Roundup: Avalanche Monthly Transactions Set for an ATH in August, OpenBlox Migration, and more

With less than days left to the end of the month, Avalanche is on course to set a record-high figure for monthly transactions.

Avalanche monthly transactions in August more than 2× July's figure

The blockchain logged its previous highest monthly transactions count of 31.870M in May – up from almost 32M in April. June and July monthly transactions trailed below 20M, with the former seeing the lowest monthly transactions in 2022. At the time of writing, Avalanche network dashboard showed that more than 41.348M transactions had been completed on the chain since the start of the month.

Sharing news of the milestone on Twitter, Ava Labs' Patrick Sutton observed that August has proved to be a prosperous month for the Avalanche ecosystem.

“August 2020: Final testnet before Avalanche launch 9/21. August 2021: Avalanche Rush. August 2022: All-time highs in daily & monthly Tx. August = Avalanche going zoom,” he wrote.

Markedly, monthly transactions on Avalanche have reached three peaks in just five months. This milestone reflects the tremendous growth around the network this year, notwithstanding the ailing crypto market. Speaking of developments, Avalanche recently welcomed the play-to-earn (P2E) NFT gaming platform OpenBlox.

NFT Gaming platform OpenBlox sets up on Avalanche

EVM-based P2E gaming platform OpenBlox is moving to the Avalanche blockchain, coming along with three new games to the network; RogueBlox, ActionBlox, and LandBlox.

The three titles are part of a Blockverse, a Web3 ecosystem unified by a community whose members include a developer team, token, and in-game aspects that span and connect many games. The plan is to eventually set up as an Avalanche Subnet, which goes a long way with the aspiration to create games that bring people together by merging digital and physical worlds.

Following the integration, Avalanche now has a one-of-a-kind gaming ecosystem with comprehensive NFT capabilities and game-to-game cross-over features to be launched soon. OpenBlox will be the recipient of the Avalanche Blizzard fund, a growth and innovation fund on the network. Ava Labs VP of Business Development Lydia Chiu said the impressive cross-over elements that come with the Blockverse ecosystem would be crucial to augment Avalanche's blockchain gaming and in helping onboard new gamers.

Market Updates

Claims of Ava Lab's unethical practices hurt AVAX price

Avalanche's native token is one of the worst performing tokens on the day, down 5% and 13% over the past seven days.

AVAX/USD 7-day trading chart

This is the biggest daily and weekly red candle among the top 20 cryptocurrencies by market capitalization. The steep plunge comes on the back of increased selling pressure following recent claims that Ava Labs, the entity behind Avalanche, had questionable dealings with the law firm Roche Freedman.

Crypto products issuer WisdomTree adds AVAX and MATIC

New York-based crypto exchange-traded product (ETP) issuer WisdomTree Investments has updated its crypto basket of products to include Avalanche (AVAX) and Polygon (MATIC).

The two crypto assets have been added to the indices tracked by the WisdomTree Crypto Market (BLOC) and the WisdomTree Crypto Altcoins (WALT) basket ETPs, which are both physically backed. The ETPs are listed on Swiss stock exchange SIX, German Deutsche Börse Xetra, Euronext Paris and Euronext Amsterdam.

BLOC limits investor exposure to a select few cryptocurrencies, while WALT is more inclusive, supporting tokens representing up to 65% of the crypto market cap. Both charge users a total expense ratio of 1.45%.

WisdomTree Head of Europe Alexis Marinof said the asset manager's recent quarterly rebalancing allowed the inclusion of the new crypto assets, further clarifying that said tokens have undergone sufficient scrutiny based on a specified criterion. This includes requirements such as adequate liquidity and practical usability.

To learn more, visit our Investing in Avalanche guide.