From the four raging corners of Binance Square to your screens, I'm thrilled to unveil the latest buzz: ACP-77, the Avalanche Community Proposal! The groundbreaking proposal will empower developers by making building on Avalanche subnets more affordable.
Anyway, will this development give a bullish boost to $AVAX ? I believe in this; how about you?
Now, let's dive into the reality of the market as of 11:10 PM PST.
You can also read the Binance feed update here
Market Data Overview:
Current Price: $27.58
24h Change: -1.28 (-4.44%)
24h High: $28.17
24h Low: $27.27
24h Volume (AVAX): 1,698,511.43
Price Chart Analysis:
Time Frame: 1D (Daily)
Recent Trend: The chart shows a recent downtrend, with the Price significantly dropping from around $41.80 to the current Price.
Support Level: The recent low of $21.80 might act as a strong support level.
The Price is below the 25-day and 99-day moving averages, indicating a bearish trend.
Note: This analysis provides a snapshot based on the current data visible in the screenshot. Keep monitoring the market for any significant changes and updates.
What is ACP-77?
The ACP-77 (Avalanche Community Proposal) aims to improve the scalability and cost-effectiveness of the Avalanche network by introducing a new PAYG (Pay-As-You-Go) subnet validation model. Essentially, ACP-77 is a proposal to make Avalanche subnets more accessible and affordable for developers while boosting scalability, flexibility, and overall performance within the Avalanche network. The proposal introduces a cost-effective, sustainable, and scalable subnet structure that offers advantages over traditional solutions such as Ethereum-based Rollups and Cosmos SDKs.
The Advantages of ACP-77:
Lower Fees and Developer Attraction: Lower fees can attract more developers to the Avalanche network, leading to greater adoption and scalability.
Staking and Reward Flexibility: The ACP-77 proposal grants subnets greater autonomy over their staking and reward mechanisms, allowing subnet creators to customize staking models and reward structures to attract better and retain participants.
Reduced Off-Chain Costs: ACP-77 reduces off-chain costs for subnet validators by 64%, from about $250 to $80 per month, making it more economical than #Ethereum 's pricing."
New Fee Mechanism: To maintain network sustainability and security despite removing AVAX deposit requirements, the P-Chain will introduce a new fee mechanism to support increased activity and ensure robust security standards.
Support for Gaming Subnets: ACP-77 benefits the blockchain gaming industry by offering a cost-effective and flexible subnet structure, opening up opportunities for gaming projects to build and scale on Avalanche.
Avalanche's Boosts DAO Labs SM
The improved interoperability and network advancements on Avalanche can enhance engagement, collaboration, and rewards for Social Miners, providing new opportunities for growth and impact within the @DAO Labs Social Mining ecosystem.
Conclusion
The introduction of ACP-77 is a significant step for the Avalanche network. ACP-77 implements a cost-effective PAYG model, making Avalanche more accessible for various applications. It focuses on scalability, flexibility, and reduced operational costs, enhancing Avalanche's ability to support decentralized finance and gaming projects. ACP-77 positions Avalanche at the forefront of blockchain evolution, fostering a more inclusive ecosystem and inviting developers to build with greater freedom.
