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As the market continues its ascent, Avalanche (AVAX) continues to gather investor interest as new developments fuel growth on the platform. These changes have since put AVAX in the crosshairs of the bulls the best to a 25% price increase in the past two weeks, which reinforces the token’s position as a long-term asset.
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Avalanche’s focus on chain growth is made evident by a recent announcement that will strengthen the platform’s position in the DeFi space. As time allows these changes to mature, investors and traders holding AVAX may benefit.
$40 Million Allocated to Retro9000 to Fuel L1 Growth
On the official X post, Avalanche revealed Its new grant program is called Retro9000. The program will reward developers who build projects in Avalanche9000 testnet and then deploy the finished product to the mainnet. The move comes as a way to “empower developers” on the platform, ensuring that development on Avalanche will not stop.
Retro9000: Up to $40m in active grants for Avalanche L1s 🔺
This new grant program aims to reward developers who contribute to the testnet and launch their project on the mainnet, empowering developers to do what they do best—invent and build.
More on Retro9000 👇 pic.twitter.com/qNXzosMV14
– Ice 🔺 (@avax) September 26, 2024
“While the current blockchain landscape offers a wealth of opportunities, comes with technical roadblocks, creating economic and operational limitations that make building and deploying projects challenging,” Avalanche said in a recent statement. blog post.
The system works by listing posts on a community leaderboard, allowing developers to build publicly, and allowing a community to build around their projects. However, the main focus of the rewards program is developers testing and submitting their completed projects to the mainnet, which further boosts the on-chain growth of the platform.
Retro9000 is very concerned about the development of the upcoming Avalanche9000 network. The program allows developers of all sizes to try out a new developer space while keeping the economic barrier low with funding using the $40 million allocated to the program.
The cryptocurrency wallet and portfolio protocol, Core, said will support its next network upgrade, Avalanche9000, which will feature the Interchain Messaging Protocol (ICM). It promises the easiest crosschain communication, thus improving the user experience on this platform.
Testnet developers, as you build L1 or L1 tools on a testnet, remember that Core helps shorten your dev time by providing the ability to move assets between chains and providing easy access to testnet support.
Learn more about Core’s support for ICM…
— Total 🔺 | Crypto Wallet & Portfolio (@coreapp) September 26, 2024
Avalanche: Investors Aim to Break $30.11 – Is This Possible?
With the strong on-chain development occurring in Avalanche, AVAX bulls have set their sights on the $30.11 resistance level which will open the door for a return to the $33.08 price level. When this happens, investors and traders have huge profits over the long term.
Although the market environment is bullish in nature, the relative strength index (RSI) of the token remains depressed by the constantly rising trajectory followed by AVAX in the last two weeks, which may put AVAX’s short-term gains at risk.
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If the token rejects the resistance of $30.11, the bulls can rely on the current support level of AVAX at $26.79 for a long-term move.
Featured image from Medium, chart from TradingView