Layer-1 blockchain network Avalanche experienced increased on-chain activity after revealing its biggest network upgrade since the protocol launched.
According to a Messari report, the Avalanche (AVAX) ecosystem witnessed an uptick in quarter-on-quarter metrics during Q3 2024. Compared to the year’s second quarter, the layer-1’s total value locked reached $1.5 billion due to a 66% increase.
Daily transactions across sovereign layer-1 blockchains on Avalanche grew by 18%, as the stablecoin supply on AVAX surged by 31%.
AVAX user progress was attributed to the so-called Avalanche9000, a network upgrade designed to simplify launching a layer-1.
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Avalanche uses a proof-of-stake smart contract architecture to power its “Avalanche Consensus,” a mode that supports an interconnected network of sovereign layer-1 chains. According to the protocol, Avalanche9000 will allow more builders to innovate with scalable technology without suffering traffic congestion issues.
The upgrade shipped to AVAX’s Fuji testnet on Nov. 24, along with millions in retroactive rewards for active users and community members. Developers tentatively expect to deploy the upgrade to mainnet sometime in 2025.
Furthermore, the L1 giant announced a $40 million grant program for layer-1 builders. Dubbed “Retro9000,” the initiative aims to attract blockchain founders to AVAX’s burgeoning ecosystem.
On-chain growth for AVAX also filtered into the token’s market price. AVAX has surged 100% in the last 30 days and traded around $48.45 on Dec. 2. The token last changed hands at its all-time high of $144 in November 2021.
24-hour AVAX price chart – Dec. 2 | Source: crypto.news
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