As a seasoned crypto investor with a knack for spotting potential and navigating market fluctuations, I find myself intrigued by the Avalanche9000 network overhaul. The simplicity and cost reduction it promises are undeniably attractive to developers and projects looking to establish their blockchain networks. However, as we’ve learned time and again in this wild crypto rodeo, price performance doesn’t always align with technological advancements.
The Avalanche Foundation has rolled out its largest network update yet, called Avalanche9000. This update brings about the Etna upgrade to their mainnet. This significant change in the Avalanche ecosystem simplifies the process for launching Layer 1 blockchains, replacing the intricacies of the previous Subnet system.
AVAX’s price remained largely unfazed despite the major overhaul.
Avalanche9000: The Network Overhaul
As stated on the official site, Etna serves as an upgrade to the previous Subnet model that faced criticism for its steep staking requirements and high operational costs for validators. With Avalanche9000, creators now have the ability to launch Layer 1 blockchains at a faster pace with greater autonomy, enjoying significantly lower expenses – approximately 99.9% reduction in L1 deployment costs and an 84% decrease in C-Chain fees.
The upgrade also introduces more flexibility, offering customizable staking mechanisms, gas fees, tokens, and compliance options, including geo-restrictions. These improvements remove significant economic and technical barriers and instead empower developers to tailor their networks to specific use cases.
Beyond this, Avalanche9000 incorporates Interchain Messaging (ICM) to enhance compatibility among chains, promoting seamless interaction within the entire system. Simplifying the process of creating and managing blockchains, Avalanche aims to entice a greater number of projects onto its platform by doing so.
On November 25, the Avalanche9000 platform was introduced on its test network called “Fuji.” Not long before the main network deployment, Avalanche announced a private token sale worth $250 million. This sale was headed by significant investors such as Galaxy Digital, Dragonfly, and ParaFi Capital, with more than 40 firms participating in it.
Distinguished contributors to the fundraising event were companies such as SCB Limited, Republic Capital, Lvna Capital, Hivemind, Big Brain Holdings, Morgan Creek Digital, Hypersphere, FinTech Collective, SkyBridge, along with several others.
AVAX’s Underwhelming Performance
To begin the year 2024, Avalanche (AVAX) showed a robust start, reaching a peak of $65.39. Unfortunately, this height was not sustained as the price plummeted and has since struggled to reclaim those levels. In an effort to bounce back in November, AVAX saw some recovery but has yet to regain its earlier peaks.
During December, while many alternative cryptocurrencies experienced notable surges, Avalanche’s performance was relatively subdued. According to recent figures, the token has registered a weekly growth of 9.28%, currently trading at approximately $50.18.
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2024-12-17 21:26