The Market Leaders: Top 5 Subnet Projects on Avalanche

The Market Leaders: Top 5 Subnet Projects on Avalanche

Apr 04, 2025

Key Points


  • Research suggests the top 5 projects on Avalanche subnets by market cap, as of April 2025, are likely Beam, Dexalot, Numbers Protocol, Otherworld, and PLAYA3ULL GAMES.
  • These projects operate on custom Avalanche subnets, offering services like gaming, decentralized exchanges, digital media verification, and digital collectibles.
  • Market cap data from CoinGecko shows Beam leading at $335 million, followed by Dexalot at $21 million, Numbers Protocol at $14 million, Otherworld at $12 million, and PLAYA3ULL GAMES at $7.8 million.
  • An unexpected detail is that some projects, like Numbers Protocol, have low or zero Total Value Locked (TVL), indicating limited DeFi activity despite high market caps.


Project Overviews


What Are These Avalanche AVAX$ Projects?


These are blockchain-based projects built on Avalanche's subnet technology, which allows for custom, application-specific blockchains. Each project focuses on different areas, from gaming to trading, and their market cap reflects their popularity and adoption as of April 2025. Market Cap Rankings
The rankings are based on market capitalization, a measure of a project's total value, using data from CoinGecko. This helps show which projects are leading in the Avalanche ecosystem.


Key Features and Services


  • Beam: Focuses on gaming, hosting titles like Trial Xtreme, with low fees and fast transactions.
  • Dexalot: A decentralized exchange (DEX) offering fast, low-cost trading, similar to centralized exchanges.
  • Numbers Protocol: Verifies digital media authenticity, useful for media and art industries.
  • Otherworld: Offers digital collectibles based on popular webtoons, like "Solo Leveling: Unlimited," with gasless NFT transactions.
  • PLAYA3ULL GAMES: Integrates PC games with NFTs, allowing players to earn and trade digital assets.


Unexpected Detail


Some projects, like Numbers Protocol, have little to no TVL, meaning they aren't heavily involved in DeFi, which is surprising given their high market caps. This shows Avalanche's subnets support more than just financial applications.


Survey Note: Detailed Analysis of Top Projects on Avalanche Subnets
This report provides a comprehensive analysis of the top 5 projects on Avalanche subnets, identified through market capitalization data from CoinGecko as of April 2025.


These projects leverage Avalanche's subnet technology, which enables custom, application-specific blockchains, enhancing scalability and performance. The selection process considered market cap as the primary metric, supplemented by activity indicators like Total Value Locked (TVL) and user engagement, where available.


The analysis reveals a diverse ecosystem, spanning gaming, decentralized finance (DeFi), digital media, and collectibles, with some unexpected findings regarding DeFi activity.


Methodology and Selection Criteria


The identification of the top 5 projects began with a search for Avalanche subnets, focusing on those listed under the "Avalanche L1" category on CoinGecko, which provided market cap data for associated tokens. This metric was chosen due to its reflection of project prominence and adoption, especially given the difficulty in obtaining consistent TVL or transaction volume data for all subnets.


Additional insights were drawn from recent articles and platform documentation, ensuring relevance to the current state as of April 2025. The list includes Beam, Dexalot, Numbers Protocol, Otherworld, and PLAYA3ULL GAMES, with market caps ranging from $335 million to $7.8 million.


Detailed Project Summaries


Beam


Beam, operated by Merit Circle DAO, is a gaming-focused subnet on Avalanche, launched to cater to Web3 game developers and players. It benefits from Avalanche's high-speed, low-fee infrastructure, offering features like gas-optimized transactions and seamless deployment for games. The subnet hosts titles such as Trial Xtreme, Walker World, and Hash Rush, aiming to create a robust ecosystem for gaming with over 60 partnered games. Its market cap stands at $335 million, reflecting strong community and investor interest. Documentation highlights its use of Proof of Authority (PoA) with Snowman protocol during developer preview, ensuring scalability and security (Beam Docs).


Dexalot


Dexalot's subnet, launched in February 2023, is a decentralized exchange (DEX) providing a central limit order book (CLOB) experience, akin to centralized exchanges, while maintaining blockchain transparency. It operates on a dual-chain architecture, with assets managed on the Avalanche C-Chain and trades executed on the Dexalot Subnet, using cross-chain communication via protocols like LayerZero. The platform received up to $3 million in incentives from the Avalanche Foundation's Multiverse program, enhancing its liquidity and user adoption. With a market cap of $21 million and TVL of $5.11 million, it focuses on reducing slippage and offering fast finality, appealing to traders (Dexalot Launch).


Numbers Protocol


Numbers Protocol operates on its Avalanche subnet, Numbers Mainnet (Jade), launched to enhance trust in digital media through blockchain-based verification. It assigns unique identifiers (numbers ID) to digital content, ensuring provenance and authenticity, particularly for media, art, and evidence preservation. Despite a market cap of $14 million, its TVL is reported as $0, indicating limited DeFi activity, which is unexpected given its focus on ecosystem applications. The subnet allows customization of networking, security, and fees, making it suitable for industries requiring content integrity (Numbers Protocol Launch).


Otherworld (Space Network)


Otherworld's Space Network is an Avalanche L1 blockchain hosting 'Solo Leveling: Unlimited,' a digital collectibles platform based on the popular Korean webtoon 'Solo Leveling.' Launched in closed beta, it offers gasless NFT transactions, engaging users with collectible cards and narrative-driven rewards, targeting both crypto natives and newcomers. With a market cap of $12.3 million, it leverages Avalanche's technology for scalability, focusing on mainstream cultural IPs like webtoons and K-pop, expanding Web3 adoption (Otherworld Launch).


PLAYA3ULL GAMES


PLAYA3ULL GAMES operates on its Avalanche subnet, integrating PC-based games with cryptocurrency and NFTs, powered by the 3ULL token. Launched with a focus on security and scalability, it implements a 10% burn mechanic to enhance token scarcity, encouraging community activity through NFT sales. The platform supports play-to-earn mechanics, with a market cap of $7.8 million, reflecting its growing presence in the gaming sector. Its subnet ensures robust integration capabilities, appealing to gamers seeking decentralized ownership of in-game assets (PLAYA3ULL Launch).




Unexpected Findings and Considerations


An unexpected detail is the disparity in TVL, with Numbers Protocol showing $0 TVL despite a significant market cap, suggesting its focus is not on DeFi but on media verification, which may not require locked value.


Similarly, Otherworld and PLAYA3ULL GAMES lack TVL data, likely due to their gaming and collectibles focus, where user engagement (e.g., transaction volume, daily active users) might be more relevant. This highlights the diversity of Avalanche subnets, not all aligning with traditional DeFi metrics.


Conclusion


The top 5 projects on Avalanche subnets, as identified, showcase the platform's versatility, supporting gaming, trading, media, and collectibles through customized subnets. Their market caps reflect strong adoption, while TVL variations underscore the ecosystem's breadth beyond DeFi, aligning with Avalanche's mission to "tokenize all of the world's assets."