Avalanche Launches Major Upgrade
Date: 2024-12-18 Author: Henry Casey Categories: BLOCKCHAIN
The Avalanche team has unveiled a major upgrade to the mainnet — Avalanche9000. This upgrade is the largest in the project’s history, aimed at improving performance and reducing costs.
One of the key changes was a 99.9% reduction in the cost of deploying subnets. Now, developing subnets that function as independent blockchains within the Avalanche ecosystem has become easier and more cost-effective. Thanks to this, the project will be able to attract more developers and companies interested in creating specialized solutions.
“The upgrade has opened up new opportunities for Web3 adoption in areas such as art, gaming, ticketing, SocialFi, and loyalty systems,” the Avalanche team noted.
Transaction costs on C-Chain, the main chain that supports Ethereum-compatible smart contracts, have also significantly decreased. With the introduction of the new mechanism, transaction costs have decreased by 25 times, which makes the network more attractive to developers and users.
The testing process for the update began on November 25 with the launch of a test network, which allowed users to get acquainted with the new features. In December, Avalanche held a closed token sale for $250 million, which attracted more than 40 large investors, including Galaxy Digital, Dragonfly, and ParaFi Capital.
The Avalanche9000 update promises not only to simplify the use of the network, but also to expand its ecosystem. Reducing costs makes the platform attractive to startups and large companies looking to develop scalable blockchain solutions.
However, despite the scale of the update, the market reaction was moderate. The price of the AVAX token rose to $50.75, but then returned to $50.13. Nevertheless, over the past month, the value of AVAX has grown by 30%, and the market capitalization has reached $20.5 billion, providing the token with 11th place among the largest cryptocurrencies.
According to DefiLlama, the total value locked (TVL) on the network is approaching $1.6 billion, indicating positive changes in the Avalanche ecosystem.
