As a seasoned crypto investor with over a decade of experience in this dynamic market, I find myself increasingly intrigued by Avalanche (AVAX). The recent surge in price, coupled with promising developments on the platform, has solidified AVAX’s position as a long-term asset for me.
In recent times, Avalanche (AVAX) has been drawing increased attention from investors due to ongoing platform advancements that fuel growth. These advancements have put AVAX on the radar of bullish traders, causing a significant 25% price increase over the past fortnight. This upward trend solidifies AVAX’s status as a promising long-term investment.
It’s clear that Avalanche prioritizes expansion within blockchain technology, as evidenced by their latest announcement aimed at strengthening their presence in the Decentralized Finance (DeFi) sector. As these advancements progress, investors and traders holding AVAX tokens may find themselves in a beneficial position.
$40 Million Allotted For Retro9000 To Encourage L1 Growth
As a researcher delving into the world of blockchain technology, I’m thrilled to announce a groundbreaking initiative by Avalanche – the launch of its innovative grant program, Retro9000. This program is designed to recognize and incentivize developers who create projects on our testnet, Avalanche9000, and subsequently deploy their completed work on our mainnet.
Retro9000: Up to $40m in retroactive grants for Avalanche L1s
The recently announced grant initiative is designed to acknowledge and compensate developers for their work on the test network, as well as for launching their projects onto the main network. This encouragement enables developers to focus on their strengths – inventing and constructing new ideas.
More on Retro9000
— Avalanche (@avax) September 26, 2024
In their latest blog post, Avalanche notes that although the existing blockchain environment presents numerous possibilities, it’s also fraught with technical hurdles which lead to economic and operational constraints, making it tough to construct and launch projects effectively.
The software operates by scoring submissions on a public leaderboard, enabling developers to create work publicly, and fostering a community around their initiatives. Notably, the incentive system primarily recognizes developers who test and deploy their completed projects on the main network, thereby boosting the platform’s blockchain development.
Retro9000 focuses primarily on the imminent update of the Avalanche9000 network. This platform is designed to give developers of any scale an opportunity to experiment with the new development ecosystem, while keeping costs minimal through a $40 million funding initiative.
Core, a protocol for managing cryptocurrency wallets and portfolios, announced it will facilitate the upcoming network update called Avalanche9000. This upgrade incorporates the Interchain Messaging Protocol (ICM), which aims to streamline cross-chain communication, enhancing user experience on this platform by making it more seamless.
As you construct your Layer 1 (L1) or L1 tools on a test network, be aware that the Core team is working to streamline your development process by focusing on facilitating the transfer of assets across different blockchains and offering convenient access to testnet assistance. This should help reduce your development time significantly.
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?
On Avalanche, substantial advancements in on-chain development are underway. This progress has AVAX supporters aiming towards breaking the resistance at $30.11. Once that’s achieved, it could pave the way for a potential price rise to $33.08. If this happens, investors and traders stand to make substantial profits in the mid to long term.
As a researcher, I’ve noticed that the overall market trend leans bullish, but the intense and sustained rise in the price of AVAX over the last fortnight has strained its Relative Strength Index (RSI). This prolonged upward trajectory might potentially jeopardize AVAX’s short-term gains.
If the token fails to break through the $30.11 resistance point, the bullish momentum may find solace in the current support level of $26.79 for future price movements.
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2024-09-27 23:10