Avalanche

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Ethereum (ETH) competitor Avalanche (AVAX) achieved a new milestone by surpassing one million monthly active addresses in May, the first time the proof of stake blockchain has hit the number.
Citing crypto data analytics platform Artemis, The Avalanche Snow Report says that the network broke its previous all-time high record of 840,000 monthly active addresses in April because of the growth of decentralized finance (DeFi) and stablecoins.

“[T]hat activity has stemmed from the increase in stablecoins, which now account for 32% of on-chain users, up from 6% YTD (year to date), along with growth in DeFi, which as a category now constitutes 33% of DAUs (daily active users).”
The achievement also comes as Avalanche rolls out the web3 launchpad AvaCloud, which enables companies to build no-code, fully managed blockchain ecosystems.
“We are proud to announce the launch of AvaCloud, the Web3 launchpad for deploying and scaling no-code, fully managed custom blockchains. AvaCloud marks a landmark shift in the blockchain development process.”
Ava Labs CEO Emin Gün Sirer says AvaCloud is a step towards massive blockchain adoption as the platform aims to address many of the barriers that businesses encounter with the technology.
“Before AvaCloud, building your own blockchain could cost millions of dollars and years of research with an experienced team. Today, you can launch your own chain as a testnet in minutes, and deploy a fully mature network in weeks, all without hiring an extensive engineering team.”
AVAX is currently trading for $14.12, up by 0.48% over the last 24 hours.
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The post Ethereum Challenger Avalanche (AVAX) Exceeds 1,000,000 Monthly Active Addresses Amid Rollout of Web3 Launchpad appeared first on The Daily Hodl.


Ethereum (ETH) competitor Avalanche (AVAX) achieved a new milestone by surpassing one million monthly active addresses in May, the first time the proof of stake blockchain has hit the number. Citing crypto data analytics platform Artemis, The Avalanche Snow Report says that the network broke its ...

dailyhodl.com

Ethereum Challenger Avalanche (AVAX) Exceeds 1,000,000 Monthly Active Addresses Amid Rollout of Web3 Launchpad

Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle’s disclosure of its euro-pegged coin, EUROC, merging with the Avalanche blockchain last week.
Circle Plans to Launch USDC on Arbitrum on June 8
On Thursday, Circle revealed that usd coin (USDC), the second largest stablecoin by market valuation, will make its debut on Ethereum’s L2 scaling network, Arbitrum. With a current market capitalization of roughly $28.8 billion, USDC ranks as the second-largest stablecoin. “USDC issued by Circle will be native to Arbitrum and will be considered the official version of USDC for the Arbitrum ecosystem,” Circle said on Thursday. “Over time, native USDC liquidity will grow and replace the currently circulating ‘bridged USDC’ liquidity that comes from Ethereum.”
Arbitrum also released a blog post discussing the impending USDC native support, asserting that it will provide numerous benefits such as enabling institutional on/off-ramps through Circle and its partners. Additionally, Circle’s Cross-Chain Transfer Protocol (CCTP) support is expected to eradicate delays related to bridge withdrawals. Furthermore, Arbitrum said that the upgradeable smart contract will permit Circle to implement future improvements for an enhanced user experience.
Arbitrum has decided to rename the Ethereum-bridged edition of USDC on block explorers as “USDC.e”. The team also plans to proactively engage with ecosystem applications and encourage them to adopt this change in their app user interfaces and documentation. “Arbitrum will be working with ecosystem apps to provide a smooth transition of liquidity from bridged USDC to native USDC over time,” the blog post elaborates. The developers also said that the functionality of the Arbitrum Bridge will remain unchanged for the time being.

The latest development coincides with Circle’s decision to remove U.S. Treasury bonds from USDC reserves, leaving only cash and overnight repurchase agreements. Moreover, EUROC, Circle’s euro-backed stablecoin, was recently implemented natively on Avalanche. In March, it came to light that Circle partnered with token protocol startup Noble to launch USDC on the Cosmos chain. Circle also announced its presence on Arbitrum’s Discord under the “usdc-circle-support” channel for those seeking answers to their questions.
What are your thoughts on Circle’s decision to bring USDC to Arbitrum? Share your thoughts and opinions about this subject in the comments section below.


Stablecoin provider, Circle Internet Financial, has revealed that its dollar-pegged token, USDC, will be natively introduced on the layer two (L2) blockchain Arbitrum on June 8. The announcement follows Circle&#8217;s disclosure of its euro-pegged coin, EUROC, merging with the Avalanche blockchai...

news.bitcoin.com

USDC Goes L2: Circle’s Stablecoin to Make Its Native Debut on Arbitrum

Among Meta’s avalanche of Quest gaming news today, the company revealed that Bulletstorm, the co-op shooter first launched on flatscreen in 2011, is coming to VR for the first time.

The game is currently under development by Incuvo, known for Green Hell VR, and the game’s original developers People Can Fly.
If you haven’t played the original, or the remastered version Bulletstorm: Full Clip Edition (2017) on flatscreen, Bulletstorm sets itself apart from other shooters by emphasizing skill points, which you earn by creatively dispatching the enemy.
Here’s how Incuvo describes the VR version:
Back in 2011, Bulletstorm introduced the world to the “Skillshot.” Kick an enemy into a cactus? Skillshot. Crush one under a hot dog cart? Skillshot. Grab one with your Energy Leash and fling ‘em into a burner? Definitely a skill shot. Today, People Can Fly and Incuvo (developer of Green Hell VR) announced they’re bringing Bulletstorm to the Meta Quest Store. Skillshots new and old, as well as the action-packed story—all of it recreated from the ground up to take advantage of VR.
Today’s announcement of the co-op shooter also arrived with a gameplay trailer, showing off the game’s skill-based carnage, fast-paced locomotion, and massive monsters.
It’s not clear when we’ll see Bulletstorm on Quest 2, or what other platforms it might arrive on in the future. In the meantime, take a look at the trailer below:
https://www.youtube.com/watch?v=icqO0BzHnJQ


Among Meta’s avalanche of Quest gaming news today, the company revealed that Bulletstorm, the co-op shooter first launched on flatscreen in 2011, is coming to VR for the first time. The game is currently under development by Incuvo, known for Green Hell VR, and the game’s original developers Peop...

roadtovr.com

‘Bulletstorm’ to Bring Skillshot Carnage in Standalone VR Version, Gameplay Trailer Here

The amount of funds flowing through the Avalanche Bridge is down 70% in the last 24 hours, DeFiLlama data on May 31 shows.
70% Drop In Activity In The Avalanche Bridge To Ethereum
Over the past day, the bridge has facilitated $2,634,828 worth of transactions and processed $22.4 million in transfers in the last week.
The bridge has processed 278 transactions in the past day, totaling around $2.6 million. It shows a sharp decrease in activity between Ethereum and Avalanche, among the world’s largest smart contract platforms.

The Avalanche Bridge connects the Avalanche’s C-Chain, one of the three interoperable blockchains defining the low-finality platform, with Ethereum. 
Since C-Chain is compatible with the Ethereum Virtual Machine (EVM), assets can be smoothly transferred from Avalanche to Ethereum and vice versa. 
The compatibility with the EVM coupled with the decentralization of the bridge means users can move funds between the two blockchains securely. 
Avalanche, unlike Ethereum, is explicitly designed for decentralized finance (DeFi) dApps. It boasts high processing speeds, relatively low fees, and is decentralized. However, it lags Ethereum in activity, judging from the total value locked (TVL). 
According to DeFiLlama data, over $26.5 billion of the approximately $48 billion of all DeFi TVL is managed by dapps on Ethereum.
More Assets Moved Between Avalanche And Bitcoin
Notably, while there is a worrying contraction in the number of transactions and value between Avalanche and Ethereum, the Avalanche Core Bitcoin Bridge is booming. 
On May 31, there was a significant increase in transfers and value, with a spike of 2,726%. Within 24 hours, assets worth over $6.5 million were transferred through the bridge. This is roughly half the average weekly transfers which stand at $13.81. 
Bitcoin transferred to the Avalanche C-Chain from the Bitcoin network is tokenized and is compliant with the ERC-20 standard. In that case, it can be moved to Ethereum and used to participate in DeFi.

Scanning the activities stemming from Avalanche to Bitcoin and Ethereum, the disparity could suggest that more users are moving their assets to and from Bitcoin. 
However, no direct fundamental event could explain why more users are bridging tokens from Bitcoin and cutting down engagement with Ethereum.
In the last 24 hours, Bitcoin, Ethereum, and Avalanche prices have been under pressure, falling from recent highs. To illustrate, AVAX is down 6% from May 28 highs, extending losses from mid-April. AVAX is down 35% in the last six weeks and retesting March 2023 lows. 

AVAX may slip below a critical multi-week support level if sellers double down. In that case, it could drop to December 2022 lows at around $10.



The amount of funds flowing through the Avalanche Bridge is down 70% in the last 24 hours, DeFiLlama data on May 31 shows. 70% Drop In Activity In The Avalanche Bridge To Ethereum Over the past day, the bridge has facilitated $2,634,828 worth of transactions and processed $22.4 million in transfe...

newsbtc.com

Avalanche Bridge To Ethereum Records A 70% Drop In Value Transfer, Concern For AVAX Price?

On Thursday, the stablecoin issuer Circle Financial announced that the euro-pegged crypto asset EUROC is expanding natively on the Avalanche (AVAX) blockchain. According to Circle, several decentralized finance (defi) protocols and projects are supporting the new AVAX-issued EUROC asset.
Circle’s EUROC Stablecoin Finds New Home on Avalanche Blockchain
About 11 months ago, Circle launched the euro stablecoin called euro coin (EUROC) as its second major fiat-pegged token, following usd coin (USDC). The EUROC stablecoin was initially launched on the Ethereum blockchain as an ERC20 token. Currently, there are approximately 47.11 million EUROC in circulation, according to statistics from etherscan.io. The euro-backed stablecoin issued by Circle is held by 1,381 unique Ethereum-based addresses.
On Twitter, Circle announced that EUROC will now be hosted natively on the proof-of-stake (PoS) blockchain Avalanche (AVAX). “It is official, [EUROC] is now multi-chain and live on [Avalanche] today,” Circle tweeted. “Developers can build on top of [eurocoin] on Avalanche to deliver faster, more efficient solutions for users to send, spend, save, lend, and borrow with a fully reserved, euro-backed stablecoin,” the company added.
Circle further noted that EUROC already has support from key defi applications and protocols like Curve Finance, Cable Finance, Trader Joe, Pangolin Dex, Benqi, and others. In a blog post published on Thursday, Circle said that it also offers “access to Avalanche EUROC liquidity for qualified businesses with a Circle Account.”

Circle’s latest move follows the market capitalization of the firm’s stablecoin usd coin (USDC) dropping from a high of $55.9 billion on June 22, 2022, to the current $29.07 billion. The data shows that over the last 11 months, USDC’s market cap dropped by 47.99%. In comparison, EUROC is much smaller and holds the 410th position out of more than 10,000 crypto assets listed on Coingecko.com. EUROC’s market valuation accounts for 0.004% of the entire $1.15 trillion crypto market economy, while USDC represents 2.519%.
What are your thoughts on Circle’s expansion of EUROC on the Avalanche blockchain? Share your thoughts and insights on this subject in the comments section below.


On Thursday, the stablecoin issuer Circle Financial announced that the euro-pegged crypto asset EUROC is expanding natively on the Avalanche (AVAX) blockchain. According to Circle, several decentralized finance (defi) protocols and projects are supporting the new AVAX-issued EUROC asset. Circle&#...

Avalanche price	$14.57
Low - High 24H	$14.38 - $14.58
Market cap	$5.01B
Volume 24H	$104.76M
All time high	$144.96 -89.95% November 21st 2021
All time low	$2.80 419.87% December 31st 2020
Genesis date	N/A

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