Avalanche, one of the well-established altcoin projects of the cryptocurrency world, has launched its major update.
The Avalanche team rolled out a major update to testnet on Monday. Dubbed “Avalanche9000,” the update includes several technical improvements aimed at reducing chain deployment costs by 99.9%.
According to the statement, these innovations include the ACP-77 community proposal, which makes Avalanche Layer 1 validators more flexible, and ACP-125, which aims to reduce base fees by 96%.
Just as projects such as Optimism, Arbitrum, and Lido DAO operate as Layer 1 and 2 on the Ethereum network, Avalanche will greatly facilitate the development of similar projects on the network with this update.
Additionally, the Avalanche9000 testnet was announced, along with a grant program called Retro9000 that will provide $40 million in support to developers of Layer 1 blockchains and other tools.
Avalanche Foundation CEO and Executive Director Aytunç Yıldızlı said the following to The Block:
“The Etna update and Retro9000 are the culmination of years of work to realize Avalanche’s vision: the creation of interconnected and interoperable networks built on high-performance and scalable blockchain technology.”
He also emphasized that Avalanche’s powerful technology allows businesses to create Layer 1 blockchains that are customizable and fully compliant to their own needs.
AVAX Price Increased
After the announcement, the AVAX price increased by 24%, from $ 38 to $ 48. Along with this rise, Avalanche-based meme coins, which have been silent for a long time, also increased in value. Coq Inu (COQ) was at the top of these meme coins.
The development of more Layer 1 projects in the ecosystem could increase the usage of AVAX in the medium to long term, contributing to further price increases.