🌎 Avalanche Sees Surge in On-Chain Activity

Avalanche Network Sees Uptick in On-Chain Activity Following Major Upgrade

The Avalanche ecosystem has witnessed a significant surge in on-chain activity, following the announcement of its biggest network upgrade since its launch. According to a recent report, the Avalanche network experienced an uptick in quarter-on-quarter metrics during Q3 2024.

The total value locked in the Avalanche ecosystem reached $1.5 billion, representing a 66% increase compared to the year’s second quarter. Daily transactions across sovereign layer-1 blockchains on Avalanche grew by 18%, while the stablecoin supply on AVAX surged by 31%.

Avalanche9000 Upgrade Spurs Growth

The growth in AVAX user progress is attributed to the Avalanche9000 upgrade, designed to simplify the process of launching a layer-1 blockchain. This upgrade will allow more builders to innovate with scalable technology without suffering from traffic congestion issues.

Avalanche uses a proof-of-stake smart contract architecture to power its “Avalanche Consensus,” a mode that supports an interconnected network of sovereign layer-1 chains. The Avalanche9000 upgrade shipped to AVAX’s Fuji testnet on November 24, along with millions in retroactive rewards for active users and community members.

Retro9000 Grant Program to Attract Blockchain Founders

Furthermore, Avalanche announced a $40 million grant program for layer-1 builders, dubbed “Retro9000.” This initiative aims to attract blockchain founders to AVAX’s burgeoning ecosystem.

Tips for AVAX investors:

Keep an eye on the deployment of the Avalanche9000 upgrade to mainnet, expected sometime in 2025.
Monitor the growth of the Avalanche ecosystem, including the increase in total value locked and daily transactions.
Consider the potential impact of the Retro9000 grant program on the adoption of AVAX.

AVAX Market Price Surges

The on-chain growth for AVAX has also filtered into the token’s market price. AVAX has surged 100% in the last 30 days and traded around $48.45 on December 2. The token last changed hands at its all-time high of $144 in November 2021.