Avalanche-powered Off The Grid launches on PS5, expanding web3 reach to console gamers
Avalanche Weekly Overview - August 14, 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.
New here? Subscribe here to get updates to your inbox. Every Wednesday. 🔔
Avalanche by the numbers
AVAX token price: $21.15 (+3.93%)
Max transactions per second: 374 (-10.31%)
Network’s total transactions: 6.75M (-35.96%)
Avalanche C-Chain daily txns: 132.98K (-34.12%)
DeFiLlama’s Avalanche TVL: $850.46M (+5.47%)
Top 3 Avalanche DeFi projects by TVL:
Aave: $313.92M (+12.14%)
BENQI: $302.62M (+9.51%)
Trader Joe: $86.66M (+5.62%)
These metrics are based on a 7-day time frame, unless noted otherwise.
Inside the network
🔺What we’re watching: Off The Grid, a cyberpunk battle royale web3 game, launched on PlayStation 5, making it an early entrant for blockchain-enabled games released on console.
🔺Why it matters: The game currently has over 17.5 million transactions and 1.84 million wallet addresses, following its release last week.
The launch of Off The Grid on console represents an important moment in the integration of blockchain technology into mainstream gaming.
Traditionally, web3 games have been limited to PC and mobile platforms because of the nature of how they’re released. However, the debut of Off The Grid on a mainstream console signals a potential shift towards wider adoption and acceptance of blockchain's features within the gaming industry.
This expansion into console gaming broadens the reach of blockchain games, lowers the barrier to entry and demonstrates the technology's potential to enhance gameplay through transparent, player-driven economies.
As more players can engage with Off The Grid, it could set a new standard for what blockchain gaming can achieve on a mainstream platform.
This development is significant as it offers players new opportunities to experience decentralized gaming economies, where ownership and transparency are central to the gameplay experience, without them needing to have education on the web3 space
🔺The bigger picture: If Off The Grid can show a strong performance, in terms of popularity and ability to handle the amount of transactions and engagement, it can lead the charge in the integration of blockchain technology into the broader gaming industry.
The game’s decentralized economy and performance to date can demonstrate the demand for enhanced gameplay and player engagement. In turn, it can reshape the future of how web3 gaming is perceived.
Scaling the ecosystem
Top 3 Avalanche games by 7-day total txns:
Defi Kingdoms: 4.28M (+0.58%)
Tiltyard: 92.36K (+186.13%)
Shrapnel: 77.58K (+17.33%)
Core, Avalanche’s native wallet app, implemented connectivity for multiple wallets
Fableborne announced season 2 of its play-to-airdrop campaign will begin Aug. 19
Game-centric L1 PLYR launched its deployer engine that allows users to create their own IDs on the network
Otherworld released its public beta for Solo Leveling: Unlimited, a digital collectibles platform for the Solo Leveling IP, on Avalanche
Active L1s: 37
L1 validators: 250
Total L1 validators: 1,383
Total blockchains created in the Avalanche network: 102
Total staked across Subnets: 503,347 AVAX
Distribution of L1s by category. Source: Snowpeer
Note: Avalanche’s subnets have been renamed to Avalanche L1s as of July 29.
AVAX community wins
Avascan created a thread on X that showcased various insights its platform offers around staking on Avalanche
X user Patrick_DefiGuy wrote a thread that dove into liquid staking on BENQI]
Soul Snatchers Guild released the latest edition of the Weekly Bower, a newsletter series diving into the Spellborne world
Avalanche Archives
The Cookout Club wrote an article on Substack that dove into web3 game Off The Grid
Dynasty Studios chief product officer outlined why the web3 game Providence chose to build on Avalanche
Join in the fun
Want to dive deeper into Avalanche?
Join Avalanche Game Masters, a hybrid game jam event in Vietnam dedicated to game developers, starting Aug. 20
Meet up with the Beam community in Germany for its event at Gamescom on Aug. 21
Submit your project by Sept. 1 to Codebase, an incubator program by Avalanche that funds and supports web3 founders
Participate in virtual hackathon Intersect, powered by stc Bahrain and Avalanche, for a chance to win part of a $100K prize pool
To get this newsletter delivered to your inbox every Wednesday, subscribe here.
This product was built by Token Relations.
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.