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Ava Labs president sees institutions "actively building" on Avalanche
The traditional players want to "hit the ground running once there's less regulatory uncertainty in the market."
Jacquelyn Melinek
June 04, 2024
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As institutions build on the sidelines, Avalanche plans to be their entry point
The current bull market is rubbing off positively on Avalanche as its network surpassed $1 billion in total value locked in Q2, for the first time since November 2022. The blockchain is also seeing substantial growth in sectors like real world assets, tokenization and more and wants to become the entry point for non-crypto native traditional firms entering the space.
This comes at a time when RWA-focused platforms like Re, built on Avalanche, debuted this most recent quarter with its tokenized reinsurance fund. But it’s not just startups honing in on the decentralized finance (DeFi) side, traditional firms want to come in from the sidelines, too.
Tokenization is something one “can do on many things, beyond existing assets,” said Ava Labs president John Wu on Token Relations’ quarterly webinar focused on the Avalanche ecosystem. (Now airing on Talking Tokens; listen in on Spotify, Apple Podcasts or YouTube.)
While RWA is taking ownership of an asset and bringing it onchain to make it more transparent, secure and create more efficiencies for issuers and users, Wu noted. “One requires the other,” but they’re slightly different, he added.
With that said, conversations between institutions and Ava Labs, the team focused on scaling and supporting Avalanche, have been going on “for years,” Wu said. “Two years ago they wanted to be educated on the benefits of doing things on the blockchain. Now, fast forward today, what they’re doing is deploying things and building things…they want to get into the technology with Ava Labs.”
These institutions want to be “ready so they have the technology going and understand the technology,” and so they can “hit the ground running once there’s less regulatory uncertainty in the market,” he added. “Today they’re actually building.”
Check out the next section for more details and the full episode.
The latest Talking Tokens podcast 🎙️
For this week’s Tuesday episode, we’re sharing our Avalanche quarterly webinar that was with Ava Labs president John Wu.
We discuss Q2 developments on the Avalanche network including adoption of real world assets, tokenization, institutional growth, web3 gaming and the roadmap for the year ahead.
Talking Tokens episodes are released on Spotify and Apple Podcasts at 6AM EST or YouTube at 10AM EST every Tuesday and Thursday. Listen in!
Make sure to subscribe to keep up with the latest episodes. Feel free to leave a review and tell us your thoughts.
Monitoring blockchains
Looking at some of the biggest developments onchain.
Aptos integrates Chainlink data feeds and CCIP as part of SCALE program
Uniswap Foundation announced it was delaying vote on whether or not to upgrade its protocol’s governance structure and fee mechanism, citing a “new issue” from a “stakeholder”
Australia’s first spot bitcoin ETF with direct bitcoin holdings is going live today on the Cboe Australia exchange, CoinDesk reported
Taking on the tokens
The total crypto market cap is at $2.55 trillion. It is down less than 1% over both a 24-hour and 7-day period.
As for the largest cryptocurrencies by market cap…
Token | Price | 24h % | 7-day % |
|---|---|---|---|
Bitcoin (BTC) | $68,887 | - 0.34% | + 0.45% |
Ethereum (ETH) | $3,758 | - 1.54% | - 3.91% |
BNB (BNB) | $636.98 | + 0.78% | + 5.63% |
Solana (SOL) | $165.33 | - 0.15% | - 2.33% |
These metrics were taken at 6:38 AM EST on Tuesday.
Other numbers we’re eyeing…
$25 million — that’s how much additional money Coinbase gave to the crypto-centric Super-PAC Fairshake, increasing the total Fairshake and its affiliates have raised to $160 million in this election cycle, making it one of the largest SuperPACs, according to a Coinbase blog post
Money and people moves
Latest updates on crypto startups that secured funding and industry players who are starting something new.
Aptos Labs CEO Mo Shaikh named to CFTC’s digital assets subcommittee (DL News)
Crypto investment products see $2 billion of inflows in May amid ‘turnaround’ in Ethereum sentiment: CoinShares (The Block)
Former Binance CEO CZ Begins 4-Month Prison Sentence in California (CoinDesk)
Core Scientific signs 12-Year AI deal, projects $3.5 billion total revenue (The Block)
ICYMI: Babylon Completes $70M Raise Led by Paradigm to Advance Trustless Bitcoin Staking (PR newswire)
Talking points for the road
Here’s some headlines and topics that you can talk about at your next dinner party, crypto event or on a first date to look smart (results may vary.)
The SEC ruling on Ethereum ETFs could mark a historic shift in crypto investing (CNBC)
Eleven crypto exchanges in Hong Kong ‘deemed to be licensed’, paving way for first approvals since 2022 (South China Morning Post)
GameStop and Roaring Kitty-themed memecoins surge as Keith Gill apparently returns to Reddit (The Block)
Matter Labs Pulls ZK Trademark Application After Backlash (Decrypt)
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