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Home»ADOPTION NEWS»Avalanche Network prepares for major upgrades and expansions in 2024
ADOPTION NEWS

Avalanche Network prepares for major upgrades and expansions in 2024

By Crypto FlexsSeptember 17, 20243 Mins Read
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Avalanche Network prepares for major upgrades and expansions in 2024
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Rebecca Moen
17 Sep 2024 02:08

Avalanche’s innovative multi-chain architecture and upcoming upgrades aim to increase blockchain customization and scalability to support enterprise, DeFi, gaming, and more.





According to Galaxy, Avalanche, a cutting-edge blockchain network, is set to undergo significant upgrades and expansions in 2024. A notable feature of the platform is its horizontal scaling approach, which allows for the creation of highly customizable and interoperable blockchains known as ‘L1’ (formerly known as subnets). This architecture supports a wide range of use cases, particularly in enterprise, DeFi, gaming, and consumer verticals.

Innovative architecture and rapid adoption

Launched in September 2020 by Ava Labs, Avalanche’s mainnet quickly gained traction with its high-performance EVM L1, ‘C-Chain’. The chain has become a popular choice for DeFi activity, reaching over $10 billion in TVL at its peak in 2021-22. The platform’s unique consensus mechanism allows for rapid transaction confirmation, typically in less than 2 seconds.

To differentiate itself from other EVM chains, Avalanche introduced ‘subnets’ in mid-2022. These customizable chains run parallel to the main network, giving developers the flexibility to configure the blockchain to their specific needs. Subnet builders can define execution logic, choose gas tokens, adjust fee structures, and manage validators. Avalanche also provides basic interoperability between blockchains and shared liquidity hubs via Warp Messaging/Teleporter.

Avalanche9000 upgrade coming soon

A major upgrade called Avalanche9000 is planned for late 2024. Part of the Etna initiative, this upgrade will significantly reduce the cost of launching a blockchain on Avalanche by replacing the current subnet model with ‘L1’. This new framework aims to accelerate subnet development and provide self-regulatory security for enterprise L1s to meet compliance requirements.

Target Growth Initiative

Avalanche’s ecosystem growth initiatives focus on DeFi, RWA/Tokenization, Gaming, and Arts/Culture markets. Notable partnerships and projects include collaborations with Deloitte for disaster recovery, California DMV for tokenized car titles, and JPMorgan and Citi for financial applications. These partnerships aim to validate Avalanche’s use cases by moving from proof of concept to production.

Competitive Environment and Challenges

Avalanche competes with platforms like Ethereum, Polygon, Cosmos, and Polkadot, each offering unique capabilities for launching application-specific blockchains. To remain competitive, Avalanche must attract quality projects and builders, especially in the face of the robust Ethereum L2 ecosystem.

Institutional and corporate adoption

Permitted subnets are positioned as a solution for regulated entities that require compliance. Avalanche’s customization capabilities provide a viable option for institutions to adopt, especially as regulatory guidelines evolve. The platform’s deep customization and managed deployments are acceptable in areas where privacy and control are required.

Technological advances and future prospects

Ava Labs has introduced tools for custom VM development, including the HyperSDK toolkit. While most public subnets currently utilize EVM, introducing a powerful custom VM will allow Avalanche to stand out in the Ethereum and L2 ecosystems. Key performance indicators for evaluating Avalanche’s health include L1 counts, total addresses, number of transactions, total contracts deployed, and gas consumed by L1.

Upcoming Events

Key events to watch for include Avalanche Summit LATAM in October 2024, Etna’s upgrade to Avalanche9000 by the end of the year, and Shrapnel game early access/general release scheduled for late 2024/early 2025.

Avalanche is positioning itself as a key player in the changing blockchain landscape by focusing on custom blockchain solutions while continuing to innovate and scale.

Image source: Shutterstock


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