The post Avalanche (AVAX) regains $50 after Avalanche9000 main net launch appeared on BitcoinEthereumNews.com.

Avalanche (AVAX) renewed its approach as a L1 chain, after the launch of Avalanche9000. The project moves from its structure of several specialized chains and subnets to a new, fast network.  AVAX recovered above $50 after the official launch of Avalanche9000. The new network has been in testing since November 25, and only took weeks to reach the official launch as a new L1.   The launch arrives just days after Avalanche secured a $250M funding round from over 40 VC funds with the goal of supporting the updated Avalanche9000 chain.  Avalanche9000 is an upgrade that has been in the making for a long time. The changes are based on multiple community proposals, which were implemented in the launch, also known as the Etna upgrade event.  After the upgrade, AVAX recovered to $50.21, on the verge of re-joining the top 10 coins and tokens. AVAX was at one point seen as a competitor to Solana, though the chain was left with an older collection of apps.  Ahead of the Avalanche9000 upgrade, the chain also saw a boost in its activity. In November, Avalanche produced $1.5M in fees, while previous months ranged under $800K. After the renewed gas structure, Avalanche and its validators will have to adapt to a permanently lower gas income. Tether (USDT) made up more than 25% of activity on Avalanche as a share of total transactions. Circle’s USDT takes around 10% of transactions, pointing toward DEX swaps as the major source of Avalanche income. Trader Joe and Odos swaps make up another 10% of the network’s transactions.  Avalanche to offer more accessible launches to Web3 startups Before Avalanche9000, the project carried a complex mix of validator chains, as well as C-Chain, an EVM-compatible network tailored for gaming and Web3. Avalanche was one of the projects to offer curation…

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Filed under: News - @ December 16, 2024 10:19 pm