with-law-firm/" target="_blank" rel="noreferrer noopener">secret pact</a> to harm AVAX competitors with lawyer Kyle Roche.</p>



<p>Website CryptoLeaks <a href="https://cryptoleaks.info/case-no-3" target="_blank" rel="noreferrer noopener">published</a> a series of videos last week in which Roche revealed he was granted 1% of the supply of avalanche (AVAX) tokens and similar size in equity in exchange for filing lawsuits against crypto companies.</p>



<p>CryptoLeaks claimed that Ava and law firm Roche Freedman wanted to use the American legal system “gangster style” to chase rival crypto firms, which would subsequently turn regulatory attention onto them.</p>



<p>Reacting in a <a href="https://el33th4x0r.medium.com/my-statement-about-the-crypto-leaks-lies-ef2005da752" target="_blank" rel="noreferrer noopener">blog post</a> on Monday, Sirer suggested Roche’s statements in the videos were untruthful and designed to dazzle a potential client.&nbsp;</p>



<p>“These claims evidently came about when Roche, a lawyer at a firm we retained in the early days of our company, tried to impress a potential business partner by making false claims about the nature of his work for Ava Labs,” Sirer wrote.</p>



<p>CoinGecko lists AVAX’s total supply at 409,165,637, which means 1% would equate to nearly 4.1 million AVAX ($83.6 million). Ava Labs’ valuation is unknown at this time.</p>



<p>Apart from Roche’s statements, allegations made by CryptoLeaks are “categorically false,” he added. AVAX fell 26% after publication of the &#8216;secret pact&#8217; report. The token is down 81% so far this year at $20.23, the <a href="https://www.blockworksresearch.com/assets/avax" target="_blank" rel="noreferrer noopener">Blockworks Research</a> portal shows.&nbsp;</p>



<p>“Neither I, nor anyone else at Ava Labs ever directed Roche in his selection of cases. We do not receive materials or information from him, and we do not entrust our legal affairs to him,” Sirer wrote, adding that Roche has represented Ava Labs only in a defensive capacity in ordinary disputes.</p>



<p>The alleged pact didn’t specify that Roche would bring lawsuits against other parties on behalf of Ava Labs itself.</p>



<h3 class="wp-block-heading"><strong>Legitimate videos in AVAX &#8216;secret pact&#8217; report</strong></h3>



<p>Roche Freedman has sued a string of crypto companies including <a href="https://www.rochefreedman.com/roche-freedman-llp-and-schneider-wallace-cottrell-konecky-bring-class-action-lawsuit-against-solana-labs-inc-the-solana-foundation-anatoly-yakovenko-multicoin-capital-management-llc-kyle-samani/" target="_blank" rel="noreferrer noopener">Solana</a>, <a href="https://www.rochefreedman.com/roche-freedman-llp-and-dontzin-nagy-fleissig-llp-bring-class-action-lawsuit-against-binance-u-s-for-engaging-in-unlawful-sales-of-ust-to-investors/" target="_blank" rel="noreferrer noopener">Binance</a>, <a href="https://www.rochefreedman.com/roche-cyrulnik-freedman-and-selendy-gay-file-11-class-actions-against-worlds-largest-crypto-asset-exchanges-and-digital-token-issuers/" target="_blank" rel="noreferrer noopener">Bibox</a>, BitMEX and KuCoin over allegations of offering crypto assets which were unregistered securities.&nbsp;</p>



<p>The firm also represented Ira Kleiman in his lawsuit against Craig Wright, having recently secured a $100 million judgement for Kleiman.</p>



<p>Earlier this year, Roche Freedman was on the other side of the table after former partner Paul Fattaruso sued the firm for denying compensation and equity interest. </p>



<p>Fattaruso <a href="https://news.bloomberglaw.com/business-and-practice/lawyer-sues-roche-freedman-for-share-of-250-million-crypto-fee" target="_blank" rel="noreferrer noopener">reportedly</a> claimed Roche Freedman removed him from a partnership and deprived him of a 2% share in a $250 million crypto fee the firm received for legal services provided to an unnamed startup.</p>



<p>Some pundits have questioned the integrity of CryptoLeaks’ allegations and questioned whether it&#8217;s funded by an Avalanche competitor, <a href="https://twitter.com/Blockanalia/status/1564070643162877954" target="_blank" rel="noreferrer noopener">alluding</a> to its two previous reports which leaned towards <a href="https://www.nytimes.com/2021/06/28/business/dealbook/icp-cryptocurrency-crash.html" target="_blank" rel="noreferrer noopener">Internet Computer</a> (ICP).</p>



<p>Dfinity — the company behind Internet Computer blockchain — was slapped with a <a href="https://www.prnewswire.com/news-releases/roche-freedman-llp-brings-class-action-lawsuit-against-dfinity-usa-research-llc-for-engaging-in-insider-trading-and-other-securities-violations-resulting-in-billions-of-dollars-in-unlawful-sales-to-retail-investors-301353005.html">class</a><a href="https://www.prnewswire.com/news-releases/roche-freedman-llp-brings-class-action-lawsuit-against-dfinity-usa-research-llc-for-engaging-in-insider-trading-and-other-securities-violations-resulting-in-billions-of-dollars-in-unlawful-sales-to-retail-investors-301353005.html" target="_blank" rel="noreferrer noopener">&#8211;</a><a href="https://www.prnewswire.com/news-releases/roche-freedman-llp-brings-class-action-lawsuit-against-dfinity-usa-research-llc-for-engaging-in-insider-trading-and-other-securities-violations-resulting-in-billions-of-dollars-in-unlawful-sales-to-retail-investors-301353005.html">action lawsuit</a> by Roche last year.&nbsp;</p>



<p>In his own <a href="https://medium.com/@kyleroche/my-response-b691563c255b" target="_blank" rel="noreferrer noopener">response</a> on Monday, Kyle Roche claimed the CryptoLeaks article contained “numerous unsourced false statements and illegally obtained, highly edited video clips.”&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Things that discredit CryptoLeaks:<br><br>&#8211; fanfiction-style dramatic writing, worse than tabloids <br>&#8211; clearly bad faith &amp; biased reporting<br>&#8211; paying to promote their own tweets <br>&#8211; their previous defending ICP articles <br><br>Things that look bad for Ava Labs: <br><br>&#8211; the video lol</p>&mdash; Cobie (@cobie) <a href="https://twitter.com/cobie/status/1564233630985162753?ref_src=twsrc%5Etfw">August 29, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div><figcaption>The claims have captured the attention of popular crypto investor Cobie.</figcaption></figure>



<p>Roche identified an unknown speaker in the videos as Christen Ager-Hanssen, whom Roche said works for ICP’s creator Dominic Williams.</p>



<p>Separately, digital media forensics expert Siwei Lyu confirmed that the videos included in the report were legitimate and didn’t show traces of deepfake synthesis.&nbsp;</p>



<p>The evidence was corroborated by hand positions and the presence of objects such as glasses. “All videos passed our analysis as real videos,” Lyu told Blockworks.</p>



<p>Kyle Roche and ICP creator Dominic Williams didn’t return Blockworks’ request for comment by press time.&nbsp;</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



<p><strong>The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.</strong></p>


No Secret Pact to Sue AVAX Rivals, Lawyer Lied to Impress: CEO

<div id="highlights-block_630c924230fd1" class="highlights">
        <ul>
                <li>The pact reportedly directed Kyle Roche to sue crypto companies “gangster style” and distract regulators</li>
                <li>Roche has sued crypto companies including Solana and Binance</li>
            </ul>
    
</div>



<p>Ava Labs’ CEO Emin Gün Sirer has denied allegations that the company paid off a law firm to harm competitors via class-action lawsuits and to distract regulators.</p>



<p>CryptoLeaks claimed in a <a href="https://cryptoleaks.info/case-no-3" target="_blank" rel="noreferrer noopener">report</a> on Friday that Ava, the core developer of the Avalanche blockchain, struck a secret pact in September 2019 with lawyer Kyle Roche.&nbsp;</p>



<p>Under the alleged deal, Ava granted a 1% of the supply of AVAX tokens and a similar amount of equity to Roche in exchange for bringing lawsuits against parties in crypto.&nbsp;</p>



<p>The outlet also posted a series of surreptitiously recorded videos — without attribution — that shows Kyle discussing his close relationship with Ava Labs’ CEO and COO, whom he said he trusted like brothers.</p>



<p>“We did a deal where I agreed to provide legal services in exchange for a certain percentage of the token supply,” Kyle said, adding that he was the first person to receive Ava Labs’ equity after VC firm Andreesen Horowitz.</p>



<p>CryptoLeaks alleged that the pact was meant to use the American legal system “gangster style” to harm Ava Labs’ or Avalanche’s competitors, steer regulatory attention away from the company’s commercial nature by suing other crypto actors and secretly pursue Emin Gün Sirer’s personal vendettas against individuals.</p>



<p>“I think litigation is an underused tool by everyone,” Roche said in the video.</p>



<p>During the <a href="https://www.americanbar.org/groups/public_education/resources/law_related_education_network/how_courts_work/discovery/" target="_blank" rel="noreferrer noopener">discovery process in litigation</a>, attorneys are able to compel the production of documents and information. The simple fact of a lawsuit itself may cause negative publicity about the defendant.</p>



<p>In the videos, Kyle also describes himself as Ava Labs’ in-house crypto expert.</p>



<p>“I’m one of the top 10 people in the world. I’ve seen the insides of every single crypto company.”</p>



<p>Roche&#8217;s <a href="https://www.linkedin.com/in/kylewroche/" target="_blank" rel="noreferrer noopener">LinkedIn profile</a>, however, shows no links to Ava or Avalanche.&nbsp;</p>



<p>He also claims Ava Labs hasn’t been sued, as he’s ensured the SEC has “other magnets to go after.”</p>



<h3 class="wp-block-heading">Roche responds</h3>



<p>Roche <a href="https://medium.com/@kyleroche/my-response-b691563c255b" target="_blank" rel="noreferrer noopener">posted a statement</a> on Monday to address the allegations stemming from what he termed, &#8220;illegally obtained, highly edited video clips that are not presented with accurate context.&#8221;</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><strong>&#8220;Ava Labs has had no input, control, or insight into any of our firm’s plaintiff-side class action cases,&#8221; he said.</strong></p></blockquote>



<p>Sirer <a href="https://twitter.com/el33th4xor/status/1564006450531377156" target="_blank" rel="noreferrer noopener">reacted</a> to the allegations early Monday, calling the information in the report “conspiracy theory nonsense.”</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">How could anyone believe something so ridiculous as the conspiracy theory nonsense on Cryptoleaks? We would never engage in the unlawful, unethical and just plain wrong behavior claimed in these self-serving videos and inflammatory article. Our tech &amp; team speak for themselves.</p>&mdash; Emin Gün Sirer🔺 (@el33th4xor) <a href="https://twitter.com/el33th4xor/status/1564006450531377156?ref_src=twsrc%5Etfw">August 28, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Ava Labs was founded in 2018 and counts 27 investors including Galaxy Digital, Balaji Srinivasan and Polychain, <a href="https://www.crunchbase.com/search/principal.investors/field/organizations/num_investors/ava-labs" target="_blank" rel="noreferrer noopener">Crunchbase data</a> shows. The firm’s Avalanche blockchain <a href="https://cms.blockworks.co/avalanche-closes-230m-token-sale-backed-by-three-arrows-capital-polychain/" target="_blank" rel="noreferrer noopener">closed a $230 million token sale</a> led by embattled crypto hedge fund Three Arrows Capital in September last year.</p>



<h3 class="wp-block-heading">Ava Labs CEO publicly cheers lawsuit filed by Roche Freedman</h3>



<p>In October, Roche Freedman <a href="https://twitter.com/KyleWRoche/status/1181192941773230082" target="_blank" rel="noreferrer noopener">filed a class-action lawsuit</a> against Tether and Bitfinex for allegedly manipulating the cryptocurrency market “to create the largest bubble in history.”&nbsp;</p>



<p>Ava Labs CEO cheered the move on Twitter, praising the law firm behind the case as “absolutely top notch.”&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">The law firm behind this lawsuit is absolutely top notch. They just recently won the largest default judgment in US legal history, for $5B, against you-know-who. They are crypto-savvy like no other firm, and have a track record of explaining difficult concepts in the court room.</p>&mdash; Emin Gün Sirer🔺 (@el33th4xor) <a href="https://twitter.com/el33th4xor/status/1181208353487360000?ref_src=twsrc%5Etfw">October 7, 2019</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>In July, Roche Freedman <a href="https://www.rochefreedman.com/roche-freedman-llp-and-schneider-wallace-cottrell-konecky-bring-class-action-lawsuit-against-solana-labs-inc-the-solana-foundation-anatoly-yakovenko-multicoin-capital-management-llc-kyle-samani/" target="_blank" rel="noreferrer noopener">sued Solana</a> for the alleged sale and promotion of unregistered securities. Before that, the firm <a href="https://www.rochefreedman.com/roche-freedman-llp-and-dontzin-nagy-fleissig-llp-bring-class-action-lawsuit-against-binance-u-s-for-engaging-in-unlawful-sales-of-ust-to-investors/" target="_blank" rel="noreferrer noopener">sued Binance</a> over claims the exchange illegally sold UST to investors and caused hefty losses for them. CryptoLeaks alleges the firm has currently filed 25 class actions so far.</p>



<h3 class="wp-block-heading">Mixed reactions to CryptoLeaks’ claims</h3>



<p>Not everyone in the crypto community appeared to trust the CryptoLeaks report, with some claiming the information does not prove anyone has been wronged.&nbsp;</p>



<p>Andrew Thurman, a content lead at blockchain analytics firm Nansen, claimed that the outlet is funded by Internet Computer. Notably, Roche Freedman last year <a href="https://www.prnewswire.com/news-releases/roche-freedman-llp-brings-class-action-lawsuit-against-dfinity-usa-research-llc-for-engaging-in-insider-trading-and-other-securities-violations-resulting-in-billions-of-dollars-in-unlawful-sales-to-retail-investors-301353005.html" target="_blank" rel="noreferrer noopener">filed a class action lawsuit</a> against Dfinity — the company behind Internet Computer.&nbsp;</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Don&#39;t know how much of the ava labs stuff is real, but cryptoleaks pretty nakedly looks to be funded by ICP</p>&mdash; Andrew T (@Blockanalia) <a href="https://twitter.com/Blockanalia/status/1564070643162877954?ref_src=twsrc%5Etfw">August 29, 2022</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Roche identified one of the off-camera respondants in the video as <a href="https://twitter.com/agerhanssen" target="_blank" rel="noreferrer noopener">Christen Ager-Hanssen</a> an entrepreneur and venture capitalist, whom Roche said intended &#8220;to deceive and entrap me.&#8221;</p>



<p>&#8220;These videos were recorded without my consent during private meetings with [Hanssen], whom I now know works for Dominic Williams, the creator of ICP Token, and the defendant in a high-profile securities fraud litigation my firm brought against him,&#8221; Roche said in the statement.</p>



<p>Others including crypto VC Mike Dudas <a href="https://twitter.com/mdudas/status/1563998691945496576" target="_blank" rel="noreferrer noopener">said</a> on Twitter the allegations need to be addressed by Ava Labs’ core team.</p>



<p>Ava Labs and Roche Freedman didn’t return Blockworks’ request for comment by press time.</p>



<p>The AVAX token is down 12% over the past 24 hours according to <a href="https://cms.blockworks.co/prices/" target="_blank" rel="noreferrer noopener">data compiled by Blockworks</a>.</p>



<p><em>This story was updated on Aug. 29 at 10:50 am ET to reflect the statement subsequently published by Kyle Roche.</em></p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



<p><strong>The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.</strong></p>



<p></p>


Ava Labs CEO Rejects Report Alleging Conspiracy with Law Firm

Ben Strack

<div id="highlights-block_6271adcc07ecb" class="highlights">
        <ul>
                <li>New vehicle joins firm’s existing single-asset trusts focused on bitcoin, algorand, polkadot, dash, TRON and Zilliqa</li>
                <li>The trust will soon begin staking AVAX to generate additional returns</li>
            </ul>
    
</div>



<p>Two weeks after launching its first multi-coin trust, Valkyrie Investments has added its first Avalanche-focused investment vehicle.</p>



<p>The Valkyrie Avalanche Trust (VAVAX), which will invest solely in the blockchain’s native token AVAX, is available to accredited investors. It carries a management fee of 2% and imposes a $25,000 minimum investment.</p>



<p>The price of Avalanche (AVAX) was about $61 on Wednesday morning, according to data compiled by Blockworks — down about 11% from a week ago. AVAX’s market capitalization of nearly $16 billion is the 14th highest among crypto coins.&nbsp;</p>



<p>AVAX adoption is growing rapidly due in part to its “blazing fast” transaction speeds, Valkyrie Chief Investment Officer Steven McClurg said in a statement. Avalanche is the fastest smart contracts platform as measured by time-to-finality and has the most validators securing transactions of any proof-of-stake protocol, according to the company.</p>



<p>“By launching this trust, we are able to give qualified investors exposure to a protocol that they have been increasingly asking about as [decentralized finance] projects, [non-fungible token] platforms and many other projects have increasingly begun to build on the Avalanche blockchain,” McClurg said.</p>



<p>The trust will soon begin staking AVAX to generate additional returns.</p>



<p>Based in Nashville, Valkyrie reached $1 billion in assets under management in February. The trust launch is Valkyrie’s second this year as the firm seeks to offer exposure to a wider universe of digital assets. Its six other single-asset trusts focus on bitcoin, algorand, polkadot, dash, TRON and Zilliqa.&nbsp;</p>



<p>“With the launch of the Avalanche Valkyrie Trust, institutions will have another reliable avenue to tap into the innovation happening across the community,” Ava Labs President John Wu said in a statement.</p>



<p>Valkyrie <a href="https://cms.blockworks.co/valkyrie-launches-its-first-multi-coin-trust/" target="_blank" rel="noreferrer noopener">launched its first multi-coin trust</a> last month, which represents the firm’s “highest-conviction plays” in the crypto space. Upon launch, 10% of fund capital was allocated to AVAX.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



<p><strong>The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.</strong></p>


Crypto Asset Manager Valkyrie Launches Avalanche Trust for Accredited Investors

Aaron Ahmadi


<div class="toc">


<p>Table of contents</p>


<ol>


<li><a href="#anchor-1">What is AVAX?</a></li>


<li><a href="#anchor-2">The case for AVAX</a></li>


<li><a href="#anchor-3">How to invest in AVAX</a></li>


<li><a href="#anchor-4">Final considerations</a></li>

<li><a href="#anchor-5">Resources and further reading</a></li>

</ol>


</div>



<h2 class="wp-block-heading">What is AVAX?</h2>



<p>Avalanche (<a href="https://www.avax.network/" target="_blank" rel="noreferrer noopener">AVAX</a>) is a layer-1 smart contract platform built by <a href="https://www.avalabs.org/" target="_blank" rel="noreferrer noopener">Ava Labs</a>, which is headquartered in Singapore. It is a proprietary proof-of-stake blockchain that is Ethereum-compatible. Developers can build and deploy decentralized applications (dApps) on the platform.</p>



<p>The Avalanche network is regulated by its primary network, which validates its three subnets:</p>



<ol class="wp-block-list"><li>The Exchange Chain (X-Chain), used to create and exchange tokens, which is an instance of the Avalanche Virtual Machine (AVM)</li><li>The Platform Chain (P-Chain), a metadata blockchain that coordinates validators to create/track subnets</li><li>The Contract Chain (C-Chain), an instance of the Ethereum Virtual Machine (EVM) which creates and deploys smart contracts</li></ol>



<p>These subnets enable the Avalanche network to offer a wide range of features without sacrificing speed, as each subchain only needs to perform a single set of operations specific to its purpose. This speed and variety make it an attractive platform for developers looking to deploy custom blockchains, which they can do on the P-Chain.</p>


<p>[stock_market_widget type=&#8221;table-quotes&#8221; template=&#8221;basic2&#8243; color=&#8221;#5D25E5&#8243; assets=&#8221;AVAX-USD&#8221; fields=&#8221;logo_name_symbol,price,change_abs,change_pct,market_cap&#8221; links=&#8221;{&#8216;AVAX-USD&#8217;:{}}&#8221; display_header=&#8221;true&#8221; display_chart=&#8221;true&#8221; display_currency_symbol=&#8221;true&#8221; pagination=&#8221;true&#8221; search=&#8221;false&#8221; rows_per_page=&#8221;5&#8243; sort_field=&#8221;logo_name_symbol&#8221; sort_direction=&#8221;asc&#8221; alignment=&#8221;left&#8221; api=&#8221;yf&#8221;]</p>



<h2 class="wp-block-heading" id="anchor-2">The case for AVAX</h2>



<h3 class="wp-block-heading">Tokenomics</h3>



<p>AVAX is the primary token of the Avalanche network, though developers can issue their own tokens on its custom blockchains. The max supply of AVAX is 720 million tokens, half of which were created with the genesis block.</p>



<p>However, similar to the Ethereum network, fees in Avalanche are burned, progressively deflating the token supply.&nbsp;</p>



<p>As a proof-of-stake platform, Avalanche relies on validators that stake AVAX to earn block rewards. Validators can earn up to 11% APY on staked AVAX, with the average yearly return currently around 9.75%.</p>



<h3 class="wp-block-heading">Core projects</h3>



<p><a href="https://www.avalabs.org/" target="_blank" rel="noreferrer noopener">Ava Labs</a> and the Avalanche Foundation are the primary organizations associated with the Avalanche network. Ava Labs is responsible for internal research and development, especially the development of the Avalanche network.&nbsp;</p>



<p>The Avalanche Foundation handles economic prospects, such as the <a href="https://cms.blockworks.co/avalanche-launches-200m-fund-to-support-ecosystem-growth/" target="_blank" rel="noreferrer noopener">Blizzard Fund</a>, which supports third-party innovation on the Avalanche network.</p>



<p>The foundation also has a startup accelerator, Avalanche-X, which offers blockchain developers funding for decentralized finance (DeFi) and community projects.</p>



<p>The core aim of the Avalanche network is to be faster and cheaper than other layer-1 smart contract protocols. Some hope meeting this goal would give it an edge in the battle for dominance against the slower Ethereum network, which is known to suffer from gas fees upwards of $100 per transaction in some cases.</p>



<h3 class="wp-block-heading">Core team</h3>



<p>Headquartered in Singapore, Avalanche’s Ava Labs has offices in New York City and Miami, and an international core team comprising developers, economists and legal experts. Members of the Avalanche <a href="https://www.avalabs.org/team" target="_blank" rel="noreferrer noopener">team</a> have experience from companies and organizations like Microsoft, Google, NASA and other noteworthy institutions.&nbsp;</p>



<p>In September 2021, Avalanche held a <a href="https://cms.blockworks.co/avalanche-closes-230m-token-sale-backed-by-three-arrows-capital-polychain/" target="_blank" rel="noreferrer noopener">token sale</a> to raise funds for development, which yielded $230 million and garnered support from Polychain and Three Arrows Capital.</p>



<h3 class="wp-block-heading">Layer-2</h3>



<p>As an Ethereum-compatible layer-1 smart contract platform, Avalanche is capable of hosting just about any Web3 protocol.<br><br>Numerous popular layer-2 projects built on Avalanche across a wide range of use cases:</p>



<ol class="wp-block-list"><li>Decentralized exchanges — <a href="https://www.traderjoexyz.com/#/home" target="_blank" rel="noreferrer noopener">Trader Joe</a>, <a href="https://sushi.com/" target="_blank" rel="noreferrer noopener">SushiSwap</a>, <a href="https://paraswap.io/#/?network=avalanche" target="_blank" rel="noreferrer noopener">ParaSwap</a></li><li>NFT marketplaces — <a href="https://toppsnfts.com/" target="_blank" rel="noreferrer noopener">Topps NFTs</a>, <a href="https://curate.style/" target="_blank" rel="noreferrer noopener">Curate</a>, <a href="https://niftyx.org/" target="_blank" rel="noreferrer noopener">Niftyx Protocol&nbsp;</a></li><li>Borrowing/lending — <a href="https://aave.com/" target="_blank" rel="noreferrer noopener">Aave</a>, <a href="https://avax.curve.fi/" target="_blank" rel="noreferrer noopener">Curve</a>, <a href="https://nexo.io/" target="_blank" rel="noreferrer noopener">Nexo</a></li><li>Optimized yield —&nbsp;<a href="https://www.yield.app/" target="_blank" rel="noreferrer noopener">Yield</a>, <a href="https://snowball.network/" target="_blank" rel="noreferrer noopener">Snowball</a>, <a href="https://yieldyak.com/" target="_blank" rel="noreferrer noopener">Yield Yak</a></li><li>Portfolio management —&nbsp;<a href="https://debank.com/" target="_blank" rel="noreferrer noopener">DeBank</a>, <a href="https://apeboard.finance/" target="_blank" rel="noreferrer noopener">Ape Board</a>, <a href="https://markr.io/" target="_blank" rel="noreferrer noopener">Markr</a></li></ol>



<p>For a full list of layer-2 platforms built on or integrated with Avalanche, explore their <a href="https://ecosystem.avax.network/" target="_blank" rel="noreferrer noopener">ecosystem page</a>.</p>



<h2 class="wp-block-heading" id="anchor-3">How to invest in AVAX</h2>



<h3 class="wp-block-heading">Step 1 &#8211; Buy AVAX</h3>



<p>As with all layer-1s, the most current opportunities to invest in Avalanche start with buying AVAX tokens. That is unless you find a <a href="https://cms.blockworks.co/galaxy-digital-launches-new-institutional-defi-fund/" target="_blank" rel="noreferrer noopener">DeFi index fund</a> with exposure to Avalanche or its layer-2s, which is effectively asking someone else to hold AVAX for you.</p>



<p>If you want to buy AVAX, you can do so on centralized exchanges such as Coinbase, Kraken and Gemini, as well as decentralized exchanges like Trader Joe, Pangolin and Rubic Exchange.</p>



<h3 class="wp-block-heading">Step 2 &#8211; Choose your use case</h3>



<p>Once you’ve bought AVAX, you can hold it in hopes that the token value appreciates. Alternatively, you can choose to put your AVAX to work earning yield. The drawback is that most, if not all, yield farming options have some degree of wait time before your tokens are returned to you, meaning you could miss an opportunity to sell if you can’t pull your tokens out in time.</p>



<h3 class="wp-block-heading"><strong>Staking</strong></h3>



<p>The most common way to earn yield on AVAX is to become a validator for the Avalanche network. To do this, <a href="https://www.avax.network/validators" target="_blank" rel="noreferrer noopener">stake your AVAX</a> on the platform. Your share of block rewards as a validator depends on how many tokens are currently staked but currently averages about 9.75% annually.</p>



<h3 class="wp-block-heading"><strong>Liquidity provision</strong></h3>



<p>Another popular yield farming method is to supply your AVAX as liquidity for a cryptocurrency exchange. One such layer-2 method built on Avalanche is the <a href="https://pangolin.exchange/tutorials/manage-liquidity/" target="_blank" rel="noreferrer noopener">Pangolin Exchange</a>. Liquidity providers on Pangolin earn at least 0.25% of all trades on the deposited token pair proportional to the share of the pool.</p>



<p>Be aware, however, that when you provide liquidity for an exchange, you may experience impermanent loss. Impermanent loss is a phenomenon that occurs when you supply two-sided liquidity and withdraw it later, but you don&#8217;t receive an equal ratio back and suffer a loss of value.</p>



<p>For example, if you provide $1,000 worth of ETH and 1,000 USDT as liquidity in a decentralized exchange (DEX), and other users sell their ETH to buy your USDT, when you withdraw your liquidity you will get back more ETH than USDT, even though you originally supplied equal parts. This is to keep liquidity pools balanced against trades. However, if the value of ETH has decreased since you originally supplied liquidity, then the value of what you’ve withdrawn is now less than the original $2000 you provided.&nbsp;</p>



<p>This is considered an impermanent loss because the user can leave their provision within the DEX until the ratio evens out again.</p>



<h3 class="wp-block-heading"><strong>Invest more than just money</strong></h3>



<p>If you’re feeling entrepreneurial, you may want to take the far less common investing route with Avalanche. Alone or with a team of developers, you can <a href="https://www.avax.network/build" target="_blank" rel="noreferrer noopener">build</a> a dApp, create a token protocol or integrate an exchange on the Avalanche platform.&nbsp;&nbsp;</p>



<h2 class="wp-block-heading" id="anchor-4">Final considerations</h2>



<p>As always, consider your desired level of involvement and your appetite for risk.</p>



<p>There is no such thing as a good investment because every person has different interests, resources and skillsets. However, there are bad investments. A bad investment is easy to spot — it’s the person that asks you if they should invest in (insert asset here) because they heard about it on the news.<br><br>When a project speaks to your experience, interests or beliefs, it’s much easier to dive deeper and comprehend it intimately. Therefore, it becomes a much safer investment. Emotional investing often leads to ruin, but passionate investing can change lives and, often, portfolios for the better.</p>



<h2 class="wp-block-heading" id="anchor-5">Resources and further reading</h2>



<h3 class="wp-block-heading">Avalanche documentation</h3>



<p><a href="https://assets.website-files.com/5d80307810123f5ffbb34d6e/6008d7bbf8b10d1eb01e7e16_Avalanche%20Platform%20Whitepaper.pdf" target="_blank" rel="noreferrer noopener">Avalanche Platform Whitepaper</a></p>



<p><a href="https://assets.website-files.com/5d80307810123f5ffbb34d6e/6009805681b416f34dcae012_Avalanche%20Consensus%20Whitepaper.pdf" target="_blank" rel="noreferrer noopener">Avalanche Consensus Protocol Whitepaper</a></p>



<p><a href="https://assets.website-files.com/5d80307810123f5ffbb34d6e/6008d7bc56430d6b8792b8d1_Avalanche%20Native%20Token%20Dynamics.pdf" target="_blank" rel="noreferrer noopener">Avalanche Native Token Dynamics</a></p>



<p><a href="https://assets.website-files.com/5d80307810123f5ffbb34d6e/5e6176a18436bc4204f4db36_stablecoin.pdf" target="_blank" rel="noreferrer noopener">A Classification Framework for Stablecoin Designs</a></p>



<h3 class="wp-block-heading">Recent news</h3>



<p><a href="https://cms.blockworks.co/voyager-expands-avax-nft-defi-offerings-with-avalanche-integration/" target="_blank" rel="noreferrer noopener">Voyager Expands AVAX, NFT, DeFi Offerings with Avalanche Integration</a></p>



<p><a href="https://cms.blockworks.co/avalanche-launches-200m-fund-to-support-ecosystem-growth/" target="_blank" rel="noreferrer noopener">Avalanche Launches $200M Fund to Support Ecosystem Growth</a></p>



<p><a href="https://cms.blockworks.co/roll-raises-10m-merkle-science-closed-5-75m-and-avalanche-touts-token-sale/" target="_blank" rel="noreferrer noopener">Roll Raises $10M, Merkle Science Closed $5.75M and Avalanche Touts Token Sale</a></p>



<p><a href="https://cms.blockworks.co/avalanche-closes-230m-token-sale-backed-by-three-arrows-capital-polychain/" target="_blank" rel="noreferrer noopener">Avalanche Closes $230M Token Sale Backed by Three Arrows Capital, Polychain</a></p>



<p>​</p>



<h3 class="wp-block-heading"><strong>Get educated. Check out&nbsp;<a href="https://cms.blockworks.co/the-investors-guide-to-bitcoin/" target="_blank" rel="noreferrer noopener">The Investor’s Guide to Bitcoin</a>,&nbsp;<a href="https://cms.blockworks.co/the-investors-guide-to-nfts/" target="_blank" rel="noreferrer noopener">The Investor’s Guide to NFTs</a>,&nbsp;<a href="https://cms.blockworks.co/the-investors-guide-to-defi/" target="_blank" rel="noreferrer noopener">The Investor’s Guide to DeFi</a>,&nbsp;<a href="https://cms.blockworks.co/the-investors-guide-to-the-metaverse/" target="_blank" rel="noreferrer noopener">The Investor’s Guide to the Metaverse</a>&nbsp;or&nbsp;<a href="https://cms.blockworks.co/the-investors-guide-to-music-nfts/" target="_blank" rel="noreferrer noopener">The Investor’s Guide to Music NFTs.</a></strong></h3>



<p><em>Note: This Investor’s Guide was not sponsored. The writer is not invested in Avalanche, Ava Labs, their subsidiaries or any projects mentioned in this guide at the time of writing and publishing. This is not an endorsement of any project, and should not be interpreted as investment advice. This Guide is for educational purposes only.</em></p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p><strong>Start your day with top crypto insights from David Canellis and Katherine Ross. <a href="https://blockworks.co/newsletter/empire">Subscribe to the Empire newsletter</a>.</strong></p>



<p><strong>Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. <a href="https://blockworks.co/newsletter/onthemargin">Subscribe to the Forward Guidance newsletter</a>.</strong></p>



<p><strong>Get alpha directly in your inbox with the <a href="https://blockworks.co/newsletter/research">0xResearch newsletter</a> — market highlights, charts, degen trade ideas, governance updates, and more.</strong></p>



<p><strong>The Lightspeed newsletter is all things Solana, in your inbox, every day. <a href="https://blockworks.co/newsletter/lightspeed">Subscribe to daily Solana news</a> from Jack Kubinec and Jeff Albus.</strong></p>


The Investor’s Guide to Avalanche (AVAX)

Sam Martin

<div id="highlights-block_6070167e3d7d3ae75bf84ac6fdf0d8b9" class="highlights">
        <ul>
                <li>AVAX explodes higher despite bearish price action in the broader crypto market</li>
                <li>BTC trades near an all-time high when measured against the Turkish Lira</li>
            </ul>
    
</div>



<p>AVAX, the native token to the layer-1 blockchain Avalanche, has rallied 27.5% over the past week and is currently trading near $110, according to data from <a href="https://www.coingecko.com/en" target="_blank" rel="noreferrer noopener">Coingecko</a>.</p>



<p>Avalanche is leading the market in TVL growth, decentralized finance (DeFi) users and <a href="https://blockworks.co/tag/defi">DeFi</a> revenue as developer activity on the blockchain continues to grow.</p>



<p>Bitcoin (<a href="https://blockworks.co/price/btc">BTC</a>) is also nearing all-time highs when measured against the Turkish Lira (TRY).</p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list">
<li>S&amp;P 500: 4,620, -1.03%</li>



<li>NASDAQ: 15,169, -0.07%</li>



<li>Gold: $1,797, -0.05%</li>



<li>WTI Crude Oil: $70.45, -2.67%</li>



<li>10-Year Treasury: 1.412%, -0.01%</li>
</ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list">
<li><a href="https://blockworks.co/price/btc">BTC</a>: $46,221, -0.80%</li>



<li><a href="https://blockworks.co/price/eth">ETH</a>: $3,859, -0.70%</li>



<li>ETH/BTC: 0.0833, +0.29%</li>



<li>BTC.D: 40.82%, -0.42%</li>
</ul>



<h3 class="wp-block-heading">AVAX rallies</h3>



<p>According to its&nbsp;<a href="https://whitepaper.io/document/603/avalanche-whitepaper" target="_blank" rel="noreferrer noopener">whitepaper</a>, Avalanche is a high-performance, scalable, customizable and secure blockchain platform. It targets three broad use cases:</p>



<ul class="wp-block-list">
<li>Building application-speciﬁc blockchains, spanning permissioned (private) and permissionless (public) deployments.</li>



<li>Building and launching highly scalable and decentralized applications (dapps).</li>



<li>Building arbitrarily complex digital assets with custom rules, covenants and riders (smart assets).</li>
</ul>



<p><a href="https://blockworks.co/price/avax">AVAX</a> now boasts $11.6 billion in total value locked (TVL). Aave and Trader Joe are the two largest dapps when measured by TVL, according to data from <a href="https://defillama.com" target="_blank" rel="noreferrer noopener">DeFi Llama</a>.</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="1018" height="327" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.21.28-PM.png" alt="" class="wp-image-12849" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.21.28-PM.png?w=1018 1018w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.21.28-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.21.28-PM.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.21.28-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.21.28-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.21.28-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.21.28-PM.png?w=80 80w" sizes="auto, (max-width: 1018px) 100vw, 1018px" /><figcaption class="wp-element-caption">Source: DeFi Llama</figcaption></figure></div>


<p>TVL is a useful metric to track but can be misleading when viewing it independently. It can be helpful to look at user growth, revenue growth and debt volume growth in tandem with TVL to ensure it&#8217;s not just incentive programs and yield farmers inorganically driving the number higher.</p>



<p>Recently released analysis by <a href="https://blockworks.co/tag/messari">Messari</a>, which measures the fastest growing DeFi ecosystems from Oct. 15 to Nov. 15, indicates that AVAX leads in a number of categories. </p>



<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="576" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg" alt="" class="wp-image-12852" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=1536 1536w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=464 464w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/usage-avax-1024x576.jpg?w=1600 1600w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Messari</figcaption></figure>



<p>Total transactions on Avalanche continues to grow at a rapid pace, according to data from <a href="https://pro.nansen.ai/multichain/avalanche" target="_blank" rel="noreferrer noopener">Nansen</a>, as there were more than 700,000 on Friday.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="406" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png" alt="" class="wp-image-12850" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.22.16-PM-1024x406.png?w=1075 1075w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Nansen</figcaption></figure></div>


<p>Developer activity is also growing on Avalanche. A Delphi Digital report <a href="https://members.delphidigital.io/reports/prices-rebound-avalanche-dev-activity-dex-volumes/" target="_blank" rel="noreferrer noopener">notes</a> that the number of unique Contract Chain&nbsp;(C-Chain) developers have doubled from 200 to 400 over the past month. </p>



<p>&#8220;With the recent&nbsp;<a href="https://twitter.com/_patrickogrady/status/1471223325045100545?s=20">launch of AvaLabs’ Subnet-EVM</a>, it seems reasonable to expect the number of developers to continue multiplying,&#8221; Delphi Digital wrote in the post. &#8220;The Subnet-EVM eases the deployment of EVM-compatible blockchains using a single JSON file, reportedly taking just 90 seconds.&#8221;</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="656" height="340" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.28.14-PM.png" alt="" class="wp-image-12851" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.28.14-PM.png?w=656 656w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.28.14-PM.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.28.14-PM.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.28.14-PM.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.28.14-PM.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-3.28.14-PM.png?w=80 80w" sizes="auto, (max-width: 656px) 100vw, 656px" /><figcaption class="wp-element-caption">Source: Delphi Digital</figcaption></figure></div>


<h3 class="wp-block-heading">BTC nears ATH when denominated in the Turkish Lira</h3>



<p>Turkey is among the top 30 adopters of bitcoin when measured by the percentage of the population who own digital assets, according to <a href="https://triple-a.io/crypto-ownership/" target="_blank" rel="noreferrer noopener">Triple A research</a>. The research states that about 2.7 million Turkish citizens own crypto, representing almost 3% of the country&#8217;s population. </p>



<p>&#8220;As Turkey cut their interest rate in 2021, their inflation kept accelerating, and their currency accelerated its devaluation against the dollar.&#8221; <a href="https://twitter.com/LynAldenContact/status/1471581982744363019?s=20" target="_blank" rel="noreferrer noopener">wrote</a> Lyn Alden, founder of Lyn Alden investment Strategy. &#8220;The [Modern Monetary Theory] argument is that if they go to zero, inflation will reverse, even though it worsened as they reduced rates from 19% to 14%. Turkey&#8217;s issue is they have too much USD debt relative to their FX reserves, and nobody wants to hold the lira with negative real rates.&#8221;</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="718" height="900" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Lira-v-interest-rates.jpg" alt="" class="wp-image-12853" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Lira-v-interest-rates.jpg?w=718 718w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Lira-v-interest-rates.jpg?w=239 239w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Lira-v-interest-rates.jpg?w=205 205w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Lira-v-interest-rates.jpg?w=208 208w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Lira-v-interest-rates.jpg?w=175 175w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Lira-v-interest-rates.jpg?w=64 64w" sizes="auto, (max-width: 718px) 100vw, 718px" /><figcaption class="wp-element-caption">Source: @Financial Times</figcaption></figure></div>


<p>Turkish citizens seeking alternative places to park their cash comes amid the country&#8217;s current <a href="https://www.reuters.com/markets/rates-bonds/turkish-lira-trades-near-record-low-after-rate-cut-fuels-slide-2021-12-17/" target="_blank" rel="noreferrer noopener">currency crisis</a>.</p>



<p>While BTC has struggled over the past three months when denominated in the USD, BTC/TRY investors have seen their purchasing power increase over that same time frame. BTC/TRY has returned 103% over the past 3 months and is trading near an all-time high, according to data from <a href="https://www.tradingview.com/chart/5GPs0hRQ/?symbol=BINANCE%3ABTCTRY" target="_blank" rel="noreferrer noopener">Trading View</a>.</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="684" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png" alt="" class="wp-image-12878" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png?w=385 385w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png?w=391 391w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png?w=328 328w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/BTCTRY_2021-12-17_15-55-11-1024x684.png?w=1161 1161w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Source: Trading View</figcaption></figure></div>


<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>


<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="330" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png" alt="" class="wp-image-12879" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.19-PM-1024x330.png?w=1233 1233w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Top Ethereum Projects</figcaption></figure></div>

<div class="wp-block-image">
<figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="288" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png" alt="" class="wp-image-12880" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/12/Screen-Shot-2021-12-17-at-4.05.27-PM-1024x288.png?w=1199 1199w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption class="wp-element-caption">Top Solana Projects </figcaption></figure></div>


<p>If you made it this far, thanks for reading! I am looking forward to catching up on Monday.</p>



<hr class="wp-block-separator has-css-opacity"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



<hr class="wp-block-separator has-css-opacity"/>


AVAX Rallies; BTC Nears ATH in Turkish Lira: Markets Wrap

ETH and BTC Cede Market Share to AVAX, SOL, LUNA and BSC: Markets Wrap

<div id="highlights-block_617725d07bf3f" class="highlights">
        <ul>
                <li>Avalanche (AVAX) continues to outperform the broader digital asset market</li>
                <li>Crypto.com&#8217;s blockchain token, CRO, has rallied on news of various company partnerships</li>
            </ul>
    
</div>



<p>AVAX went parabolic despite the broader market drawdown. </p>



<p>Curve and Aave have launched on top of Avalanche to take advantage of numerous incentive programs.</p>



<p>The Avalanche-Ethereum bridge is the second-largest bridge by TVL in the Ethereum ecosystem. </p>



<p>CRO exploded on news that Crypto.com signed a deal to rename the Staples Center in LA to Crypto.com Arena for $700 million.</p>



<p>DOT, ROSE, NEAR and LUNA are the most widely held coins among crypto VCs. </p>



<p>Bored Ape #8650 sold for $1.9 million. </p>



<h3 class="wp-block-heading"><strong>Latest in Macro:</strong></h3>



<ul class="wp-block-list"><li>S&amp;P 500: 4,688, -.26%</li><li>NASDAQ: 15,921, -.33%</li><li>Gold: $1,867, +.91%</li><li>WTI Crude Oil: $77.92, -3.49%</li><li>10-Year Treasury: 1.587%, -.047%</li></ul>



<h3 class="wp-block-heading"><strong>Latest in Crypto:</strong></h3>



<ul class="wp-block-list"><li>BTC: $59,992, -.66%</li><li>ETH: $4,239, -.27%</li><li>ETH/BTC: .0706, +.88%</li><li>BTC.D: 44.04%, +.67%</li></ul>



<h3 class="wp-block-heading">AVAX explosion</h3>



<p><meta charset="utf-8">In a day that was full of red across the board, AVAX was an out-performer amidst market volatility. </p>



<p>Avalanche (AVAX) has surpassed LUNA as the twelfth-largest digital asset in the world. It was last trading around $109 with a market cap of $24 billion. Out of the maximum 720 million AVAX tokens, the circulating supply sits at 220 million AVAX tokens, leading to a fully diluted value of $79 billion.</p>



<p>The Avalanche blockchain is now the fourth largest of layer-1 chains by total value locked, which currently sits at $11.03 billion. Avalanche currently holds a 4.27% market share of TVL across layer-1 chains, according to data from <a href="https://defillama.com/chains" target="_blank" rel="noreferrer noopener">DefiLlama</a>. </p>



<p>Avalanche claims to be the fastest smart contract platform with more validators than any other proof-of-stake chain, according to the project&#8217;s <a href="https://www.avax.network" target="_blank" rel="noreferrer noopener">website</a>. Some stats on estimated staking APYs and other KPIs can be seen below:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="926" height="348" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png" alt="" class="wp-image-11377" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=926 926w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-validator.png?w=80 80w" sizes="auto, (max-width: 926px) 100vw, 926px" /></figure>



<p>Some comparisons to other layer-1 chains, provided by Avalanche, can be seen in the following table:</p>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="919" height="664" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png" alt="" class="wp-image-11376" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=919 919w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=356 356w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=361 361w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=303 303w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-comps.png?w=80 80w" sizes="auto, (max-width: 919px) 100vw, 919px" /><figcaption>Source: <a href="https://www.avax.network">https://www.avax.network</a></figcaption></figure>



<h3 class="wp-block-heading">Ethereum dApps launched on Avalanche</h3>



<p>Avalanche can support solidity, a smart contract programming language, dApps. Because of this compatibility, some popular Ethereum dApps have elected to launch on top of Avalanche.    </p>



<p>Aave, for example, is one of the largest peer-to-peer borrowing and lending dApps on Ethereum. The Aave DAO voted to launch on top of the Avalanche blockchain and has since become the largest application in the ecosystem in terms of TVL. </p>



<p>Another popular Ethereum dApp, Curve (CRV), built on top of the Avalanche chain to provide its services to a wider array of users. Curve has become the fourth largest dApp built on top of Avalanche. </p>



<p>“As DeFi becomes more and more popular, it becomes clear that Ethereum blockchain is currently struggling to fit all the activity. Thus, it is important to expand to other chains and L2s,” Curve Financial CEO Michael Egorov said in a statement. “We find Avalanche offering an excellent opportunity with its unique decentralized consensus mechanism, high throughput and low transaction fees.”&nbsp;</p>



<p>The main draw for Ethereum-based dApps to be built on AVAX blockchain is likely the liquidity incentives program, called Avalanche Rush, that was <a href="https://cms.blockworks.co/avalanche-to-add-defi-protocols-aave-and-curve/" target="_blank" rel="noreferrer noopener">announced</a> back in August. The $180 million incentive program (which has since risen in value) will distribute AVAX tokens to those who provide liquidity to dApps built on the Avalanche chain. These rewards will continue to be distributed to liquidity providers over a multi-month period, but it is anyone&#8217;s guess if that liquidity will dry up after the rewards have all been distributed. </p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img decoding="async" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-2.54.01-PM-1024x678-1.jpg" alt="" class="wp-image-11378"/><figcaption>Source: Defi Llama</figcaption></figure></div>



<h3 class="wp-block-heading">AVAX Bridge</h3>



<p>The Ethereum-Avalanche bridge is the second largest bridge in the Ethereum ecosystem. This would make sense due to the aforementioned liquidity mining program and Ethereum native dApps such as Aave and Curve building on top of the up and coming blockchain. Its TVL currently sits near $5.6 billion. </p>



<p>The <a href="https://bridge.avax.network/login" target="_blank" rel="noreferrer noopener">bridge</a> can be used to port Ethereum assets into the avalanche ecosystem and vice versa.  </p>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="698" height="295" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png" alt="" class="wp-image-11388" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=698 698w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/AVAX-Bridge.png?w=80 80w" sizes="auto, (max-width: 698px) 100vw, 698px" /><figcaption>Source: Dune Analytics</figcaption></figure></div>



<p> </p>



<p>Yesterday, <a href="https://www.avalabs.org" target="_blank" rel="noreferrer noopener">Ava Labs</a> <a href="https://medium.com/avalancheavax/deloitte-leverages-avalanche-to-improve-recoveries-from-natural-disasters-and-public-health-4fa3fd3644bf" target="_blank" rel="noreferrer noopener">announced</a> a partnership with Deloitte to leverage the Avalanche blockchain to improve recoveries from natural disasters and public health emergencies.<a href="https://avalancheavax.medium.com/?source=post_page-----4fa3fd3644bf-----------------------------------"></a></p>



<h3 class="wp-block-heading">Crypto.com</h3>



<p>Crypto.com&#8217;s blockchain token, CRO, is trading above $.50 for the first time ever. The token is up 191% over the past month. </p>



<p>&#8220;The Crypto.com Chain was created to build a network of cryptocurrency projects, and develop merchants’ ability to accept crypto as a form of payment.&#8221; according to the company&#8217;s <a href="https://crypto.com/price/crypto-com-coin" target="_blank" rel="noreferrer noopener">website</a>. &#8220;The Crypto.com Chain is a high performing native blockchain solution, which will make the transaction flows between crypto users and merchants accepting crypto seamless, cost-efficient and secure.&#8221;</p>



<p>The company has placed an emphasis on advertising, similar to FTX. Matt Damon recently <a href="https://www.bloomberg.com/news/articles/2021-10-28/matt-damon-to-promote-crypto-com-in-race-to-attract-new-users" target="_blank" rel="noreferrer noopener">partnered</a> with Crypto.com to become the face of the crypto exchange. Earlier today, the company <a href="https://www.wsj.com/articles/staples-center-in-l-a-to-be-renamed-crypto-com-arena-11637145428" target="_blank" rel="noreferrer noopener">inked</a> a deal to re-name the Staples Center in LA to  Crypto.com Arena for the next 20 years. The deal was worth a whopping $700 million.  </p>



<p>The CRO token price is likely following the headlines, which have been in abundance over the past few months.</p>



<h3 class="wp-block-heading">Messari Q3 2021 fund screening</h3>



<figure class="wp-block-image size-full"><img loading="lazy" decoding="async" width="987" height="553" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg" alt="" class="wp-image-11395" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=987 987w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=466 466w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/desktop-1.jpg?w=80 80w" sizes="auto, (max-width: 987px) 100vw, 987px" /></figure>



<h3 class="wp-block-heading">Non-Fungible Tokens (NFTs)</h3>



<p>Bored Ape Yacht Club remains hot, with Ape #8650 <a href="https://twitter.com/ape_g4ng/status/1460887650995482624?s=20" target="_blank" rel="noreferrer noopener">selling</a> for roughly $1.9 million in the middle of last night. Trading data from <a href="https://opensea.io/rankings" target="_blank" rel="noreferrer noopener">OpenSea</a> and <a href="https://solanalysis.com" target="_blank" rel="noreferrer noopener">Solanalysis</a> of some of the top Solana and Ethereum projects can be found below:</p>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="335" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png" alt="" class="wp-image-11403" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.34-PM-1024x335.png?w=1232 1232w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Ethereum Projects</figcaption></figure></div>



<div class="wp-block-image"><figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="282" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png" alt="" class="wp-image-11404" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=1024 1024w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=470 470w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=80 80w, https://blockworks-co.imgix.net/wp-content/uploads/2021/11/Screen-Shot-2021-11-17-at-4.24.53-PM-1024x282.png?w=1200 1200w" sizes="auto, (max-width: 1024px) 100vw, 1024px" /><figcaption>Top Solana Projects </figcaption></figure></div>



<p>If you made it this far, thanks for reading! I am looking forward to catching up tomorrow.</p>



<hr class="wp-block-separator"/>



<p><strong>Get the day’s top crypto news and insights delivered to your inbox every evening.&nbsp;<a href="https://cms.blockworks.co/newsletter/" target="_blank" rel="noreferrer noopener">Subscribe to Blockworks’ free newsletter</a>&nbsp;now.</strong></p>



<hr class="wp-block-separator"/>


AVAX Rallies Amidst Broader Market Sell-off: Markets Wrap

$70K BTC Imminent; AVAX Continues to Outperform: Markets Wrap

<div id="highlights-block_6182bac113a6d" class="highlights">
        <ul>
                <li>Voyager Digital recently reported that it expects consistent staking revenues of $40 million to $50 million per quarter </li>
                <li>CEO Steve Ehlrich said last week that the company intends to make NFTs on multiple platforms accessible to its users in 2022 </li>
            </ul>
    
</div>



<p>Voyager Digital is integrating with Avalanche to include transfers and staking of the AVAX token into its brokerage platform, it announced Tuesday. The initiative will also give Voyager customers access to Avalanche-based DeFi tools and NFTs.&nbsp;</p>



<p>Voyager CEO Steve Ehrlich told Blockworks in an email that the company chose to partner with Avalanche because of the platform&#8217;s powerful ability to create secure and reliable applications. He called it “the fastest smart contracts platform in the blockchain industry,” noting that it processes thousands of transactions a second.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><strong>“As the rise of gas fees continues to affect Ethereum and Ethereum-based applications, Avalanche makes a perfect partner for Voyager as it is cost-efficient and compatible with the Ethereum virtual machine,” Ehrlich explained. “Avalanche’s growing ecosystem is a great fit as we continue to expand the Voyager ecosystem toward DeFi and NFTs.”</strong></p></blockquote>



<p>Voyager will begin rolling out the integration with staking rewards and transfers of AVAX, he added, followed by DeFi, NFTs and other wealth-building tools.</p>



<p>The company partnered with Blockdaemon in April to enable its users to earn interest on a wider scope of coins offered on the platform. Voyager CFO Evan Psaropoulos noted <a href="https://cms.blockworks.co/voyager-looking-to-enter-nft-space-in-2022-ceo-says/" target="_blank" rel="noreferrer noopener">during a call on Oct. 29</a> that he expects to see consistent staking revenues of $40 million to $50 million per quarter, beginning this quarter.</p>



<p>&#8220;By enabling individuals to earn rewards on staked AVAX, deposit and withdraw AVAX, and easily access Avalanche DeFi and NFT products on the Voyager app, Voyager is allowing its users to tap into the rapidly growing Avalanche DeFi ecosystem directly from its trusted platform,” John Nahas, Vice President of Business Development at Ava Labs, said in a statement.&nbsp;&nbsp;</p>



<p>AVAX’s price was $70.96 as of 11:45 a.m. ET, according to <a href="https://www.coingecko.com/en">CoinGecko</a> &#8211; up nearly 8% in the last 24 hours. The coin’s market cap is now roughly $15.6 billion, the 13th-highest among crypto tokens.&nbsp;&nbsp;</p>



<p>Voyager has been busy recently, announcing last week <a href="https://cms.blockworks.co/a16z-invests-250m-in-alchemy-alameda-backs-voyager-with-75m/">a $75 million investment </a>from crypto market maker Alameda Research, which trades over $5 billion per day. The company also <a href="https://cms.blockworks.co/voyager-digital-partners-with-dallas-mavericks/">partnered with the Dallas Mavericks</a> as part of a five-year deal to make cryptocurrency more accessible through educational and community programs, as well as fan engagement promotions.&nbsp;&nbsp;</p>



<p>Ehlrich said during last week’s call that the company intends to make NFTs on multiple platforms accessible in 2022 to its users, which now total more than 2 million. He noted that Alameda Research, which has helped build out the Solana network, would be able to assist the firm in doing so.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"><p><strong>“While the management team has not defined the structure of this play on NFTs, the company&#8217;s network of sports and social influencers make Voyager a potential launch pad for social NFTs connected to these partners,” Compass Point Research &amp; Trading Analyst Chris Allen said in a Tuesday research note. “We note that the NFT marketplace, while still small relative to the greater cryptocurrency space, is becoming increasingly competitive with platforms such as Coinbase, Kraken, and FTX all entering the market.”</strong></p></blockquote>



<p>Nahas added that Avalanche would work with Voyager to add more products and services related to the Avalanche platform.</p>



<p>Avalanche <a href="https://cms.blockworks.co/avalanche-launches-200m-fund-to-support-ecosystem-growth/" target="_blank" rel="noreferrer noopener">announced the launch</a> of a new $200 million fund on Monday that would focus on growing decentralized finance, enterprise applications, NFTs and culture applications across its blockchain.&nbsp;</p>



<p>Ava Labs President John Wu <a href="https://cms.blockworks.co/das-2021-ava-labs-wu-says-economies-will-depend-on-next-gen-layer-1s/" target="_blank" rel="noreferrer noopener">said during Blockworks’ Digital Asset Summit</a> in September that the layer-1 protocols that are competing with Ethereum, such as Avalanche, will be the home of economies.</p>



<p>“You can have internet of value, you can have ecosystems, but you don’t have an economy unless transactions are easily done and affordably done,” he said.</p>


Voyager Expands AVAX, NFT, DeFi Offerings with Avalanche Integration

Morgan Chittum

<div id="highlights-block_60c9fc7f1690b" class="highlights">
        <ul>
                <li>Total crypto market capitalization remains above $2 trillion</li>
                <li>Amid an insider trading scandal, OpenSea&#8217;s former product head Nate Chastain, updated his Twitter bio to say “Past: @opensea” on Thursday</li>
            </ul>
    
</div>



<p>DeFi token $SUSHI fell Friday on a string of <a href="https://cms.blockworks.co/sushiswap-swaps-out-co-founder-0xmaki/" target="_blank" rel="noreferrer noopener">news</a>, shedding 14% in the past 24 hours. </p>



<p>SushiSwap, a decentralized automated market maker which created the token, had a roughly $3 million breach on its token launchpad platform. In addition, one of SushiSwap&#8217;s lead developers reportedly relinquished his leadership role to another. $SUSHI is trading at $13.28, as of press time. This is 43.2% lower than the token&#8217;s all-time high (ATH), according to <a href="https://www.coingecko.com/en/coins/sushi" target="_blank" rel="noreferrer noopener">CoinGecko</a>. However, in the past week the blue chip token is up 20.7%.</p>



<p>$AVAX, the native token behind Avalanche, continued to rise following the company&#8217;s funding <a href="https://cms.blockworks.co/avalanche-closes-230m-token-sale-backed-by-three-arrows-capital-polychain/" target="_blank" rel="noreferrer noopener">news</a> on Thursday. $AVAX hiked 2.46% to $64.78, as of press time. The altcoin has made gains of 114.73% in the past month and is 4.91% away from its ATH. The token is dubbed the twelfth largest digital asset with a market cap of $14.23 billion, according to<a href="https://messari.io/asset/avalanche" target="_blank" rel="noreferrer noopener"> Messari.</a> </p>



<p>Major cryptos like bitcoin and ethereum were mixed. BTC was little changed up 0.3% and ETH shed roughly 2.5%, respectively. Despite its Friday decline, ether is still up 6.07% in the past week. Total crypto market capitalization remains above $2 trillion. </p>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list"><li>Terra ($LUNA) is trading at $35.07, declining 7.1% and trading volume at $1,065,496,649 in 24 hours.</li><li>Uniswap ($UNI) is trading at $26.38, advancing 0.8% with a total value locked at $4,897,757,636 in 24 hours at 4:00 pm ET.</li><li>DeFi:ETH is 32.1% at 4:00 pm ET. </li></ul>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list" id="block-1209f037-00c3-4876-ad37-a29ab610c717"><li>Bitcoin is trading around&nbsp;$47,301.79, up 0.32% in 24 hours at 4:00 pm ET.</li><li>Ether is trading around $3,406.51, down -2.62% in 24 hours at 4:00 pm ET.</li><li>ETH:BTC is at 0.071, rising 0.06% at 4:00 pm ET.</li></ul>



<div class="wp-block-image"><figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="622" height="504" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/09/B0AC5D15-8891-44D1-BB0A-361DFF10F283.jpeg" alt="" class="wp-image-8221" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/09/B0AC5D15-8891-44D1-BB0A-361DFF10F283.jpeg?w=622 622w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/B0AC5D15-8891-44D1-BB0A-361DFF10F283.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/B0AC5D15-8891-44D1-BB0A-361DFF10F283.jpeg?w=317 317w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/B0AC5D15-8891-44D1-BB0A-361DFF10F283.jpeg?w=322 322w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/B0AC5D15-8891-44D1-BB0A-361DFF10F283.jpeg?w=270 270w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/B0AC5D15-8891-44D1-BB0A-361DFF10F283.jpeg?w=80 80w" sizes="auto, (max-width: 622px) 100vw, 622px" /><figcaption> $SUSHI trading over the past day. Source:CoinGecko</figcaption></figure></div>



<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list"><li>The Dow was down -0.48% to 34,584.</li><li>S&amp;P 500 fell -0.91% to 4,432.</li><li>Nasdaq declined -0.91% to 15,043.</li></ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list" id="block-d64d70c9-7052-4f1a-8167-3d370fe08354"><li>Brent crude was down to $75.33 per barrel, declining -0.45%.</li><li>Gold declined -0.23% to $1,752.6.</li></ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list"><li>The US dollar strengthened 0.33%, according to the Bloomberg Dollar Spot Index.</li></ul>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list"><li>US 10-year treasury yields 1.363% as of 4:00 pm ET.</li></ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>OpenSea, one of the largest NFT marketplaces, is at the center of an alleged insider trading scandal. Nate Chastain, former product head of OpenSea, updated his Twitter bio to say “Past: @opensea” on Thursday, Blockworks <a href="https://cms.blockworks.co/openseas-nate-chastain-calls-it-quits-after-insider-trading-allegations/" target="_blank" rel="noreferrer noopener">reported.</a> Devin Finzer, co-founder of OpenSea, <a href="https://opensea.io/blog/announcements/employee-information-use-at-opensea/" target="_blank" rel="noreferrer noopener">admitted</a> in a blog post that someone at the company was involved in insider trading, but didn’t explicitly name Chastain.</p>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here on Monday.</p>



<hr class="wp-block-separator"/>



<p><strong>Are you a UK or EU reader that can&#8217;t get enough investor-focused content on digital assets?<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Join us</a>&nbsp;in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Buy it now</a>.</strong></p>



<hr class="wp-block-separator"/>


Bitcoin Hovers Below $50K as DeFi Token  $SUSHI Topples: Markets Wrap

<div id="highlights-block_e0f85a4a7046b0df5fb1c8ede559f71b" class="highlights">
        <ul>
                <li>$AVAX is currently the twelfth largest digital asset with a market cap of over $14 billion</li>
                <li>Terra&#8217;s native token, $LUNA, inched up to $37.87 as the altcoin prepares for its upcoming upgrade in late-September</li>
            </ul>
    
</div>



<p>Major cryptocurrencies fell on Thursday as altcoins behind Avalanche, Terra and Cosmos made decent gains. </p>



<p>$AVAX, the native token behind Avalanche, surged on Thursday following the company&#8217;s funding <a href="https://cms.blockworks.co/avalanche-closes-230m-token-sale-backed-by-three-arrows-capital-polychain/" target="_blank" rel="noreferrer noopener">news</a>.</p>



<p>Avalanche Foundation announced a $230 million token sale in June with participation from big-name investors such as Three Arrows Capital, Polychain and more. The funding will go toward accelerating the growth of NFTs, DeFi and various other asset classes on its blockchain. <a href="https://blockworks.co/price/avax">$AVAX</a> hit a day-high of $67.90, but later simmered down to $65.97, as of press time. The token is currently the the twelfth largest digital asset with a market capitalization of $14.12 billion, according to Messari. </p>



<p>Terra&#8217;s native token, <a href="https://blockworks.co/price/luna">$LUNA</a>, inched up to $37.87 as the altcoin prepares for its upcoming upgrade, referred to as Columbus 5 fork, in late-September. </p>



<p><a href="https://blockworks.co/price/atom">$ATOM</a>, the token behind Cosmos, was trading at $35.97, up 6% on-day. The crypto has been on a recent hot streak, hitting its all-time high on Tuesday of $38.78. $ATOM is up 485.9% in the past year. </p>



<p>Bitcoin and ethereum were steady on Thursday. <a href="https://blockworks.co/price/btc">BTC</a> shed around 0.5% and ETH was up 1%, respectively.  </p>



<h3 class="wp-block-heading">Crypto</h3>



<ul class="wp-block-list">
<li>Bitcoin is trading around&nbsp;$47,721.48, declining -0.48% in 24 hours at 4:00 pm ET.</li>



<li>Ether is trading around $3,583.39, up 0.76% in 24 hours at 4:00 pm ET.</li>



<li>ETH:BTC is at 0.075, rising 0.06% at 4:00 pm ET.</li>
</ul>



<h3 class="wp-block-heading">DeFi</h3>



<ul class="wp-block-list">
<li>Terra ($LUNA) is trading at $37.87, up 2.8% and trading volume at $1,196,454,692 in 24 hours.</li>



<li><a href="https://blockworks.co/price/uni">Uniswap</a> ($UNI) is trading at $26.38, advancing 0.8% with a total value locked at $4,897,757,636 in 24 hours at 4:00 pm ET.</li>



<li>DeFi:ETH is 32.1% at 4:00 pm ET. </li>
</ul>



<h3 class="wp-block-heading">Insight</h3>



<p>&#8220;With Ethereum transaction costs soaring over the past few weeks, attention has focused on the evolution of so-called &#8216;Ethereum killers&#8217;, alternative smart contract platforms that offer higher throughput, faster settlement times and lower fees,&#8221; Noelle Acheson, head of market insights at Genesis, said in a statement. &#8220;While some of these, such as Solana and Avalanche, are seeing strong activity and soaring token prices, they are not so much Ethereum competitors as Ethereum complements. Each offers the user advantages such as speed and cost savings, and some are gaining significant traction with users.&#8221; </p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img loading="lazy" decoding="async" width="841" height="475" src="https://blockworks-co.imgix.net/wp-content/uploads/2021/09/C6E2EE11-0308-44B0-A605-FFC2F35BB4E3.jpeg" alt="" class="wp-image-8059" srcset="https://blockworks-co.imgix.net/wp-content/uploads/2021/09/C6E2EE11-0308-44B0-A605-FFC2F35BB4E3.jpeg?w=841 841w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/C6E2EE11-0308-44B0-A605-FFC2F35BB4E3.jpeg?w=300 300w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/C6E2EE11-0308-44B0-A605-FFC2F35BB4E3.jpeg?w=768 768w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/C6E2EE11-0308-44B0-A605-FFC2F35BB4E3.jpeg?w=428 428w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/C6E2EE11-0308-44B0-A605-FFC2F35BB4E3.jpeg?w=462 462w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/C6E2EE11-0308-44B0-A605-FFC2F35BB4E3.jpeg?w=389 389w, https://blockworks-co.imgix.net/wp-content/uploads/2021/09/C6E2EE11-0308-44B0-A605-FFC2F35BB4E3.jpeg?w=80 80w" sizes="auto, (max-width: 841px) 100vw, 841px" /><figcaption class="wp-element-caption">Avalanche (AVAX) trading over the past day. Source:Messari</figcaption></figure></div>


<h3 class="wp-block-heading">Equities</h3>



<ul class="wp-block-list">
<li>The Dow was down -0.18% to 34,751.</li>



<li>S&amp;P 500 fell -0.16% to 4,473.</li>



<li>Nasdaq made gains of 0.13% to 15,181.</li>
</ul>



<h3 class="wp-block-heading">Commodities</h3>



<ul class="wp-block-list">
<li>Brent crude was up to $75.66 per barrel, advancing 0.27%.</li>



<li>Gold was down -2.31% to $1,753.30.</li>
</ul>



<h3 class="wp-block-heading">Currencies</h3>



<ul class="wp-block-list">
<li>The US dollar strengthened 0.33%, according to the Bloomberg Dollar Spot Index.</li>
</ul>



<h3 class="wp-block-heading">Fixed Income</h3>



<ul class="wp-block-list">
<li>US 10-year treasury yields 1.304% as of 4:00 pm ET.</li>
</ul>



<h3 class="wp-block-heading">In other news&#8230;</h3>



<p>LayerZero, an omnichain interoperability protocol, announced a $6.3 million Series A funding round on Thursday, Blockworks <a href="https://cms.blockworks.co/layerzero-adds-6-3m-in-series-a-funding-led-by-binance-labs-and-multicoin-capital/" target="_blank" rel="noreferrer noopener">reported</a>. Co-led by Binance Labs and MultiCoin Capital, the funding is set to go toward further creation of its endpoints across the ecosystem, according to LayerZero Labs co-founder Bryan Pellegrino.</p>



<h3 class="wp-block-heading">We are looking out for</h3>



<ul class="wp-block-list">
<li>Quadruple witching day for US markets will be on Friday.</li>
</ul>



<p>That&#8217;s it for today&#8217;s markets wrap. I&#8217;ll see you back here tomorrow.</p>



<hr class="wp-block-separator has-css-opacity"/>



<p><strong>Are you a UK or EU reader that can&#8217;t get enough investor-focused content on digital assets?<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Join us</a>&nbsp;in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket.&nbsp;<a target="_blank" href="https://cms.blockworks.co/events/das-london/" rel="noreferrer noopener">Buy it now</a>.</strong></p>



<hr class="wp-block-separator has-css-opacity"/>
