30s Summary

Avalanche network is preparing for a major update, Avalanche9000, currently live on the Fuji testnet, which is set to unlock $40 million for the developer community. The upgrade reduces deployment costs by 99.9%, facilitates inter-chain communication, and includes improvements from the Etna Upgrade and community proposals. Avalanche’s subnets are being renamed to layer-1s and can offer different levels of validator control and rewards. Over 500 L1s are already being developed for various uses, and Avalanche hopes this update will increase interoperability and ease of use for developers.

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Avalanche network is going through a seriously massive update – the biggest since it first came out! With this, a whopping $40 million is about to be unlocked for its community. Avalanche9000 is currently live on the Fuji testnet and is gearing up to be launched in the next few months. What does it bring? Well, it shaves off deployment costs by 99.9%, allows communication between different chains and unlocks a cool $40-million reward for developers.

This update uses tech improvements from the Etna Upgrade and includes ideas from ACP-77 and ACP-125 community proposals as well. One key change is the renaming of Avalanche’s subnets to layer-1s. Avalanche says nothing much changes in terms of how its subnets work – they will still scale horizontally rather than build dependencies on custom blockchains.

Avalanche’s L1 networks can be either permissionless or permissioned and each type will offer varying degrees of control over validator participation and rewards. In other good news, validators of subnets – now rebranded as L1-only-validators – do not need to stake 2,000 Avalanche (AVAX) tokens or sync with the Avalanche Primary Network. They’ll just pay a constant fee based on the number of validators. Avalanche network assures that this fee per second will be a big money-saver for validators.

The Etna upgrade also hands over management of validator sets within the Avalanche network from the centralized Avalanche P-Chain to individual L1s through a ValidatorManager smart contract. This switch gears the L1 networks towards more independence and decentralization, as they can set their own rules and incentives.

Over 500 L1s are already under development on both testnet and mainnet, with uses from gaming and payment solutions to institutional research.

With this upgrade, Avalanche is aiming to enhance interoperability and make life easier for developers. Currently, the total value locked in Avalanche is approximately $1.4 billion, almost 10% of its highest volume in November 2021, which was $11.1 billion.