AVAX has seen a significant surge in price following the launch of the Avalanche Foundation’s $40 million Retro9000 grant program, which is aimed at incentivizing the creation of layer-one blockchains. In addition to improving AVAX’s market performance, the grant program aims to spur innovation as the Avalanche9000 upgrade approaches.

The Retro9000 grant program, which was announced by the Avalanche Foundation on September 26, 2024, is designed to empower developers to build the underlying infrastructure on the Avalanche network. The initiative coincides with the upcoming Avalanche9000 upgrade, which is billed as the platform’s most significant improvement since its mainnet launch in 2020. Retro9000 aims to reduce the economic barriers faced by developers, allowing them to experiment, innovate, and ultimately contribute to the growing Avalanche ecosystem.

Following the announcement of the Retro9000 grant program, the price of AVAX has seen a significant increase, trading at around $29.21 after a 4.5% gain in the last 24 hours, along with an impressive 226.3% gain over the last year. The 24-hour trading volume has also increased by 8.82% to around $517 million, indicating increased investor interest. The trading landscape has also seen significant derivatives activity, with open interest rising by 7.15% to $270.41 million.

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