Join us for an exciting conversation with Matt Schmenk, Sr. BD Associate at Ava Labs, as we dive deep into the latest in the Avalanche ecosystem! From the power of Avalanche L1s to the groundbreaking Avalanche 9000 vision, and a look at Cogitus by Zeeve, we cover it all.
š¹ Why Avalanche L1s are a game-changer š¹ Whatās next with Avalanche 9000? š¹ How Cogitus is shaping the future of decentralized infrastructure š¹ Exclusive updates & behind-the-scenes insights from Ava Labs
Whether you're a developer, investor, or just an Avalanche enthusiast, this is a must-watch! Donāt miss outālike, subscribe, and hit the notification bell šļø to stay updated on all things Avalanche.
00:00Hi everyone, we are at the Zeev role of AppChain Day and I have the right person for the AppChains today.
00:08I have Matt from Avalanche and if you know already that Avalanche has released one of the biggest updates ever.
00:14It's Avalanche L1s, but I'll not talk about it because I have the right person.
00:19So Matt, L1s, what are these?
00:23Yeah, so I think L1s are generally application specific blockchains. They also can be kind of general purpose depending on the use case.
00:32But this kind of version of scaling was pioneered I'd say back in 2017 and 2018 with the Cosmos team as well as the Polkadot team.
00:42And we feel like we've kind of perfected that approach with Avalanche.
00:46And what used to be known as Avalanche subnets are now rebranded to Avalanche L1s.
00:51So we had, to your point, our most important technical upgrade, Avalanche 9000 or what is called internally at GoLive in November of the past year.
01:02The main points in relation to Avalanche L1s to remove the requirement to validate the primary network, which makes it much cheaper from a CapEx standpoint of launching one's own L1.
01:14And so removing that requirement no longer means people have to stake 2000 AVAX per validator.
01:20And instead, we have a pay as you go fee that burns the AVAX paid for Avalanche L1 validators.
01:27Our hope is that we see an abundance of new Avalanche L1s launching.
01:31And therefore, if we can get 10, 20,000 validators, AVAX will eventually become deflationary as more and more people are paying the pay as you go fees.
01:43I think nothing better than hearing that Avalanche has gotten sharper, faster, and cheaper.
01:48And when I say cheaper, it's not just that the chain is cheaper.
01:51Running the chain is cheaper as well.
01:52We have recently launched Cogitus, which is powered by Zave, and it's a one-click Avalanche L1 automation.
01:57You can launch test nets in like five minutes and, you know, under $50.
02:02And maintenance, again, you know, with a similar capability.
02:05So how important do you think these kind of solutions are for the projects to, you know, get to the ecosystem and get rolling fast?
02:10Yeah, I mean, I think for builders, it's just about launching in the cheapest possible way in terms of the underlying infrastructure.
02:19And I think requiring builders to try and run their own validators or find validators to recruit via GoGoPool or Benchy in terms of their Ignite program was an added friction that we needed to take away.
02:35And especially in terms of regulated entities that might not be able to validate the primary network or even acquire AVAX tokens and have them on their balance sheet.
02:44I think this allows for regulated entities to now launch their own Avalanche L1s much easier.
02:49I think, Zave, you guys are working with people like Remedy in terms of bringing patient records on chain and other enterprises.
02:56And I'm sure your guys' own clients have told you about this friction in the past that have now been removed.
03:02So wherever we have gone, you know, and working with these customers, we have learned nothing but good things about Avalanche.
03:07It's stability, it's sharpness about, you know, technical aspects.
03:10So now a lot of new projects are coming in after this update because it has become more economic to afford more sustainable projects.
03:19So what is this Retro 9001 program and how projects can benefit from it?
03:25Yeah. So what the Retro 9000 program is, is it's an incentive program for Avalanche L1 builders and Avalanche L1 infra and tooling providers.
03:33And so it's a retroactive grants program that the kind of gist or purpose of it is social building and building in public.
03:42And so within that, potential L1 builders can register their project on the Retro 9000 website and then receive votes from our community.
03:51And then once they become eligible to receive the grants in terms of going live in a mainnet setting, we're going to use those votes to help kind of determine the size of the grants that those projects might receive.
04:04So all the Retro 9000 means is that Avalanche ecosystem is going to be bigger, much bigger and much better going forward because more tooling would come around, more projects would come around, more use cases would come around.
04:16Exactly.
04:17And that would become all easier than it was ever before.
04:19So I think this is a fantastic upgrade and we are committed to help Avalanche projects, launch their own chains, manage them 24-7 as much as we can.
04:26And I think there's no limit in terms of, you know, how much more can we talk about this?
04:32But you, I think you dropped wisdoms, pulse of wisdoms during the panel as well about, you know, how it is looking overall in the Web3 ecosystem going forward.
04:41And now, you know, Avalanche, it very uniquely supports the POA, the permissioning ecosystems, as well as, you know, the completely permissionless chains, which makes it a good fit.
04:51But from the use case and industry segment perspective, who do you think would benefit the most?
04:56Or maybe you can say that, you know, all would benefit from it, the institutions, the Web3, hardcore crypto native projects, and gaming, DeFi and all, pretty much every segment?
05:05Yeah, I mean, I think every builder within our ecosystem, a part of the Avalanche 9000 upgrade that we haven't really chatted about that much is lower C-chain gas fees.
05:15And so I think it was ACP, yeah, exactly, lowered C-chain gas fees from 25 Enavox to 1 Enavox, which is about a 95% reduction.
05:25So I'm an everyday user of the C-chain, as well as a lot of our Avalanche L1s.
05:31And when I was using it every day six months ago, I was paying roughly 40, 50 cents a transaction, and now it's a couple pennies max.
05:40And so I think we're seeing cheaper transactions for users, therefore it helps DAPs.
05:47I think kind of a direct attribute that has been improved has been our number of transactions, unique active users in terms of the C-chain, as well as volumes on DEXs.
06:01And so when you lower gas fees, when you have a mature ecosystem like Avalanche is, you have pretty deep DEX liquidity and therefore you see more ARBs take place,
06:11and therefore higher DEX volumes as those ARBs are now profitable because gas fees are lower.
06:16I think you heard all the right synonyms to Avalanche, faster, better, sharper, stable, robust, reliable, what else we can say?
06:22Thank you, Matt, for being here. I hope you enjoyed the vibes of the Roll Up and Action Day by Zeev.
06:27And I think Avalanche co-hosted it, which is a big thing. So thank you very much.
