Avalanche Foundation Announces $40 Million Grant For Layer-1 Blockchain Development

According to Cointelegraph, the Avalanche Foundation has announced a $40 million grant to support developers creating layer-1 blockchains on the Avalanche network. On September 26, Avalanche introduced 'Retro9000,' a retroactive grant program designed to support its latest upgrade, 'Avalanche9000.' This upgrade aims to provide developers with a more straightforward and cost-effective way to create L1 blockchains. An Avalanche spokesperson highlighted that this upgrade is the largest in the network's history and aligns closely with the original vision outlined in its white paper. The spokesperson emphasized that the grant program aims to build a robust pipeline of developers who view new technical solutions as a means to deliver their products or businesses to a broader audience. The Retro9000 grant program will reward developers who build L1 chains and essential developer tools on the Avalanche9000 testnet. Submissions will be ranked on a public leaderboard, with community votes guiding the distribution of retroactive grants. The program encourages developers to build publicly, gain community support, and test and launch projects to receive rewards. Funded by the Avalanche Foundation, the grant program aims to incentivize the testing and launching of foundational ecosystem building blocks on Avalanche. Luigi D’Onorio DeMeo, the chief operating officer at Ava Labs, stated that the Avalanche9000 upgrade is the result of years of development work. He noted that the Retro9000 incentivized testnet program seeks to bootstrap an L1 ecosystem and provide early and engaging developers with incentives to build their products. The spokesperson also stressed the importance of community votes for developers seeking rewards from the grant program. While the Avalanche Foundation has the final discretion in rewarding builders, community votes and the leaderboard are key considerations. The spokesperson added that this is just the first of many programs aimed at ensuring the success of the Avalanche9000 upgrade.