In a monumental step forward, the Avalanche blockchain has unveiled its most significant upgrade to date, Avalanche9000, on its test network (testnet). This upgrade is poised to revolutionize the Avalanche ecosystem by drastically reducing transaction costs and opening up new possibilities for application development.
Unlocking Unparalleled Efficiency and Flexibility
At the core of Avalanche9000 are two groundbreaking proposals: ACP-77 and ACP-125. These proposals aim to streamline operations and empower developers to build innovative applications on the network with greater ease and cost-effectiveness.
ACP-77: Democratizing Subnet Creation
ACP-77 introduces a new type of validator that allows users to launch their own subnets, which are essentially customized blockchains within the Avalanche ecosystem. These validators will be significantly cheaper to operate and permissionless, meaning anyone can spin one up without restrictions.
Before this upgrade, it wasn’t possible for a dYdX or Monad to use Avalanche to launch their own L1. And that was because all the chains were permissioned, and that was the only functionality that was available.
– Luigi D’Onorio Demeo, Chief Operation Officer of Ava Labs
This development opens up a world of possibilities for decentralized exchanges, blockchain projects, and developers looking to leverage Avalanche’s technology to create their own Layer 1 blockchains.
ACP-125: Slashing Transaction Costs
ACP-125 takes aim at reducing the base fee, or minimum cost of running computations, on Avalanche’s primary network C-chain. The proposal seeks to lower the base fee from 25 nAVAX to just 1 nAVAX, a staggering 96% reduction.
To put this into perspective, the C-chain fees will become equivalent to those of leading Ethereum Layer 2 solutions like Arbitrum and Polygon. This drastic fee cut is expected to attract more users and developers to the Avalanche ecosystem, fostering increased adoption and innovation.
Retro9000: Incentivizing Subnet Development
Alongside the Avalanche9000 testnet launch, the Avalanche Foundation has introduced the Retro9000 grants program. This initiative offers a substantial $40 million in rewards for developers who build and launch subnets on the mainnet.
The grants program encourages experimentation and innovation, with the foundation eager to see developers explore various infrastructure setups, such as staking contracts and custom Layer 1 blockchains.
We’d love to see people experiment with different types of infrastructure like staking contracts. We’d love to see people experiment by building their own L1s.
– Luigi D’Onorio Demeo, Chief Operation Officer of Ava Labs
Furthermore, Retro9000 includes a unique referral component, allocating $2 million for business development executives, influencers, and key opinion leaders who refer others to build on Avalanche. This collaborative approach aims to foster a vibrant and interconnected ecosystem.
The Road Ahead
As the Avalanche9000 upgrade progresses through its testnet phase, the anticipation for its mainnet launch grows. The Avalanche Foundation is targeting a year-end release, marking a significant milestone for the eighth-largest blockchain by total value locked (TVL).
With its native token AVAX currently ranked as the 11th-largest cryptocurrency by market capitalization, the successful implementation of Avalanche9000 could propel the project to new heights. The upgrade’s focus on cost reduction, developer empowerment, and ecosystem expansion sets the stage for a new era of growth and innovation within the Avalanche network.
As the countdown to mainnet begins, all eyes are on Avalanche, eagerly awaiting the transformative impact of Avalanche9000. Will this upgrade solidify Avalanche’s position as a leading blockchain platform? Only time will tell, but one thing is certain: the future looks brighter than ever for the Avalanche ecosystem.
