Avalanche, also known as the Ethereum Killer, is one of the most popular blockchain networks. With the functionality of smart contracts, Avalanche aims to address the shortcomings of the Ethereum network. It offers faster transaction speed with its own consensus mechanism. It can process up to 4500 transactions per second as compared to Ethereum which process up to 20-30 transactions per second. AVAX is the native token on the Avalanche blockchain which is one of the leading tokens in the market by market capitalization. Due to its features and similarity with the Ethereum network, many developers realized its potential and started building projects on the same.
Here are the top 5 projects built on the Avalanche blockchain
Trader Joe is the leading Avalanche blockchain native decentralized trading platform. The platform allows its users to trade, stake, pool, farm, lend and buy NFTs under a single roof. All protocol revenue generated from wwap fees (0.30%) is distributed to Liquidity Providers (0.25%) and sJOE stakers (0.05%). The platform offers the best trading prices, varied tokens, and an enhanced user experience on the Avalanche blockchain.
Step App is a social app project being built on the Avalanche blockchain. The platform claims to turn fitness goals into income, social joy, and friendly competition. The platform runs on the combination of blockchain, metaverse, and augmented reality. Over a 21million users have pre-signed the usage of the project. The platform also plans to launch NFT Market by 2022 end.
Yield Yak is a community-driven project that auto-compounds its users rewards and in effect generates greater yields. DeFi protocols reward their users in the form of tokens. These can be compounded (invested back into the protocol) to earn higher returns. However, as an individual it's difficult to re-invest on a timely basis and even if one could do that, the cost of investing over and over again would attract significant gas fees. Yield Yak solves this problem by pooling its users assets, such that the cost of compounding is shared by a large number of people and hence frequent compounding can be undertake, to generate higher yields.
Pangolin is a decentralized exchange being run on the Avalanche blockchain. It uses the Automated Market Maker technology just as similar to Uniswap, which is one of the leading decentralized exchange platforms. The native token on the platform is PNG which is fully community distributed and is capable of trading all tokens issued on Ethereum and Avalanche. The project offers three critically important benefits: fast and cheap trades, community-driven development, and a fair and open token distribution. 95% of the tokens are given to liquidity miners and 5% to airdrop recipients. You can check the project here.
Kalao is an NFT marketplace built on the Avalanche blockchain. The platform also focuses on the Metaverse and Virtual reality concepts. It allows buying, selling, and minting of NFTs on its platform. Apart from this, there’s an option for the users to display their NFT collections and other digital collectibles in the galleries offered by Kalao. Kalao galleries would be made available via Kalao Vision. According to the project, “The Citadel concept will offer a completely virtual experience replicating as many use cases as possible from the real world. it will be possible to buy land, promote business in slots or stream a concert.” The project aims to be a one-stop NFT and Metaverse platform in the future.
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