Discussions about blockchain always lead to interoperability, security and scalability. Any blockchain that fits these traits has a higher chance of succeeding in the crypto world. Avalanche crypto blockchain is among the leading layer 1 blockchains that built itself around these traits.
If that wasn’t enough, it supports Solidity (the language of Ethereum blockchain). This means DAPPS built on Ethereum can also run on Avalanche at a much lower cost with a transaction finality of less than 2 seconds.
The growing demand for Avalanche crypto blockchain has attracted a lot of developers to the platform. This is the right time to explore the Avalanche ecosystem, who knows there might be a 100x coin waiting to explode. Let’s put some light on the leading projects built on Avalanche.
1. Avalanche Ecosystem presents BENQi:
Decentralized Finance (DeFi) is the future of financing. The surging volume on famous protocols like AAVE (Crypto lending), Uniswap Exchange (DEX) has proven the rise of this sector. Since the majority of the protocols run on the Ethereum blockchain, it has made the network more congested, resulting in higher gas fees and low throughput.
BENQI aims to address these issues by offering a Liquidity Market Protocol on Avalanche blockchain. It is a DeFi protocol built on Avalanche that enables users to lend, borrow and earn interest with their digital assets.
We are now tracking @BenqiFinance on our Liquidation Levels Dashboard! Benqi is one of the largest money markets on the @Avalancheavax network.https://t.co/CaW0XVcPQ1 pic.twitter.com/AwIITWzKW6
— DefiLlama.com (@DefiLlama) September 4, 2022
The depositors providing liquidity to the protocol will have a chance to earn passive income and the borrowers can borrow in an over-collateralized manner.
BENQI (QI token):
QI is the native token of the protocol. It plays a pivotal role in the platform governance through voting on BIPs (BENQI Improvement Proposals). QI has a total supply of 7.2 billion and is distributed based on the engagement level of the users on the platform.
Based on TVL of $1.3 billion, BENQI is ranked 3rd on Avalanche blockchain
2. Pangolin (PNG):
Pangolin is the leading decentralized exchange (DEX) on Avalanche blockchain. Similar to other DEXes like Pancakeswap crypto exchange, it uses Automated-market maker (AMM) model and features token governance.
Since it is built on Avalanche, it can finalise and settle trades quickly and cheaply compared to DEXes built on other blockchains. Recently, it rolled out Pangloin V2 with improved UI, tokenomics and additional staking rewards.
Pangolin token PNG:
PNG is the native governance token of Pangolin. It helps keep Pangolin 100% community driven and all the tokens are distributed only to the community members without allocating them to advisors, investors, team members or insiders. A true DeFi.
PNG supply is capped at 538 million tokens. The distribution can be seen in the image shared below
3. Trader Joe:
Trader Joe is one of the most famous projects developed on the Avalanche blockchain. It is an amalgamation of DEX services with DeFi lending and borrowing, offering leveraged trading.
Landmark moment for #Avalanche …
— Trader Joe🔺 | New AMM Soon 🌊📘 (@traderjoe_xyz) September 13, 2022
~$450bn fund tokenizing on chain
…Probably nothing? https://t.co/RCZ8s9Rz62 pic.twitter.com/FMMxch8veW
Trader Joe was founded in June 2021 by 0xMurloc and Cryptofish. The goal is to build a one-stop shop decentralized protocol that complements the features of Avalanche blockchain like high transaction finality and low fees. Since its launch, it has raised over $4 billion in assets and has attracted recognized investors in the industry.
JOE Token:
JOE is the native token of Trader Joe. It is used for governance and also rewards its holders by sharing part of the revenue with respect to the tokens held or staked on the platform.
Users can Farm, Lend, Borrow, Swap, Stake and Leverage on Trader Joe
4. Snowball on Avalanche:
Snowball is the first auto-compounder and stable asset exchange on the Avalanche blockchain. Launched in March 2021, it has grown to be one of the leading DeFi projects on Avalanche. The top offerings include governance, compounding, NFT marketplace and DAO named Axial.
Since its launch, it has reached over $20 million in TVL (Total Value Locked), 1 million in liquidity and volume on Pangolin and also implemented on-chain governance.
SNOB Token:
SNOB is the native governance token of Snowball protocol. It is used to vote on proposals, vote on weekly SNOB allocation and distribute platform rewards from the portion of the protocol’s revenue.
The total supply is capped at just 18 million tokens and has the following distribution –
SNOB can be purchased from Pangolin and Trader Joe
5. YetiSwap:
YetiSwap is 100% community driven decentralized exchange on Avalanche. It runs the same AMM model and is capable of trading all tokens on Avalanche and Ethereum. Utilizing the superiority of Avalanche, YetiSwap offers faster and cheaper traders when compared to similar DEXes on the Ethereum blockchain. It also claims to be the leading NFT marketplace on the Avalanche blockchain.
YetiSwap is a fairly new project with trading liquidity at around $820K and ranked 85th as per the TVL on Avalanche blockchain according to Defillama DeFi TVL rankings.
YTS Token:
YTS is the native token of YetiSwap. Its supply is capped at 556 million tokens and is 100% community-driven. 90% of the total supply is reserved in community treasury and the remaining supply is allocated to airdrops and developer fees.
Users will be able to buy/sell NFT collections on its NFT marketplace using $YTS or $AVAX. The creator can choose the royalty options between the range from 0% to 15%. This reminds me of a similar decentralized NFT marketplace on Ethereum that goes by the name LooksRare (LOOKS Coin).
Interestingly $YTS is a deflationary currency since half of the $YTS collected from commissions and NFT creation are burnt on a regular basis, thus reducing its total supply as the platform demand surges.
Avalanche Coin Price:
Checkout the latest Avalanche Coin price below –
This completes my review of the top 5 projects on the Avalanche Ecosystem. In the next post, I will talk about Solana partnerships and Stellar Lumens partnerships in detail. If you’re a fan of blockchain technology then please do share this post on your social handles and educate everyone around you. Do remember to subscribe to my YouTube channel for more informative content, released every week.
DISCLAIMER:
Cryptocurrency is a highly volatile market. All the information shared in the post is for knowledge purpose only. By no means, it’s financial or investment advice. Readers are responsible for their own investment decisions and should only invest in cryptocurrency after proper research.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.
