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As the market continues its bullish climb, Avalanche (AVAX) keeps on garnering investor interest as new developments drive growth on the platform. These developments have since placed AVAX on the crosshairs of the bulls leading to a 25% surge in price in the last two weeks, reinforcing the token’s position as a long-term asset.
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Avalanche’s focus on on-chain growth is made apparent by a recent announcement that will cement the platform’s position in the DeFi space. As time lets these developments mature, investors and traders holding AVAX might be in for a treat.
$40 Million Allotted For Retro9000 To Encourage L1 Growth
In an official X post, Avalanche reveals its new grants program named Retro9000. The program will reward developers who build projects on the Avalanche9000 testnet and deploy the finished product on the mainnet. This move comes as a way to “empower developers” on the platform, ensuring that development on Avalanche won’t cease.
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
“While the current blockchain landscape offers countless opportunities, it comes with technical roadblocks, creating economic and logistical limitations that make building and deploying projects challenging,” stated Avalanche in a recent blog post.
The program works by ranking submissions in a public leaderboard, allowing developers to build publicly, and allowing a community to form around their projects. However, the main focal point for the rewards system is the developers that test and ship their finished projects on the mainnet, further enhancing on-chain growth on the platform.
Retro9000 is mainly concerned on the upcoming Avalanche9000 network upgrade. The program allows developers of all sizes to keep try the new developer environment whilst keeping the economic barrier low through funding using the $40 million allotted for the program.
AVAX market cap currently at $12 billion. Chart: TradingView
The cryptocurrency wallet and portfolio protocol, Core, said it would support its upcoming network upgrade, Avalanche9000, which will feature the Interchain Messaging Protocol (ICM). It promises much easier crosschain communication, thereby improving the user experience on this platform.
Testnet builders, as you’re building out your L1 or L1 tooling on testnet, keep in mind that Core is helping cut your dev time by optimizing for the ability to move assets between chains and providing easy access to testnet support.
Read more about Core’s support of the ICM…
— Core 🔺 | Crypto Wallet & Portfolio (@coreapp) September 26, 2024
Avalanche: Investors Aim To Break Through $30.11 – Is This Possible?
With solid on-chain development occurring on Avalanche, AVAX bulls have set their eyes on the $30.11 resistance level which will open the door for a return on the $33.08 price level. If this occurs, investors and traders are in with huge gains in the medium to long-term.
Although the market environment is inherently bullish, the relative strength index (RSI) of the token remains strained by the near-constant upward trajectory that AVAX has followed in the past two weeks, possibly putting AVAX’s short term gains at risk.
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If the token does get rejected by the $30.11 resistance, the bulls can rely on AVAX’s present support level at $26.79 for long-term movement.
Featured image from Medium, chart from TradingView
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