The team behind the Layer 1 blockchain network Avalanche launched its major upgrade on testnet Monday.
"Avalanche9000," as the upgrade is called, includes numerous technical improvements that aim to reduce the cost of chain deployment by 99.9%, according to a press release. Such improvements include the community proposals ACP-77, which makes Avalanche Layer 1 validators more flexible, and ACP-125, which seeks to reduce Avalanche's base fees by 96%.
Alongside the upgrade is Retro9000, a grant program of $40 million to reward builders developing Layer 1 blockchains and other tools on the Avalanche9000 testnet, the release said.
"The Etna upgrade and Retro9000 are the culmination of years of work that bring to a focal point the start of the realization of Avalanche’s vision: the network of interconnected and interoperable networks built on highly performant and scalable blockchain technology," Avalanche Foundation CEO and Executive Director Aytunç Yildizli told The Block. "Avalanche’s superior technology and innovation is what gives life to our vision of businesses creating their own bespoke self-sovereign permissioned or permissionless Layer 1 blockchains within the Avalanche ecosystem to leverage full interoperability, interchain token transfers, full customization and scalability, all with sub-second transaction finality and high TPS."
Avalanche's native token, AVAX, amassed $1.9 billion in trading volume in the past 24 hours, with the token's price escalating over 8% in the past day, according to The Block's Avalanche Price Page.
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