Avalanche’s Major Update Slashes Fees by 25 Times

The Avalanche team has released a significant update, Avalanche9000, which reduces the cost of deploying Subnets by 99.9% and cuts transaction fees on the C-Chain—its network for Ethereum-compatible smart contracts—by 25 times.

Imagine what’s coming.

With Avalanche9000 hitting mainnet, building in web3 just got a lot easier and a lot cheaper. Especially if you want to build your own blockchain with your own token and your own rules.

It’s now easier to bring web3 to art, institutions, gaming,… https://t.co/PwiSlExfhY

— Avalanche Arts & Culture ?9000 (@CultureOnAvax) December 16, 2024

“Building Web3 has become much easier and cheaper. Especially if you want to create a blockchain with your own token and rules. […] Art, institutions, gaming, ticket sales, SocialFi, dapps for retail and loyalty,” the statement reads.

On November 25, developers launched a testnet, followed in December by a closed token sale of $250 million involving over 40 investment firms led by Galaxy Digital, Dragonfly, and ParaFi Capital.

Known as the Etna upgrade, it included seven improvement proposals.

One of them, ACP-77, introduced a new type of validator that is not required to confirm transactions on the mainnet. This reduced operational costs and the specifications for necessary equipment. Previously, validators had to stake at least 2000 AVAX (~$100,000).

ACP-77 reduced the base fee on the C-Chain from 25 nAVAX to 1 nAVAX (~$0.00000004), which “will lead to more efficient resource allocation and potentially higher network load.”

The implementation of the update did not affect AVAX’s dynamics. Over the past 24 hours, the cryptocurrency decreased by 2.1%, to $49.04.

The all-time high price was recorded at $144.9 in November 2021, 13 months after the mainnet launch.

TVL of the Avalanche ecosystem stands at $1.6 billion. By this measure, the project ranks 10th.

In October 2024, the team introduced an on-chain Visa payment card.