Avalanche Secures $250M for Avalanche9000 Upgrade

user avatar

by Giorgi Kostiuk

2 years ago

Avalanche finalized a $250 million funding round on December 12 to support the implementation of the Avalanche9000 upgrade. The upgrade promises a significant reduction in blockchain deployment costs and improved scalability.

What is Avalanche9000?

Avalanche9000 is hailed as the network’s most significant upgrade to date. It aims to make Avalanche more developer-friendly, cost-efficient, and scalable, laying the groundwork for broader adoption across various industries. According to the company's announcement, the upgrade promises a 99.9% reduction in blockchain deployment costs. Developers can benefit from reduced upfront costs to launch their blockchains, with validators transitioning from a hefty one-time payment of 2,000 AVAX to a manageable monthly subscription of 1.33 AVAX. The upgrade is currently live in a testnet environment and set for its mainnet debut on December 16. Key features include: - Interchain Communication for seamless interactions between chains in the Avalanche ecosystem. - Developer Incentives with over $40 million in rewards for builders. - Scalability Enhancements supporting over 500 Layer-1 blockchains in development for applications ranging from DeFi to gaming.

A single chain cannot cater to all use cases, no matter how fast you make it. The only winning architecture is multi-chain.Avalanche cofounder, Emin Gün Sirer

Decentralized Finance and Gaming Momentum

Avalanche’s Total Value Locked (TVL) has surged to $1.65 billion, its highest in nearly two years, reflecting its increasing appeal within the decentralized finance (DeFi) ecosystem. Projects like DeFi Kingdoms and Dexalot are contributing to its rising prominence. In gaming, Avalanche has made notable strides. "Off The Grid," a battle royale game built on Avalanche, became the most downloaded free game on the Epic Games store in October.

Institutional Commitment

Institutional adoption is also on the rise. BlackRock’s USD Institutional Digital Liquidity Fund, valued at $561 million, recently expanded to Avalanche from Ethereum. Similarly, Franklin Templeton’s OnChain US Government Money Market Fund has added Avalanche to its platform.

The Avalanche9000 upgrade promises to bring significant changes to the ecosystem, making it more attractive to developers and investors. The $250 million in funding provides Avalanche with the opportunity to greatly expand its capabilities and increase its competitiveness.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

US Spot Bitcoin ETFs See Major Inflows After Quiet Week

US spot Bitcoin ETFs saw a remarkable inflow of nearly $100 million on Monday, marking a significant turnaround from the previous week.

user avatarKofi Adjeman

Circle Raises $100 Million from Binance through Share Sale

Circle has raised $100 million by selling shares to Binance as part of a commercial agreement to promote USDC.

user avatarNguyen Van Long

Circle and Binance Extend Partnership with New Agreement

Circle and Binance have renewed their partnership with a new agreement that replaces previous contracts. This arrangement allows Binance to hold shares in Circle while promoting the USDC stablecoin on its platform.

user avatarSatoshi Nakamura

Coincheck Group Announces Leadership Change

Coincheck Group has confirmed the resignation of Executive Chairperson Takashi Oyagi, effective September 21, for personal reasons, and has approved a new leadership transition structure.

user avatarJesper Sørensen

MEXC Launches Initiatives to Enhance Access to Financial Markets

MEXC has launched several initiatives, including the Trade Wall Street, Without Walls campaign, to enhance access to traditional financial markets.

user avatarRajesh Kumar

MEXC Introduces Stock Trading Handbook for Crypto Traders

MEXC has launched the Stock Trading Handbook to assist crypto traders in transitioning to the stock market as part of its Opportunity Compass initiative.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.