The Trolls Have Spoken, AVAX It is!
By the time this article is released, our troll would have selected Avalanche as the next chain we deploy on. This is a pivotal moment as OpenSwap expands its service package to the first chain other than Binance Smart Chain. In this article, we would be going through some aspects of this chain.
Graphs of Avalanche
According to Defi Llama, Avalanche has quadrupled its TVL since September.
With the statistics from SNOWTRACE, we are about to generate this graph, illustrating the growth of both cumulative address count and daily transactions.
The ecosystem of Avalanche is quite a vibrant one. Among the top 6 protocols, 3 are native including Trader Joe, Benqi, and Wonderland. There are also 16 platforms with a TVL of more than 100m. There are a couple of bridges operating on Avalanche. There is an official Avalanche Bridge (AB) and numerous decentralized ones such as Multichain, Synapse, cBridge, and O3-swap. The top launchpad of the chain would be Avalaunch and currently, there are no platforms for secondary raises as we are aware of.
Again, thanks to DeFi Llama, we are able to generate these 2 graphs below. The first one illustrates the % of total TVL among the top 10 DEXs on AVAX and the second one illustrates the total TVL. From the first graph, we can conclude that the liquidity is rather fragmented. We also calculated its Herfindahl-Hirschman index, an index stating a market’s concentration. We also generated a score (100-index*100) to make it easier to comprehend, the higher the better. Avalanche has one of the lowest indexes (76.94), meaning that it is not as concentrated as Polygon(76.52), Fantom(69.26), and BSC(50.87).
OpenSwap’s Positioning on Avalanche
With a presence on a new chain and a full year ahead of us, we at OpenSwap decides to big-boy it up and expand our project’s mission from simply just making on-chain liquidity less fragmented, to actually becoming a bigger part of the nerve center of each of the chains we extend to; assisting projects with resources, funds, liquidity, and ultimately helping them achieve their goals through an amplified network of strategic partnerships.
With the upcoming releases of a new key of core technology, armed with our base layer offerings of liquidity queue, hybrid smart router, and single-asset crosschain bridge (Open Interchain Protocol), the greater OpenSwap ecosystem will become every new crypto project’s BFF by providing a set of tools to empower teams to establish funding and sustained token health, allowing teams to focus on achieving their goals!
OpenSwap is the world’s first DEX providing on-chain swaps at zero slippage with hybrid smart routing, and single-asset crosschain bridge. As the DeFi universe continues to expand, liquidity becomes increasingly scattered across multiple chains and the situation is poised to get worse as new chains emerge with individual DEXs on each chain.
The OpenSwap team has been working for the past several months on building up a vision of a greater OpenSwap ecosystem that will become every crypto project’s BFF through a set of key offerings that will empower teams to establish funding and sustained token health, allowing teams to focus on what they do best — BUIDLing.