A major technical upgrade is on the horizon for Avalanche, the eighth-largest blockchain by total value locked in the crypto world. Known as Avalanche9000, this upgrade aims to reduce transaction costs, validator operation costs, and facilitate easier app development on the network. The native token of Avalanche, AVAX, currently ranks as the 11th largest cryptocurrency with a market cap of $16 billion.
The Avalanche Foundation is keen on attracting developers to the platform and promoting the creation of custom blockchains using its technology, referred to as subnets. These subnets are now officially called “L1s” within the Avalanche community, even though they serve a similar purpose to layer-2 networks in other blockchain ecosystems like Ethereum.
The team behind Avalanche is working towards launching Avalanche9000 on the mainnet by the end of the year. This upgrade, also known as the Etna Upgrade, consists of seven proposals, with ACP-77 and ACP-125 being the most significant changes. ACP-77 allows for the creation of new validators that enable users to launch their own subnets, making the process more affordable and accessible to a wider range of users.
On the other hand, ACP-125 focuses on reducing the base fee for running computations on the primary Avalanche network’s C-chain, which handles smart contracts. By lowering the base fee from 25 nAVAX to 1 nAVAX, Avalanche aims to align its fees with other leading layer-2 solutions like Arbitrum and Polygon on the Ethereum chain.
In conjunction with the launch of Avalanche9000 on the testnet, the blockchain’s grants program, Retro9000, has opened up for developers interested in building subnets in the testing environment. Participants in the program stand to receive retroactive rewards once their subnets are launched on the mainnet. The foundation has allocated $40 million in rewards, with $2 million set aside for referrals from business development executives, influencers, and other key figures in the crypto space.
Overall, Avalanche’s move towards the Avalanche9000 upgrade signifies a significant step towards enhancing the platform’s capabilities and attracting a broader developer community. With a focus on reducing costs, improving accessibility, and incentivizing innovation, Avalanche is positioning itself as a competitive player in the blockchain space.