News Roundup: Coinbase Cloud Launches AVAX Developer Suite, Lemonade Collaborates with Avalanche and AVAX Bridge to Support Bitcoin Soon
Blockchain infrastructure platform Coinbase Cloud on Tuesday announced the launch of a suite of developer tools to support the growth of the Avalanche ecosystem – both the smart contract platform and the blockchain.
Avalanche developer suite: a boost for the AVAX ecosystem
According to Coinbase Cloud, which focuses on improving the development of Web3 ecosystems, the suite of blockchain infrastructure services and solutions will help Avalanche software builders more easily and quickly understand the ins and outs of building new businesses. utility-oriented applications for users. .
Integrating AVAX into the Coinbase Wallet
As part of the development, there will be an integration of AVAX into the Coinbase wallet. The Coinbase Wallet Software Development Kit (SDK) will enable development applications to reach Coinbase’s millions of users.
Coinbase Wallet will now support the Avalanche C-chain. This will be in addition to ensuring that EVM applications can run consistently through the wallet by supporting EVM-enabled subnets. Coinbase Cloud has also provided documentation showing developers simple steps for onboarding.
Request and transaction
Another tool that is part of the new suite is Query & Transact. This infrastructure is intended to simplify access data on the Avalanche chain. Coinbase Cloud added that the ability to easily access data and submit transactions is an essential requirement for running reliable dApps.
Citing the tool’s 99.9% uptime assurance, the blockchain infrastructure provider claims that it then becomes easier to create exchanges, wallets, data aggregators and other dApps.
Public validator staking by Coinbase
Additionally, Coinbase revealed that it is now running a public validator node on the Avalanche network. Blockchain users can stake their AVAX in the Coinbase Cloud pool, delegating the company to validate transactions on their behalf.
Avalanche Bridge will launch support for Bitcoin in the second quarter of this year
Avalanche revealed at the ongoing Avalanche Summit in Barcelona that the Avalanche Bridge, the most popular Ethereum-linked bridge by total value locked (TVL), is adding support for Bitcoin.
According to a blog post detailing the news, the addition of the optional Bitcoin Bridge will improve user experience and also expand the scale of assets entering Avalanche’s ecosystem. This means that once support arrives as planned in the second quarter of this year, Avalanche customers will be able to securely transfer their Bitcoin tokens into Avalanche’s burgeoning DeFi setup.
The total value of assets locked in Avalanche’s DeFi network is $10.7 billion, according to data provided by DeFi Llama.
The network has seen reasonable growth, and the key to it has been the Avalanche Bridge. Since its launch last year in 2021, it has enabled more than $43 billion in Ethereum ERC-20 tokens to be used on Avalanche. With plans to support even more blockchains, more growth should be seen in the coming days.
The Lemonade Foundation partners with Avalanche to provide farmers with permissionless weather insurance
Elsewhere, Lemonade Foundation – the charitable arm of NYSE-listed insurance company Lemonade – revealed in a statement yesterday that it is working with Avalanche to facilitate permitless weather insurance for farmers. This initiative would be carried out as part of the Lemonade Crypto Climate Coalition, also launched with the announcement.
Coalition members including Avalanche, Chainlink, among others, will form a Decentralized Autonomous Organization (DAO). The DAO will be responsible for providing non-profit instant weather insurance to “subsistence farmers and pastoralistsin emerging market jurisdictions.
The weather insurance initiative itself would be created as a dApp built on top of Avalanche and denominated in stablecoin. The initiative is expected to start in Africa later this year. It will allow farmers to make and receive payments on their mobile devices using global stablecoins or their local currencies.
The project, which a company spokesperson says is Lemonade’s first foray into the Web3 space, will be entirely permissionless. The DAO empowered him to use smart contracts instead of insurance policies and oracles instead of claims professionals.
Initial funding for the DAO will come from the Lemonade Foundation, but over the long term, the DAO’s liquidity pool will be augmented by participating investors.
According to Rose Goslinga, co-founder of Kenya-based insurtech company Pula, the Lemonade Crypto Climate Coalition will go a long way in protecting farmers against adverse risks such as drought.
To learn more about Avalanche, visit our Investing in Avalanche guide.