As a seasoned analyst with years of experience in the crypto market, I find the Avalanche Foundation’s $40 million grant program, Retro9000, an intriguing move to stimulate development within their ecosystem. The concept of an incentivized testnet is not entirely novel, but it’s refreshing to see a more deliberate approach towards mainnet deployment, especially in the context of the highly anticipated Avalanche9000 upgrade.
The organization backing the Avalanche network is launching a $40 million grant initiative, aimed at incentivizing developers to create innovative protocols within the blockchain environment.
The Retro9000 software aims to motivate developers to create projects on Avalanche before the highly anticipated update, Avalanche9000, according to a statement by the Avalanche Foundation made public on Thursday.
Luigi D’Onorio DeMeo, COO at Ava Labs, explained in an interview with CoinDesk that their usual approach is to release a significant update first on the test network, then move it to the main network if everything checks out. Ideally, this leads to adoption. However, they plan to reverse this process slightly and extend the testing phase on the test network, which can be thought of as an incentivized trial run.
To construct projects on Avalanche, both builders and users are required to sign up with the Retro9000 platform. In return for their network engagement, users will be granted some voting tokens.
According to D’Onorio DeMeo, during the incentivized testnet, participants will be able to cast their votes effectively using the credits provided. This process will serve as a guide for the Avalanche Foundation to subsequently reward the participants with grants later on.
According to D’Onorio DeMeo, builders must initially deploy their projects on the main network in order to be eligible for the retroactive grant. This is a necessary requirement. The intention is to distribute a significant amount of funds, so that a strong pipeline of projects can be developed on the test network, ensuring there are numerous launches available when we transition to the main network.
According to predictions, the upcoming Avalanche9000 deployment will be the most significant upload on Avalanche since its mainnet debut in 2020. This new addition is anticipated to reduce costs, simplify customization, and streamline maintenance for launching Layer 1s on Avalanche.
It was revealed by D’Onorio DeMeo to CoinDesk that a specific launch date for Avalanche9000 hasn’t been established yet, however, it’s expected to be the testnet version that will debut in October.
After the incentivized test network concludes, we anticipate that individuals will launch their projects on the mainnet, and we plan to compensate them for their efforts in a retrospective manner.
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2024-09-26 16:23