Historical Update from Avalanche: What Will It Bring, How Will It Affect the Price? - Coin Bulletin

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**Avalanche, the prominent altcoin project in the cryptocurrency market, has initiated a major update.**The Avalanche team initiated a major update on the testnet on Monday. This upgrade, called "Avalanche9000", includes various technical improvements aimed at reducing network distribution costs by 99.9%.According to the press release, these innovations include the ACP-77 community proposal, which makes Avalanche Layer 1 validators more flexible, and the ACP-125, which aims to reduce basic fees by **96%**.Just as there are projects like **Optimism**, **Arbitrum**, and **Lido DAO** operating as L1-2 on the Ethereum network, Avalanche has paved the way for the derivation of similar projects on the network with this step.With the update, a grant program named **Retro9000** was also announced, providing **$40 million in support** to developers building **Layer 1 blockchains** and other tools on the **Avalanche9000** testnet.Aytunç Yıldızlı, CEO and Managing Director of Avalanche Foundation, stated the following in an interview with The Block:> The Etna update and Retro9000 are the result of years of ongoing work towards realizing Avalanche's vision. This vision is to create interconnected and interoperable networks built on high-performance and scalable blockchain technology.> > It emphasized that Avalanche's superior technology and innovative structure enable businesses to create fully customizable, interoperable, and fast transaction confirmation Layer 1 blockchains within the Avalanche ecosystem.#### AVAX price has started to riseAlong with the announcement, the AVAX price experienced a rapid rise from $38 to $48. This was recorded as a 24% increase. In parallel with the rise, meme coins based on Avalanche that have been silent for a long time have started to rise. Coq Inu (COQ) is leading the way among these meme coins.The production of more L-1 projects on the ecosystem can help increase the usage of AVAX in the medium and long term, thereby assisting in further price increase.