Avax Network Upgrade: Avalanche9000 Revolutionizes Blockchain Creation and Interoperability
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Everything You Need to Know About Avalanche9000 Network Upgrade with Etna on Mainnet
The Avalanche Foundation has recently launched its most significant network upgrade to date, introducing the Etna upgrade to its mainnet. This major overhaul marks a fundamental shift in the Avalanche ecosystem by simplifying the process of launching Layer 1 blockchains, removing the complexities of the previous Subnet model.
Avalanche9000: Simplified Blockchain Creation
The new upgrade replaces the existing Subnet model, which had been criticized for its high staking thresholds and operational costs for validators. With the introduction of Avalanche9000, developers can now quickly spin up Layer 1 blockchains independently, with drastically reduced costs – a whopping 99.9% decrease in L1 deployment expenses and a 96% drop in C-Chain fees.
Avalanche9000 also brings more flexibility to the table by offering customizable staking mechanisms, gas fees, tokens, and compliance options, including geo-restrictions. These enhancements eradicate significant economic and technical barriers and empower developers to tailor their networks according to specific use cases.
Moreover, Avalanche9000 incorporates Interchain Messaging (ICM) and boosts interoperability between chains, fostering a smoother communication environment across the ecosystem. By simplifying blockchain creation and governance, Avalanche aims to attract more projects to its platform.
Avalanche9000 Launched on Fuji Testnet
The upgrade was first launched on the Avalanche “Fuji” testnet on November 25. Just days before the mainnet rollout, Avalanche announced a $250 million locked-token sale led by prominent investors, including Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 companies participating.
Notable participants in the token sale included SCB Limited, Republic Capital, Lvna Capital, Hivemind, Big Brain Holdings, Morgan Creek Digital, Hypersphere, FinTech Collective, SkyBridge, and others.
AVAX Price Underwhelming Performance
Meanwhile, AVAX has had a lackluster performance recently. It started 2024 strong but quickly dropped off and failed to regain its previous highs. Despite an attempt at recovery in November, the token has been unable to bounce back. As of the latest data, AVAX’s price stands at $50.18, with a weekly increase of 9.28%.
Source: cryptopotato.com
