Altcoin Closely Followed by Turkish Investors Announces $40 Million Grant!

Avalanche, the altcoin closely followed by Turkish investors, announced its $40 million Retro9000 grant program.

The Avalanche Foundation is launching a $40 million grant program to reward developers who create new protocols in the blockchain ecosystem, CoinDesk reported.

Accordingly, the foundation launched Retro9000, a $40 million grant program to incentivize developers to build on the network ahead of the Avalanche9000 upgrade.

Ava Labs chief operating officer Luigi D'Onorio DeMeo said in a statement that developers must deploy to the mainnet and users must vote on projects during an extended testnet phase to qualify for retroactive grants.

Avalanche9000 is expected to be Avalanche’s largest install since its mainnet launch in 2020. This upgrade is expected to make launching tier 1s on Avalanche cheaper, easier to customize, and smoother to maintain.

D'Onorio DeMeo said that no date has been set yet for the Avalanche9000 upgrade, but the testnet will be launched in October.

Avalanche (AVAX), which reached as high as $60 in March, has fallen by over 50% from that level and continues to trade at $28.3 at the time of writing.

*This is not investment advice.