Binance concentrates on Web3, the Avalanche Ecosystem agitates the market

Welcome back to "On The Road", a series with the purpose of summarizing the week through Infographic images, to provide market insights in the most intuitive way for you.

Market overview for week 22/2022

Tokens that received the most attention from the market in week 22

Over the past week, the most searched tokens was OP. This is Optimism token that was launched and airdropped to early users on June 1.

The second token on the list is LUNA, which was launched on May 28. This is Terra 2.0 blockchain token.

Then came dYdX, a token created on the Starkware ecosystem. The remaining tokens are well-known ones like NEAR, CELO, LINK...

Notable events in week 22

Here are the notable events that took place in the past week:

• Launch events: Project Galazy launched GAL Chain, Unbound launched in BNB Chain
• Fundrasing events: Binance Labs closed $500 million investment fund
• Other events: Terra 2.0 live, Mirror exploited, introducing Zigzag Labs…

Highlights in DeFi Categories from week 22

Blockchain Games with the highest Social Signal

Play-to-earn has long been a popular trend among the community. Here is a list of the top 10 games that the community was most interested in in the past week.

At the top of the list is LoserChick, a fun game about chickens, built in the Polygon ecosystem. In the game, players can purchase CHICK tokens in order to collect eggs (EGG tokens) and mint NFT LooserChick before staking this NFT to receive CHICK tokens.

Next on the list are the well-known names Decentraland, CryptoNFTEA, and Axie Infinity. This list also includes 3 new games: Mobox, Jojo, and Zed Run. These are all fascinating and fun metaverse games.

Binance established a $500 million fund

Recently, Binance Labs had raised a $500 million investment fund from venture capital firms DST Global and Breyer Capital as well as unnamed family offices and corporations. This fund is planned to assist developers in bringing Web3 to DeFi, NFT, Gaming, Metaverse, Social...

Since the beginning of 2022, Binance Labs has invested in a total of 27 projects. In which, there are 5 projects about Web3: Automata, Tea, Stepn, GuildFi and MantaNetwork. Stepn is the most notable project with GMT having reached 410x its ICO price.

With this newly established 500 million USD investment fund, it is expected that the number of Web3 projects invested in by Binance will increase even more.

Notable NFT projects on Solana

NFT is a one-of-a-kind digital asset that cannot be replaced by another token, which means it is completely unique. There are many different uses for non-fungible tokens (NFTs), such as demonstrating ownership or tokenizing works of art by artists and game developers, and so on, due to their characteristics.

Leading the list of notable NFT projects on Solana last week was Stepn, a Move To Earn project with $167 million in transactions. Following Stepn was Degods with $162 million in transactions, which was considered the project with the largest community on Solana.

Shadowy Coder was ranked third. Each Shadowy Coder NFT, which was minted for 2.5 SOL in November 2021, is now trading at a floor price of 160 SOL. The remaining NFT initiatives were primarily in the fields of metaverse, web3… and are highly usable.

Minterest overview

Minterest is a decentralized lending protocol. Minterest has the world's first buyback mechanism, a protocol that transfers 100% of the revenue generated to the community of active participants. This is what sets Minterest apart from other DeFi projects.

Below is a one-page overview for Minterest compiled by the Coin98 Insights team.

Highlights from ecosystems in week 22

Optimism Ecosystem

Optimism is a Layer 2 scaling solution on Ethereum to reduce gas fees, process new transactions faster, thereby providing a smoother user experience while maintaining security from the Ethereum original chain. Optimism is an Optimistic Roll-up project, using a fraud-proof security mechanism.

The number of transactions on Optimism had surpassed 10 million with the upgrade of EVM Equivalence in November 2021. Optimism now has 125 projects and partners in its ecosystem, including Binance, Coinbase, Huobi, Chainlink, Coin98 Wallet, and more.

Recently, Optimism has launched the OP token and airdropped some for its users. It is expected that Optimism will have many similar airdrops for users in the future.

Learn more: Optimism Ecosystem: From an L2 solution to an ecosystem

Avalanche Ecosystem

Avalanche is a revolutionary blockchain that is created to build and scale decentralized applications (dApps). The project seeks to unseat Ethereum as the most widely utilized smart contract in blockchain ecosystems, with features that include easier access for all users of any level of experience.

The Avalanche ecosystem was in a booming period with 478 projects and partners developed in just 20 months. Recently, Avalanche also teamed up with Coinbase to integrate Coinbase Wallet into Avalanche's dApp. This would enable Coinbase Wallet users (mostly in the United States) to gain easier access to Avalanche.

Some outstanding numbers in the Avalanche ecosystem could be mentioned: Avalanche's total value locked (TVL) reached 4.22 billion USD, the transaction level on the DFK Chain subnet exceeded 10 million, and the Unique Contracts Deployed index reached 166,000. These are all remarkable numbers, indicating that users and developers on Avalanche are quite active.

Learn more: Avalanche Ecosystem: The fastest smart contracts platform

Terra 2.0 Ecosystem

After UST lost its peg and LUNA’s price crashed, Terra developers decided to hard fork Terra to Terra 2.0. This is Terra's new blockchain, which runs in parallel instead of replacing the old one. Old Terra projects also migrated to the new chain.

Despite its recent launch on May 28, Terra 2.0 has received support from 25 different projects, including Edge, Valkyrie, Spectrum Protocol, Prism, Coin98 Wallet, and others. Many  cryptocurrency exchanges also supported Terra 2.0 including Binance, Huobi, Bitfinex, and others

Conclusion

Those were all the remarkable events compiled by the Coin98 Insights team. If there are errors in information analytics or any other problems, please leave a comment.

Thank you for spending time reading this article, and see you in the next episode of “On The Road”!