The Avalanche network is launching a groundbreaking $40 million grant program to incentivize developers to create new protocols within the blockchain ecosystem. This initiative, called Retro9000, aims to stimulate innovation on Avalanche in anticipation of the highly-anticipated Avalanche9000 upgrade. The Avalanche Foundation announced this program in a recent press release, highlighting its commitment to fostering growth and development within the blockchain community.
In an interview with CoinDesk, Luigi D’Onorio DeMeo, the chief operating officer at Ava Labs, the primary developer firm behind Avalanche, explained the unique approach of Retro9000. Instead of rushing the upgrade to mainnet after testing on the testnet, the program will extend the testnet phase and offer incentives to developers. This incentivized testnet will allow builders and users to register on the Retro9000 platform, where they will receive voting credits based on their activity within the network.
D’Onorio DeMeo elaborated on the process, stating that users can utilize their voting credits to support builders during the incentivized testnet. These votes will serve as signals for the Avalanche Foundation to retroactively grant rewards to participants post-launch. However, to be eligible for the retroactive grant, builders must eventually deploy their projects on mainnet. This prerequisite aims to ensure a robust pipeline of projects on the testnet, ready for launch when Avalanche9000 goes live.
Avalanche9000 is poised to be the network’s most significant upgrade since its inception in 2020. This upgrade is designed to streamline the process of launching layer 1s on Avalanche, making it more cost-effective, customizable, and easier to maintain. The native token of the Avalanche network, AVAX, has experienced a 29% decrease in value this year, contrasting with the 13% increase in value of Ethereum’s ETH.
While the official release date for Avalanche9000 has not been confirmed, the testnet is scheduled to launch in October, according to D’Onorio DeMeo. Following the closure of the incentivized testnet, developers are encouraged to deploy their projects on mainnet to receive retroactive rewards. This approach aims to cultivate a vibrant ecosystem of projects on Avalanche, ready for deployment on mainnet.
Subheadings:
The Retro9000 Grant Program: Fostering Innovation on Avalanche Avalanche9000: Revolutionizing the Blockchain Ecosystem The Future of Avalanche: Incentivizing Development and Growth
The Future of Avalanche: Incentivizing Development and Growth
The Avalanche Foundation’s Retro9000 grant program represents a significant step towards fostering innovation and growth within the blockchain ecosystem. By incentivizing developers to build on Avalanche and rewarding their contributions, this initiative aims to position the network as a hub for cutting-edge blockchain solutions. With the upcoming Avalanche9000 upgrade set to revolutionize the blockchain landscape, the future looks bright for Avalanche and its growing community of developers and users.