TSM building crypto sub-network for esports transactions on Avalanche

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The esports organization Team SoloMid (TSM) has been building a crypto sub-network on Avalanche to accommodate esports transactions and competitions, per TSM parent firm Swift.

While this move will make Avalanche a TSM official blockchain partner from now on, the partnership’s financial terms have yet to be disclosed.

Swift, which also owns Avalanche and the Blitz esports platform, announced that it had been developing the blockchain “Subnet” for TSM competitions.

In a press release, TSM said it wanted to conduct Avalanche-branded events on the Blitz Subnet to help gamers improve their abilities with performance analytics and learning tools while also allowing players to compete in these Blitz Arenas for prizes.

The $AVAX token, issued by Avalanche, will be used to pay transaction fees on the Blitz Subnet. In the future, Swift plans to convert the Avalanche Subnet into an “Elastic Subnet.”

It would allow users to act as validators for the network by staking crypto tokens in exchange for cash benefits using the “proof of stake” validation process.

I am excited to partner with Avalanche on experiences that will add value to our users and fans

Andy Dinh, founder and CEO of TSM and Blitz

Swift has also partnered with crypto firm Core for TSM and Blitz so that players can store, sell and buy digital assets. When asked whether or not those assets will be NFTs, the head of gaming at Ava Labs responded that the team had not yet settled on the specifics.

“Web3 gaming is still quite early,” Swift and TSM CEO Andy “Reginald” Dinh said, adding that it would take time to materialize it.

Dinh said that TSM’s approach to web3 creates products that are “authentic to the space and add value” over time. He also mentioned that Ava Labs was the most cooperative of the blockchain networks. The company insisted that “finding teams that are easy to work with” is a big part of success.

Per Ava Labs president John Wu explained that the company’s collaboration with TSM means players worldwide can access more cutting-edge games.

Wu said that Avalanche’s fully configurable subnets were designed to assist businesses in achieving their goals in the gaming industry by providing them with features such as “sub-second transaction speed, scalability, and security for millions of users.”

TSM, one of the most prominent esports organizations today, is famous for its professional League of Legends team. Blitz, on the other hand, has over 30 million users and offers in-game overlays for LoL and AAA games like Apex Legends, VALORANT and Teamfight Tactics.

FTX, TSM discontinue collaboration

TSM and Avalanche’s partnership aims to bring millions of esports players into Web3. The deal came after TSM discontinued its association with the now-defunct crypto exchange FTX in November.

Per The New York Times, FTX agreed to pay TSM $210 million over ten years in 2021 — meaning that TSM was supposed to get a lot of money yearly.

As part of the deal with FTX, TSM had agreed to change its name to TSM FTX. Yet, on November 16, 2022, TSM announced that it had discontinued its partnership with FTX.

TSM insisted it would be doing well without FTX’s support, saying that it expected to be profitable “this year, next year and beyond.”

Avalanche (blockchain platform)

Avalanche is a decentralized, open-source proof of stake blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform. (wikipedia)

Web3

Web3 is an idea for a new iteration of the World Wide Web which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. (wikipedia)

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