TL;DR
- $40 Million Grant Program: The Avalanche Foundation has launched Retro9000, a $40 million initiative to incentivize developers to build on the Avalanche blockchain.
- Incentivized Testnet: Retro9000 will support layer-1 blockchain and developer tool creation through an incentivized testnet, where developers earn voting credits to guide grant distribution.
- Positive Impact on AVAX: The announcement has boosted AVAX’s price by nearly 7%, reflecting excitement about the Avalanche9000 upgrade and new project potential.
The Avalanche Foundation has announced the launch of Retro9000, a $40 million grant program aimed at incentivizing developers to build on the Avalanche blockchain. This initiative is part of the broader Avalanche9000 upgrade, which is set to be the largest upgrade since the network’s mainnet debut in 2020.
Retro9000: Up to $40m in retroactive grants for Avalanche L1s 🔺
This new grant program aims to reward developers who contribute to the testnet and launch their project on mainnet, empowering developers to do what they do best–innovate and build.
More on Retro9000 👇 pic.twitter.com/qNXzosMV14
— Avalanche 🔺 (@avax) September 26, 2024
Encouraging Innovation and Development
Retro9000 is designed to support developers who create layer-1 blockchains and critical developer tools on the Avalanche network. The program will operate as an incentivized testnet, where developers can register and build on Avalanche, earning voting credits based on their activity. These credits will allow the community to vote on the most promising projects, guiding the distribution of retroactive grants.
A New Approach to Blockchain Development
Luigi D’Onorio DeMeo, Chief Operating Officer at Ava Labs, explained that Retro9000 aims to elongate the testnet process, creating a robust pipeline of projects ready for mainnet deployment.
“Normally, you ship a big upgrade to testnet, and if everything looks good, you immediately ship it to mainnet,” said DeMeo. “We want to spin that on its head a little bit and elongate the testnet process, doing what you can call an incentivized testnet.”
Impact on AVAX Price
The announcement of Retro9000 has had a positive impact on the price of AVAX, the native token of the Avalanche ecosystem. Following the news, AVAX saw a significant price rally, rising nearly 7% in the past 24 hours. This surge is attributed to increased excitement about the Avalanche9000 upgrade and the potential for new projects to be launched on the network.
Looking Ahead
The Avalanche Foundation’s $40 million grant program is expected to foster innovation and attract a new wave of developers to the Avalanche ecosystem. With the testnet set to launch in October, the community eagerly anticipates the projects that will emerge from this initiative. As the network continues to evolve, Avalanche aims to solidify its position as a leading platform for blockchain development.
