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As the market continues its bullish climb, Avalanche (AVAX) continues to capture investor interest as new developments drive growth on the platform. These developments have since put AVAX in the bulls’ crosshairs leading to a 25% price increase in the past two weeks, strengthening the token’s position as a long-term asset.
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Avalanche’s focus on on-chain growth is made clear by a recent announcement that will strengthen the platform’s position in the DeFi space. As the time ripens for these developments, investors and traders who own AVAX may be in for a treat.
$40 million allocated to Retro9000 to drive L1 growth
In an official X post, Avalanche reveals its new subsidy program called Retro9000. The program rewards developers who build projects on the Avalanche9000 testnet and deploy the final product to the mainnet. This move is intended as a way to empower developers on the platform and ensure that development on Avalanche will not stop.
Retro9000: Up to $40 million in retroactive grants for Avalanche L1s 🔺
This new grant program aims to reward developers who contribute to the testnet and launch their project on the mainnet, allowing developers to do what they do best: innovate and build.
More about Retro9000 👇 pic.twitter.com/qNXzosMV14
— Avalanche 🔺 (@avax) September 26, 2024
“While the current blockchain landscape does offer that The possibilities are endless and it presents technical obstacles, creating economic and logistical constraints that make building and deploying projects challenging,” Avalanche said in a recent publication. blog post.
The program works by ranking submissions on a public leaderboard, allowing developers to build publicly and build a community around their projects. However, the main focus for the reward system is the developers who test and ship their completed projects on the mainnet, further improving on-chain growth on the platform.
Retro9000 is especially concerned about the upcoming Avalanche9000 network upgrade. The program allows developers of all sizes to continue trying out the new developer environment while keeping the economic barrier low through funding using the $40 million allocated for the program.
The cryptocurrency wallet and portfolio protocol, Core, said it would support the upcoming network upgrade, Avalanche9000, which will include the Interchain Messaging Protocol (ICM). It promises much easier crosschain communication, improving the user experience on this platform.
Testnet builders, as you build out your L1 or L1 tooling on testnet, keep in mind that Core helps you reduce your development 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…
— Kern 🔺 | Crypto wallet and portfolio (@coreapp) September 26, 2024
Avalanche: Investors Aim to Break $30.11 – Is This Possible?
With solid on-chain development taking place on Avalanche, AVAX bulls have their eyes on the $30.11 resistance level, which will open the door for a return at the $33.08 price level. If this happens, investors and traders will make huge profits in the medium to long term.
While the market environment is inherently bullish, the token’s relative strength index (RSI) remains under pressure from the near-constant upward trajectory that AVAX has been on over the past two weeks, potentially putting AVAX’s short-term gains at risk.
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If the token is rejected by the resistance at $30.11, the bulls can rely on AVAX’s current support level at $26.79 for long-term movement.
Featured image from Medium, chart from TradingView
