Avalanche announces $40m grant program for L1 developers

Avalanche has established a new funding program to encourage developers working on the blockchain’s mainnet. The Avalanche avax6.76% ecosystem will benefit from this new $40 million funding program through the Avalanche Foundation’s ‘Retro9000’ initiative, which was launched on September 26.

A $40 million grant program

Retro9000 is a retroactive rewards scheme that encourages developers to contribute to the blockchain platform’s ecosystem growth by creating and deploying layer-1 chains on the Avalanche mainnet.

The program is part of the ‘Avalanche9000’ update, which aims to cut expenses connected with layer-1 blockchain deployment and maintenance on the mainnet. One important aspect of the planned upgrade is making it economically feasible for projects to start within the expanding subnets ecosystem.

According to Luigi D’Onorio DeMeo, chief operating officer at Ava Labs, the donation is part of an endeavour to help bootstrap Avalanche’s layer-1 ecosystem. Retro9000 offers early developers incentives to encourage the growth of their projects. Retro9000 encourages developers to build their projects publicly, which helps them gain community support. Projects

Avalanche’s DeFi ecosystem

The Avalanche DeFi group has recently benefited from the BOOST program. DeFi protocol Aave (aave1.07%) is one of the partners offering these prizes to the community. Others include Benqi Finance, Delta Prime, and GMX.

The Avalanche community will also profit from the introduction of SolvBTC to the network. SolvBTC is a yield-bearing Bitcoin (btc3.09%) cryptocurrency that is also available on Ethereum (ETH1.92%) and other networks. Solv Protocol’s SolvBTC integration adds the project’s decentralised Bitcoin reserves to Avalanche. Users in the ecosystem can now receive staking rewards for their Bitcoin holdings.

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