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Avalanche Rush, PFP Continues Rally, ETH Burn Leaderboards

Aug 24, 2021 · 3 min read

By Jeremy Ong, and Joo Kian

Market Update

In the short term, BTC & ETH markets looked overheated with high funding rates in the last few days – a sign of euphoria & greed. We are expecting some form of pullback or funding reset, so we suggest exercising caution especially when it comes to using excessive leverage. However, L1 tokens such as LUNA, AVAX and SOL appear resilient.

Avalanche Activity & TVL Runs

Avalanche Foundation’s $180m liquidity mining program announcement brought Aave and Curve into the ecosystem. Opportunistic apes and fork developers attempting to get in early on this news propelled Avalanche DeFi TVL and AVAX token prices. While it’s obvious that Avalanche is taking a page out of Polygon’s playbook (ie. incentivize blue-chip DeFi protocols, pump base token, reinvest token into ecosystem), it remains to be seen if Avalanche can emulate Polygon’s success – but the rush of mercenary capital flowing into the ecosystem is obv

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