- On Monday, Avalanche released its eagerly awaited Avalanche9000 update, which includes enhancements that enable launching “subnet” blockchains more affordable and straightforward.
- The action was taken soon after $250 million was raised by the Avalanche Foundation to fund network development.
According to a statement, Avalanche, the Layer 1 blockchain that is application-friendly, released its much awaited Avalanche9000 update on Monday. Among the many new features included in the update are enhancements that make it simpler to build “subnet” blockchains and less expensive to operate smart contracts.
The launch of hundreds of Avalanche L1s is about to begin. With hundreds of L1s being created on the testnet, Avalanche9000 lowers the cost of deploying an L1 by 99.9%. In the upcoming months, expect an explosion of launches.
In a blog post, the team clarified that Avalanche9000 is the biggest network upgrade to date. Improvement proposals ACP-77, which modifies the way validators function, and ACP-125, which reduces the base fee on Avalanche’s primary “C-chain” network, are included in the update.
Specifically, when verifying individual subnets, validators will no longer need to validate the main chain, which will save hardware requirements and operational expenses. To put things in perspective, the prior approach required Avalanche validators to stake a minimum of 2000 AVAX tokens, or about $100,000, in order to validate the primary network.
According to the developers, enabling chains to operate independently of the main network and have their own validator sets “greatly reduces the upfront cost to bootstrap a project, and also allows different regulation and jurisdiction requirements to be met.” The “Etna” upgrade is the name given to this section of the 9000 upgrade.
A collection of nodes that cooperate to verify transactions on one or more independent blockchains is known as an avalanche subnet. Subnets, like other “blockchain-as-a-service” tools, can be tailored to meet certain use cases and establish their own tokenomics.
According to Avalanche Community Proposal 125, the base cost on Avalanche’s C-chain, which is the primary smart contract chain, will also be lowered from 25 nAVAX to 1 nAVAX, or roughly $0.000004,000.
Due to the present minimal base fee of 25 nAVAX being higher than what the market requires, network utilization has been artificially decreased. We let the market choose the right cost levels by reducing the minimum base fee to 1 nAVAX, which could lead to more effective resource allocation and increased network usage.
Three distinct blockchains make up the multi-chain network Avalanche, each of which is intended for a certain function. The Platform Chain organizes validators and subnets, the Contract Chain carries out smart contract execution, and the Exchange Chain, also known as X-chain, oversees the production and trading of digital assets.
In November, Avalanche, which says it supports more than 500 Layer 1 blockchains, released the Avalanche9000 testnet, offering developers who build on the network more than $40 million in retroactive benefits.
To fund the implementation of the upgrade, the Avalanche Foundation received $250 million last week through a closed token sale spearheaded by Galaxy Digital, Dragonfly, and ParaFi Capital.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
