Retro9000 will specifically reward developers building L1 blockchains and related critical development tools on the Avalanche9000 testnet
Avalanche, the high-performance blockchain platform, announced the launch of Retro9000, an ambitious retroactive incentive program worth up to $40 million. This initiative is part of Avalanche9000, the largest upgrade to the Avalanche ecosystem to date.
AVAX managed to find solid support at $19.50 over the past few months, starting an accumulation phase from there that has led to the recent rally / TradingView
The current blockchain landscape offers numerous opportunities, but also presents technical hurdles that create economic and logistical limitations for building and deploying projects.
“Avalanche9000 is the culmination of years of development work to build a platform that can support fast, scalable, and connected L1 blockchains,” said Luigi D’Onorio DeMeo, COO of Ava Labs. “Building on this momentum, the Retro9000 incentivized testnet program attempts to jumpstart an L1 ecosystem and provide incentives to the most committed and pioneering developers to build their products.”
Retro9000: Rewarding Innovation
Retro9000 will specifically reward developers building L1 blockchains and related critical development tools on the Avalanche9000 testnet. Proposals will be displayed on a public leaderboard, powered by community votes that inform retro grant allocations. In this way, Retro9000 encourages developers to build publicly, gain community support, and test and launch projects to be rewarded.
Avalanche9000 will significantly lower the economic barrier to deploying an L1 blockchain. It will allow companies to get to market faster while creating a secure layer for builders of all sizes to experiment.
Avalanche9000: An Evolving Blockchain Ecosystem
The Avalanche9000 upgrade includes technical improvements such as the Etna Upgrade, ACP-77. This is a new network nomenclature, additional developer incentives, tools, community incentives, and the Core browser hub. Additionally, developers can benefit from Avalanche Layer 1 blockchains communicating with each other via Interchain Messaging (ICM). They will be able to share collective interoperability to build network effects.
“The upcoming upgrade will remove the requirement to validate the Primary Network, dramatically reducing the cost of deploying and maintaining an L1 blockchain on the Avalanche Network,” said Martin Eckardt, Director of Developer Relations at Ava Labs. “L1 validators will no longer have to stake large amounts of AVAX to join, giving thousands of projects access to a custom, interoperable blockchain built on a battle-tested technology stack at a low cost.”
For more details on Retro9000’s guidelines and to see who is eligible, visit avax.network/retro9000.
Avalanche Summit LATAM: The Future of Decentralized Finance
Those interested in learning more about Retro9000 and the Avalanche9000 upgrade can attend Avalanche Summit LATAM, taking place October 16-18, 2024 in Buenos Aires, Argentina.
AVAX Price Breaks Resistances, Aims for New Highs
The cryptocurrency market is witnessing a new bullish momentum, and Avalanche (AVAX) is among the main players. Over the past 24 hours, the AVAX price is experiencing a remarkable increase of 8.09%, trading at $28.56 at the time of writing.
This rally comes after the AVAX price broke above both the 25-day exponential moving average (EMA25) and the 50-day exponential moving average (EMA50), a bullish crossover known as the “golden cross.” This technical pattern suggests a change in the long-term trend and points to a possible new bull market for this cryptocurrency. AVAX was in a downtrend since March, as Bitcoin strengthened against alternative cryptocurrencies.
A solid floor and a promising future
AVAX managed to find solid support at $19.50 in recent months, starting from there an accumulation phase that has led to the recent rally. However, the price still faces a key challenge: breaking through the resistance at $30.60 and consolidating above this level.
Despite this obstacle, trading volume remains stable, indicating low volatility and increased investor confidence in the recent price rally. Over the past month, AVAX's gains are 22.59%, and over the past 12 months, the performance has been exceptional, reaching 213.8%.
Avalanche: A Leader in DeFi
Avalanche consolidated itself as a leader in the cryptocurrency market. Avalanche is one of the leading decentralized finance (DeFi) platforms, ranking ninth in the ranking of blockchains with the highest total value locked (TVL). With a TVL of $1.04 billion, Avalanche is experiencing a growth of 12.86% over the past month.
What is driving this rally?
Several factors could be contributing to the recent surge in AVAX price:
Golden Cross: The bullish crossover of the moving averages is a bullish technical signal that attracts investors.
Strong Fundamentals: The growth of the DeFi ecosystem on Avalanche and institutional adoption are key factors supporting the price.
Positive Market Sentiment: The growing interest in cryptocurrencies and the broader market recovery are also driving AVAX.
Disclaimer: Cryptocurrency investment carries a high level of risk and is not suitable for all investors. This article is for informational purposes only and does not constitute an investment recommendation.