AVAX Ecosystem Experiences Surge After Avalanche9000 Reveal
The Avalanche (AVAX) ecosystem has seen a significant uptick in on-chain activity following the reveal of its most significant network upgrade since the protocol’s inception. According to a Messari report, the Avalanche Layer-1 blockchain witnessed substantial growth in key metrics during Q3 2024.
Key Performance Metrics in Q3 2024
In comparison to Q2 2024, Avalanche’s total value locked (TVL) increased by 66%, reaching $1.5 billion. This rise in TVL reflects the growing confidence in the AVAX ecosystem. Other notable metrics include:
- 18% increase in daily transactions across Avalanche’s sovereign Layer-1 blockchains.
- 31% surge in the stablecoin supply on AVAX.
Impact of the Avalanche9000 Upgrade
Much of this progress can be attributed to the Avalanche9000 upgrade, a network enhancement designed to simplify the launch of Layer-1 chains. The upgrade introduces several key improvements, including:
- Reducing traffic congestion on the network, enabling more scalable applications.
- Enhancing the Avalanche Consensus with proof-of-stake smart contract architecture, which supports an interconnected network of sovereign chains.
Developers expect that Avalanche9000 will provide a smoother experience for builders, encouraging innovation and expansion within the ecosystem.
Recent Developments and Roadmap
The Avalanche9000 upgrade was deployed to the AVAX Fuji testnet on November 24, 2024. Along with the upgrade, the protocol introduced millions in retroactive rewards for active users and community members. Developers plan to deploy the upgrade to the mainnet in 2025, marking a major milestone for the platform.
Retro9000: $40 Million Grant Program
In addition to the Avalanche9000 upgrade, Avalanche has announced a new initiative to support the growth of its ecosystem. The $40 million grant program, known as Retro9000, is designed to attract blockchain builders and foster the growth of Layer-1 projects within the AVAX ecosystem.
AVAX Price Surge and Market Sentiment
As a result of this on-chain growth, AVAX’s market performance has also seen a notable boost. The token has surged by 100% in the past 30 days, trading at around $48.45 as of December 2, 2024. This increase in price highlights the growing confidence in the Avalanche ecosystem, although AVAX’s price remains far below its all-time high of $144 in November 2021.
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