- Avalanche’s $40M Retro9000 program incentivizes blockchain developers to build Layer 1 chains on its new testnet.
- Developers earn grants through community votes, promoting transparent and community-driven blockchain innovation.
As predicted earlier by CNF, Avalanche (AVAX) might retract in October after unlocks. On September 26, the Avalanche Foundation announced a $40 million grant program aimed at encouraging developers to build Layer 1 (L1) blockchains. This initiative, part of the “Retro9000” program, is designed to promote the creation of L1 blockchains on the Avalanche9000 testnet, the latest upgrade to the network.
This significant update simplifies blockchain development, making it more efficient and cost-effective, and aligns with Avalanche’s vision of a scalable blockchain ecosystem.
Introducing the Retro9000 Program
As shared in a recent tweet from Avalanche, the Retro9000 program isn’t just about an upgrade; it’s a comprehensive system offering retroactive grants to developers who build L1 chains and essential tools.
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
Developers will receive rewards based on community votes via a leaderboard, making community engagement a key element of the program. This setup incentivizes developers to build transparently, earning community support, which directly impacts their chances of receiving grants.
Developers working on Avalanche enjoy several advantages, such as the ability to build custom blockchains, control staking economics, and integrate regulatory compliance. The Avalanche9000 upgrade enables full customization, including gas tokens and permissionless validator sets.
Notable companies like Deloitte and DeFi Kingdoms have already deployed L1s on Avalanche, further supported by the Avalanche Interchain Messaging (ICM) system, which connects all L1s in the network to share liquidity and resources.
Avalanche9000 Launch Event and Market updates
The official launch of the Avalanche9000 testnet will take place at the Avalanche Summit LATAM in Buenos Aires, from October 16 to 18, 2024. This event offers developers a chance to explore the future of Avalanche and marks the beginning of the Retro9000 program.
With opportunities to earn grants and participate in this innovative phase, developers are encouraged to get involved in the network’s latest upgrade. Avalanche (AVAX) is trading at $29.04, having surged 5.68% in the past day and 7.09% in the past week. See AVAX price chart below.
