Avalanche (AVAX)

[pmbug]

Avalanche (AVAX) is up 24% today on this news:

J.P.Morgan Chase & Co.’s (NYSE: JPM) Onyx and Apollo Global have teamed up to launch a proof-of-concept (PoC) with Avalanche (CRYPTO: AVAX) under the Monetary Authority of Singapore's Project Guardian, as reported on its blog.
...

AVAX Zooms Higher After J.P.Morgan's Onyx Teases Avalanche For Tokenized Funds - JPMorgan Chase (NYSE:JPM)

J.P.Morgan Chase & Co.’s (NYSE: JPM) Onyx and Apollo Global have teamed up to launch a proof-of-concept (PoC) with Avalanche (CRYPTO: AVAX) under the Monetary Authority of S

www.benzinga.com

 

[pmbug]

...
Ava Labs created the layer-1 blockchain Avalanche, a platform that lets developers build multifunctional blockchains and decentralized applications with a focus on speed and low transaction costs. The blockchain is compatible with Solidity, a language developers use to code, and allows them to build projects that can communicate across multiple networks. Hundreds of projects are a part of the Avalanche ecosystem, ranging from decentralized exchanges like 1inch to digital asset security firms like BitGo.
...
The company sees its underlying tech as a key driver for developer attention. “Looking around I decided we have to come up with our own architecture for scaling that no one else seems to be pushing at the moment,” Gün Sirer said.

Thus, a “marriage” of Avalanche’s consensus with its subnet architecture, which allows us to have multiple parallel chains dedicated to their own use cases, was born. “That coupling was the genesis of what I thought was a brand new approach,” Gün Sirer added.

Since then, Ava Labs has had one major focus. “The north star for us is to digitize all of the world’s assets on the Avalanche blockchain,” Gün Sirer said. “That’s what we set out to do and that’s what I’m so excited about.”
...

More:

Avalanche wants to digitize all of the world’s assets on the blockchain | TechCrunch

For Chain Reaction's episode this week, Jacquelyn interviewed Emin Gün Sirer, the founder and CEO of Ava Labs.

techcrunch.com

By "digitize", he means tokenize. Avalanche appears to have made inroads with traditional finance (TradFi) partnerships to tokenize financial assets. There is institutional interest in AVAX.

 

[pmbug]

... Avalanche appears to have made inroads with traditional finance (TradFi) partnerships to tokenize financial assets. There is institutional interest in AVAX.

...
The native token of Avalanche (AVAX) surged 97% over the past month, the most among large-cap digital assets, benefitting from news that finance giants JPMorgan and Apollo are using the network to test real-world-asset tokenization.
...

https://www.coindesk.com/markets/2023/12/01/avalanche-helium-lead-monthly-crypto-gains-as-bullish-bitcoin-consolidation-spurs-altcoin-season-call/

 

[pmbug]

 

[pmbug]

Twitter thread (click below to see the whole thread) from Avalanche highlights a few projects in development from JPM, Citi and Republic:

 

[pmbug]

As far as I knew, Avalanche (AVAX) was really pushing to position itself as the leading player in the tokenization of financial and real world assets (working with large banks and Wall Street). So this surprised me a bit today:

Gunzilla Games, an independent AAA game studio, announced today the launch of GUNZ, an innovative and sustainable blockchain-based digital economy platform fully built on an Avalanche Subnet. This Subnet has been customized to enable seamless gameplay, utilize only in-game tokens for gas fees, and provide an intuitive, rewarding user experience for both Web3 and traditional gamers. Other gaming studios will be able to leverage the GUNZ SDK and white-label components, such as a built-in companion app, marketplace, and NFT minting engine, to build and launch their own projects on GUNZ.

Designed with the gaming community and blockchain enthusiasts in mind, GUNZ aims to give players the option to get involved in Play-to-Own mechanics by offering verifiable transparency. The platform will be first integrated into Gunzilla Games’ upcoming Battle Royale 2.0 game, Off The Grid (OTG).
...
More projects building on GUNZ will be announced soon.

“Our partnership with Avalanche not only allows us to leverage its highly scalable and secure blockchain infrastructure but also ensures a seamless, low-latency gaming experience for our players,” explained Vlad Korolov, CEO and Co-Founder of Gunzilla Games, “By building GUNZ, we aim to revolutionize the gaming landscape with a transparent in-game asset management system by providing a number of market-standard features for game developers who are creating their economy on blockchain.”

...

Gunzilla Launches AAA Shooter on an Avalanche Subnet | Avalanche Blog

Gunzilla Games has partnered with Avalanche to build the first-ever Layer 1 blockchain for gaming, built for web3 gamers.

www.avax.network

They built a video game economic platform (GUNZ) that handles in game currency, game item creation/management and in game buy/sell marketplace features. They are rolling out a game (Off the Grid) on XBOX that uses this GUNZ engine. I've been expecting something along these lines for a few years now, but I didn't expect Avalanche to be the first platform that realized commercial success with it (and they still might not - it could flop). If it is successful, it could end up being a significant growth driver for Avalanche.

 

[pmbug]

As far as I knew, Avalanche (AVAX) was really pushing to position itself as the leading player in the tokenization of financial and real world assets (working with large banks and Wall Street). ...

Case in point:

In a recent report, Citi outlines how it leveraged the Avalanche network to test how the combination of blockchain infrastructure, tokenization, and smart contract logic might help to re-architect capital markets and enhance financial services. The bank tested use cases on Avalanche “Spruce,” an Evergreen testnet Subnet designed for buy- and sell-side institutions to benefit from public blockchain infrastructure and innovation in a permissioned manner. Together with key investment and wealth management clients like Wellington Management, WisdomTree, and ABN AMRO, the firms tested a variety of use cases with a focus on private markets. Citi’s tests focused on private assets given the collective $10T AUM markets remain riddled with manual operations, lack of transparency, and limited standardization.
...

More:

Citi Tests Benefits of Private Markets Tokenization With Avalanche Evergreen Subnet ‘Spruce’ | Avalanche Blog

In partnership with key investment and wealth management clients, the PoC explores technological, operational, and legal considerations required to kickstart the transition from analog to digital.

www.avax.network

 

[Voodoo]

So they can know and track exactly what you own. I don't see that as a good thing.

 

[pmbug]

So they can know and track exactly what you own. I don't see that as a good thing.

"They" can know and track what a wallet owns. You can make as many wallets as you want and transfer assets around. YMMV.

 

[pmbug]

Follow up to my previous post about the Citi tokenization project on Avalanche (AVAX):

...
Citi, one of the largest financial institutions, has completed a tokenization test for a private market equity fund in alliance with Wellington Management, Wisdomtree, and ABN AMRO, who played different roles during the proof of concept event.

The test’s objective was to “better understand key technological, operational, and legal considerations that are required to kickstart the transition from analog to digital” of these private markets. For this goal, Citi selected Spruce, an institutionally oriented Avalanche subnet, as the platform for tokenizing these assets.

During the test, Wellington Management acted as the private equity fund issuer of the underlying asset, ABN AMRO was enlisted as an investor of the fund, and Wisdomtree simulated the role of a wealth provider, who also managed the onboarding of potential test investors.

The use cases tested included the tokenization of the hypothetical private fund with rules encoded in the smart contract of the token issued, testing transactions relying on externally issued IDs, and using this token as collateral in a parallel lending contract in alliance with DTCC Digital Assets.

Citi concluded that there were some benefits in using tokenization technologies for putting assets into the hands of investors in newer forms with upgraded capabilities outside of what can be achieved with traditional tech.
...

Citi Completes Private Market Tokenization Test Using Avalanche – Blockchain Bitcoin News

Citi completed a proof of concept for the tokenization of a private equity fund on top of Spruce, an Avalanche blockchain Subnet.

news.bitcoin.com

Citi's report (8 page .PDF):

https://www.citigroup.com/rcs/citigpa/storage/public/Fund-Tokenization-Summary-Report.pdf

 

[pmbug]

Avalanche rolled out an upgrade a few days ago and it seems to be working though I don't really understand exactly what it does:

...
The Avalanche blockchain has announced the Durango upgrade and launched Teleporter, a tool for enhanced communication in the ecosystem. Teleporter is powered by Avalanche Warp Messaging (AWM), available on C-Chain, Avalanche’s network compatible with the Ethereum Virtual Machine (EVM).

Avalanche created Teleporter as a tool to ensures cohesion among the network’s subnets, or application-specific chains. The tool also fixes fragmentation issues in the ecosystem. In addition, Teleporter will allow Avalanche subnets to share price feed data for tokens and NFTs easily.
...

https://www.coinspeaker.com/avalanche-durango-teleporter/

The news appears to have been positive as AVAX has been climbing since the upgrade went live (up 13.5% in the last 24 hours).

 

[pmbug]

Avalanche is enabling Alipay+ D-store, an all-in-one digitalization solution, and Alipay+ partnered e-wallets to introduce a Web3-enabled voucher program. With one of its partners in Southeast Asia, vouchers can be obtained by playing a branded mini game. Vouchers give users discounts of up to 50% on milk teas sold by 10 popular milk tea brands at 500+ shops in the region, with 2,000+ shops in the pipeline.

Powered by an Avalanche Subnet built and managed by AvaCloud, this program is the first phase in a two-part proof-of-concept (POC). Phase two will keep the focus on food and beverage merchants while expanding the POC to 100M+ users from the Philippines, Singapore, Malaysia, Thailand, and Chinese nationals who visit these countries as tourists.

Leading e-wallet partners across Southeast Asia can integrate Alipay+ D-store, activating the POC and Avalanche’s Web3 capabilities. Alipay+ D-store is an all-in-one ordering solution. Powered by a suite of tools to unify the in-store processes, online selling, orders, marketing, and insights, setting up an online store has never been easier with just 10 minutes to set up and 0 upfront cost.
...

Avalanche Powers Web3-Enabled Voucher Program on Alipay+ D-store | Avalanche Blog

Avalanche’s Web3 solutions are helping Alipay+ D-store partners and merchants unlock new revenue streams

www.avax.network

Avalanche seems to be very busy working to assert itself in the world of finance from payment gateways to asset tokenization while partnering with significant players from Citi to Alipay.

 

[pmbug]

...
They built a video game economic platform (GUNZ) that handles in game currency, game item creation/management and in game buy/sell marketplace features. They are rolling out a game (Off the Grid) on XBOX that uses this GUNZ engine. ...

Gunzilla Games, the developer behind the upcoming video game "Off the Grid," has raised $30 million in a round co-led by CoinFund and Avalanche's Blizzard Fund, according to a statement.

"Off the Grid," which is a free-to-play, battle royale video game, is slated for release on both the Sony PlayStation and Microsoft's Xbox, in addition to PC. The new third-person shooter video game "deploys the revolutionary concept of complete asset ownership and a player-driven in-game economy," according to Gunzilla Games.

In its statement, Gunzilla Games also said its "combined $30 million" raise includes a "$10 million strategic token round," participation from Republic Capital and Morningstar Ventures, and "previously unreported equity and validator sales." Gunzilla Games's new raise follows a $46 million funding round from August 2022.
...
Gunzilla Games said GUNZ is a blockchain-powered platform which will "allow Gunzilla and even other AAA game developers to empower players with full ownership of in-game items as tradable NFTs on an on-chain marketplace and mobile apps." The GUNZ testnet launched last April, according to the company.

"'Off the Grid' fully dissolves tricky web3 elements like complex wallets and NFT acquisition into the natural gameplay, giving everyday console gamers a blockchain gaming experience without necessarily realizing they’re having one," said Lydia Chiu, an executive at Ava Labs and head of Blizzard Fund.
...

https://www.theblock.co/post/284572/playstation-crypto-game-dev-gunzilla-games-raises-30-million-in-round-led-by-avalanche-fund-and-coinfund

Some serious money backing this project. It could be huge not just for Avalanche, but for the development of crypto economy powered games in general (across different crypto platforms).

 

[pmbug]

...
Crypto securities trading platform Oasis Pro created a token on the Avalanche C-Chain that represents a stake in the Diamond Standard Fund, a product sponsored by Diamond Standard Commodities and Horizon Kinetics, the companies announced in a Wednesday press release.

"For the first time in history, Diamond Standard and Oasis Pro are making an approximately $1.2 trillion natural resource accessible to investors via a more convenient, tradable fund," said Cormac Kinney, founder and CEO of Diamond Standard.

The new offering arrived as real-world asset (RWA) tokenization – placing traditional assets such as gold, credit and bonds on blockchains in the form of a token – has become more popular over the past year. ...

The Diamond Standard Fund, which is benchmarked to Bloomberg's Diamond Standard Index (DIAMINDX), is structured in a way that makes it accessible to pension funds and endowments, while also being eligible for U.S. retirement accounts known as IRAs.
...

https://www.coindesk.com/business/2024/03/27/diamonds-arrive-on-a-blockchain-with-new-tokenized-fund-on-avalanche-network/

I don't know anything about the diamond market, but it is fascinating to see how the development of RWA tokenization is developing. Avalanche looks to be a major player in this space.

 

[pmbug]

Stripe, a financial infrastructure platform for businesses with a fiat-to-crypto onramp, now supports the Avalanche C-Chain. Retail users can purchase AVAX directly through Stripe, removing the need to go through an exchange. Available to U.S. Stripe’s fiat-to-crypto onramp is a customizable widget embedded into Avalanche dApps, such as DEXes, NFT platforms, and digital wallets.

Core, Avalanche's native ecosystem wallet and portfolio developed by Ava Labs, has integrated Stripe’s onramp, giving users more ways to purchase assets on the Avalanche blockchain. Core users can select the Stripe onramp to fund their wallets using ACH, debit, and credit cards. Those interested can create a Core wallet using their Gmail or Apple ID and buy Avax through Core's extension or web app core.app.
...

Avalanche Integrates with Stripe for Crypto Onramping | Avalanche Blog

Stripe now supports Avalanche, enabling easier access to the Avalanche ecosystem.

www.avax.network