Avalanche Network’s native token, $AVAX, has flipped Polygon’s token $MATIC in market capitalization.
$AVAX’s market cap exceeded $8 billion on August 8, 2022, overtaking $MATIC’s $7.5 billion. In the 24-hour time frame, the volume of $AVAX hit over $800 million, while $MATIC recorded around $288 million.
Crypto enthusiasts may find the numbers surprising since Polygon is a scaling solution to Ethereum, a widely used blockchain in the industry. However, Avalanche – also dubbed by people in the community as the new “Ethereum killer” – has bolstered its presence in the gaming arena this year.
Additionally, projects on the ecosystem have formed some solid partnerships this year, and also made good use of subnets to improve experiences in the space.
Let’s take a deeper look into some of the few developments that contributed to the “flippening”:
Much of Avalanche’s momentum can be attributed to the entry of AAA games into its ecosystem. Coming out soon on the network are promising titles such as space metaverse game Imperium Empires, and First Person Shooter (FPS) game Shrapnel (now in its presale phase).
Other titles that recently made a huge impact on the blockchain include FitFi platform StepApp and its partnership with Olympic sprinter Usain Bolt, as well as the introduction of game night streaming platform Gamestar+ on Avalanche.
Along with the emergence of various NFT collections and games, one of the major reasons for the increased activity on Avalanche can be credited to Joepegs, as well as the general rise in free mints. These free mints have led to increase in community engagement.
According to Defi Llama, Avalanche TVL stands at $2.44B, while Polygon’s TVL is recorded at $1.72B.
Trader Joe, one of the top ten Decentralized Exchange (DEX) platforms today, leads the DeFi pack with a $152.15 million market cap. On August 5, digital currency platform Wirex announced the introduction of the native token $JOE to over 81 million retailers and utilization of block space.
Cryptocurrency exchange ShapeShift announced on August 4, the integration of Avalanche, allowing users to buy, sell, send, receive, and trade $AVAX, while choosing from over 150 wallets on the platform.
The introduction of Subnet technology on Avalanche as an effective scaling solution gave birth to the likes of the DeFi-Kingdom’s DFK Chain, the PirateVerse game’s own PirateVerse subnet, and Play-and-Earn game Crabada’s partner the Swimmer Network.
Working like separate blockchains, subnets are essential for games especially when the user base is expanding – solving the problems caused by the limited handling capability of most networks.