https://twitter.com/thedefiedge/status/1493658067623297024
The AVAX 🔺 ecosystem is set to 🚀 this year.
I've spent the past few weeks researching the newest dapps and protocols on Avalanche.
Here are the 5 with the most potential:
A Quick Overview on $AVAX if you're unfamiliar:
• Led by Gigabrain @el33th4xor. Former C.S. professor at @Cornell
• It's already in the top 10 projects by market cap
• 1 of the top choices for ppl who can't afford to DeFi on ETH
• SUBNETS are coming
"What are Subnets?"
Every Layer 1 runs into scaling and gas fee issues.
They all have a different approach to solving it.
AVAX's solution are subnets - "mini" blockchains under AVAX.
They'll allow DAPPS / Games to operate on their own chain without affecting the rest of AVAX.
ETH is expensive and slow, right?
Imagine if the biggest dapps like Uniswap and Opensea were on their OWN blockchains under ETH.
This would free up the traffic for everyone else.
For the end users, Subnets on AVAX are simpler than onboarding onto a Layer 2.
Bullish Metrics for Avax from @SnowTraceHQ
• It's the #4 TVL and has a nice market cap / TVL ratio.
• Unique addresses around 2m
• Daily Transactions around 1m a day and growing
• All metrics are going up. The price is lagging behind due to the macro environment.
AVAX doesn't have as much hype compared to late last year.
Andre's ve(3,3) on Fantom last month took away some attention.
But new protocols have been launching recently.
Here are the 5 most interesting ones I found:2270
DAPP #1: @traderjoe_xyz
"new Tokenomics, who dis?"
MC: $214m
TJ is the #1 DEX on AVAX.
They are getting rid of xJoe model and rolling out a NEW tokenomics model.
Now it's:
• rJoe • sJoe • & veJoe
Each one has a different purpose.
Let's see what they do:
a. rJoe - Launchpads
TJ has a launchpad for new projects.
Want early access to @FiefGuild? You can only find it at the launchpad.
How do they prioritize who gets in?
• You stake your Joe and earn rJoe Tokens.
• rJoe Tokens are used as credit to Enter launchpads.
b. sJoe is for Stablecoins.
Want to earn passive 💵 in DeFi?
• Stake your Joe and into sJoe
• You share the Revenue generated by the platform
• You get paid out in stablecoins
Most other platforms pay you out in tokens which get dumped.
c. VeJoe - Farm Booster
For the farmers who want additional yield.
• Stake Joe and earn VeJoe • Grants voting power • Applies Farm Boosts
Similar farm boosting mechanics to Curve / SpiritSwap
I’m not a big fan of investing in DEX’s because many of their tokens have underperformed.
Cough Pancakeswap, Raydium, etc.
Could @traderjoe_xyz new tokenomics end up breaking that trend?
DAPP #2: @Platypusdefi - StableCoin AMM
MC: $68m
If you understand the value of @Curvefinance, then you’ll understand the value proposition of Platypus.
• Native Stablecoinswap for AVAX. Low slippage • Backed by BIG names • Earn high yields on stable coins.
Innovative Tokenomics
Curve: You lock your tokens up and it turns into veTokens.
PTP has a different mechanism as seen below from @luigidemeo
This incentives and rewards long term holders.
https://twitter.com/luigidemeo/status/1482083216496467976
How to Earn using @Platypusdefi
Method 1: Staking Stables & Maxing Yields
- Stake your Stablecoins.
- Earn PTP when you stake.
- Stake PTP into vePTP to boost your Stablecoin yields even more.
You can use the calculator to estimate the earnings
Method 2: PTP Liquidity Pair
• Get PTP from @traderjoe_xyz
• Go to @traderjoe_xyz and do a PTP - AVAX LP for 214% APR
Bonus: You can use @beefyfinance to auto compound it for 807% APY.
Additional Smart Contract Risks if you're using an auto compounder.
I trust Beefy.
DAPP #3: @Defrost_Finance (Melt)
MC: $7.2m
A combination of Abracadabra + Boosting mechanisms for AVAX
You deposit Yield Bearing assets as a oversized collateral. There are a TON of options.
In return, you get H20. It's their stable coin that is soft pegged to $1 USD.
Catalysts:
• @MIM_Spell is an amazing protocol, but they suffered a huge blow due to issues with Frog Nation.
Melt could attract ppl looking for an alternative.
• Melt is going Cross-chain.
• Fair launch. No VC's or insiders.
• Partnerships with @ankr & @elk_finance1453
Play #1: Go to FARM.
Stake $Melt for 107% APY. Melt is governance & protocol rev share.
Play #2: DefrostH2O3CRV-f Pool
• Go to @CurveFinance • Switch to AVAX network • Get some Defrost H20 Pool • Go back to @Defrost_Finance and deposit into the pool • Boost /w sMelt
Two things I don't like about MELT:
• The payout is 10% every 6 days. It takes 54 days to claim all your rewards.
• You have to stake a TON of Melt to get the boosts.
Regardless, I am impressed with the team and tokenomics.
This is a project to add on your watch list.2140
If you're interested in more information on Melt, I recommend @BillyBobBaghold's threads.
https://twitter.com/BillyBobBaghold/status/1493523075648077826
DAPP #4: CrystalVale (DeFiKingdoms on AVAX)
MC: $536m on ONE. Avax version hasn't launched yet.
The #1 GameFi game by Volume.
It’s ONLY on Harmony One right now, but it is expanding to AVAX in Q1.
(Will be on 5 chains in total)
AVAX has a MUCH larger userbase than ONE.
Unfortunately, the crystal airdrop has ended.
The Play now:
• When Crystalvale launches, you can bridge $Jewel over to AVAX using the dock
• There will be a Jewel - Crystal LP pair. Get in EARLY for 4 figure APR's.
Stake Jewel and earn Crystal.
DAPP #5: @PlayCrabada
It's a Play to Earn game with similar mechanics to @AxieInfinity.
MC: $104m
I won't go into detail - GameFi's not my thing.
I wanted to highlight the project because it's gaining a lot of traction on AVAX, and some ppl are BANKING with it.
WARNING
These are newer protocols.
They come with higher risks since they're not as battle-hardened.
These are NOT recommendations to purchase.
My vibe is:
"Yo bro, found some cool projects on avax. check em out."
Size your bets appropriately.
Transparency
The following projects are a part of my personal portfolio.
• Avax (Staking) @avalancheavax • Jewel (One-Jewel) @DefiKingdoms • wAVAX - PTP on @beefyfinance
I have no plans of selling these tokens anytime soon.
Key Takeaways:
• AVAX should do well this year. Great metrics, subnets coming, and more DAPPS are on the way.
• There are plenty of interesting projects being built now that I highlighted.
• AVAX is becoming a complete ecosystem.