All you need to know about Avalanche9000
Avalanche Weekly Overview - December 18, 2024
Welcome to the Avalanche Weekly Overview. A one-stop-shop for the AVAX community to get up to speed on the Avalanche blockchain network’s latest updates, metrics, releases, insights, ecosystem developments and more. All in one place.
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Avalanche by the numbers
AVAX token price: $46.50 (-2.25%)
Max transactions per second: 187 (-34.39%)
Network’s total transactions: 24.71M (-3.48%)
Avalanche C-Chain daily txns: 292.5K (-11.52%)
DeFiLlama’s Avalanche TVL: $1.6B (-1.84%)
Top 3 Avalanche DeFi projects by TVL:
Benqi: $969.7M (+18.84%)
Aave: $586.6M (+11.76%)
LFJ: $179.5M (+0.62%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Avalanche successfully deployed its network upgrade, Avalanche9000, to mainnet on Monday, slashing the cost of onchain transactions and chain deployments .
🔺Why it matters: There are two major components that are a part of Avalanche9000 that will make things cheaper for builders and users: the deployment of layer-1 blockchains costs 99.9% less and network fees during off-peak hours can decrease by 96%.
Before the network upgrade, it would cost developers up to 2,000 AVAX, or about $97,000, to deploy an L1 on Avalanche. Now, developers would only have to pay a continuous fee in order to operate, significantly decreasing the costs to about $1,000.
In addition, network gas fees were reduced during “off” hours when less activity takes place. Historically, gas fees would be stable, no matter the time of day – whether the network was in high or low demand, it would remain the same. Avalanche9000 introduced a dynamic gas fee model that reduces that metric during hours with less network activity.
These changes are important because it affects the way developers scale and how users can engage onchain. In general, it’s important to keep fees as low as possible to create a better, more accessible user experience. This can also open the door to builders who wanted to expand into the Avalanche ecosystem, but didn’t prior to this upgrade due to financial constraints.
🔺The bigger picture: The Avalanche9000 network upgrade aims to make building on Avalanche faster and cheaper. At first glance, it’s well on its way. And long term,these minimal overhead costs needed to deploy on the network could be an attractive feature to entice developers to consider Avalanche as their landing place.
As the general blockchain ecosystem becomes more competitive, it’s important for each chain to provide distinct opportunities and incentives to incline builders. This network upgrade is a step in a positive direction that can open up the door to more innovation and opportunities on Avalanche.
Scaling the ecosystem
Top 3 Avalanche games by 7-day total txns:
Gunzilla Testnet: 18.73M (+2.48%)
Pulsar: 13.46M (-0.76%)
Defi Kingdoms: 4.63M (-4.9%)
Avalanche makes up $57M in market cap on Blackrock’s BUIDL fund, according to RWA.xyz
Listen to this webinar with Ava Labs’ President John Wu and Director of Ecosystem Growth Dominic Carbonaro, and the CEO of MeWe Jeffrey Edell, discussing its upcoming Avalanche L1 and decentralized social networking
Beam launched Nodes, a decentralized way for users to validate transactions on the network – its token mint is now live here
Active L1s: 41
L1 validators: 266
Total L1 validators: 1,529
Total blockchains created in the Avalanche network: 122
Total staked across Subnets: 536,737 AVAX
Distribution of L1s by category. Source: Snowpeer
AVAX community wins
ICYMI: Dexalot hosted an end of year update call with team executives members
Spellborne founder Ghosty live streamed on X them playing the game
Off The Grid released a Christmas content pack - check it out here
Avalanche Archives
Here’s more Avalanche9000 articles that made headlines this week.
Avalanche's Etna Upgrade Activates, Cutting Gas Fees by 96%, Hitting 100,000 TPS (The Defiant)
Avalanche Blockchain’s Largest-Ever Upgrade, 'Avalanche9000,' Is Live (CoinDesk)
Anticipated Avalanche9000 upgrade goes live, reducing costs and making it easier to launch Avalanche subnets (The Block)
Check out the Avalanche blog for more updates.
Join in the fun
Want to dive deeper into Avalanche?
If you’re building on Avalanche9000, submit your project to Retro9000
The Avalanche Ambassador DAO is hosting a web3 gaming meetup in Nigeria - sign up here
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This information is for entertainment purposes only. It should not be considered financial advice, nor should it be used to make investment decisions. Cryptocurrencies are high risk and you should consult a financial professional before making any financial decisions. Make sure you do your own research.