Avalanche presented a $40 million funding program meant to boost Layer-1 blockchain development
Launching a $40 million funding program targeted at developers concentrated on creating layer-1 (L1) blockchains, Avalanche is significantly stepping forward to improve its ecosystem. Declared on September 26, this initiative, Retro9000, is a component of Avalanche9000, a bigger update meant to expedite blockchain development.
Retro9000 will pay developers who build L1 chains and necessary tools money incentives on the Avalanche9000 testnet. With this project, Avalanche hopes to build a lively community of inventors capable of adding novel ideas to the blockchain scene.
Avalanche officials claim that this improvement marks the most significant change in the network’s past and closely corresponds with the original goal expressed in its basic policies. The aim is to build a robust pipeline of developers able to provide innovative goods and services to a larger market.
Submissions for this award program will be ranked on a public scoreboard, therefore allowing the community to vote and shape grant distribution. This strategy motivates developers to interact with the community and present their ideas to the public, therefore supporting them in the direction of their objectives.
Funding the Retro9000 initiative is the Avalanche Foundation, a committed group aiming in advancing the Avalanche blockchain’s acceptance and development. The project seeks to motivate developers to test and introduce important parts meant to strengthen the Avalanche ecosystem.
The Chief Operating Officer of Ava Labs, Luigi D’Onorio DeMeo, underlined that by rewarding early-stage creators, the Retro9000 initiative seeks to build a thriving L1 ecosystem. We expect this teamwork to inspire creativity and help new initiatives to be realized.
Furthermore, community engagement is quite important for this project as user votes will significantly decide which developers get funds. Although the Avalanche Foundation has last say for distribution, the choice process depends much on community feedback.
This grant program marks only the beginning of a series of projects meant to guarantee the success of the Avalanche 9000 upgrade and the continuous increase of the blockchain’s capacity as Avalanche keeps releasing improvements.
