AVAX up 2% as Avalanche releases ‘Evergreen Subnet’ and launches Cortina upgrade

Layer 1 protocol Avalanche (AVAX) is releasing “Evergreen Subnet” – a suite of blockchain implementations, tools and custom services for financial institutions.

Ava Labs, the developer behind the Avalanche blockchain, said in a statement that companies will be able to launch their own Evergreen subnets for research and development as well as “production-ready use cases.” Press release.

A subnet is a sovereign network that defines its own membership and token rules. They consist of a set of validators (in this case, Avalanche validators) that work together to reach consensus on the state of one or more blockchains.

“Organizations can implement their blockchain strategy in a private, permissioned chain with known and approved partners, while maintaining the ability to communicate with other subnetworks through exchanges. Avalanche’s original communication method is Avalanche Warp Messaging ( AWM),” according to the statement. The statement added that AWM allows users to transfer data, communicate and exchange assets without relying on third-party intermediaries.

Avalanche currently has several subnets based on the Ethereum Virtual Machine (EVM), including the Intain Subnet, a cryptographically secure asset-backed (ABS) application, and the Deloitte Subnet, an efficient funds payment platform under the Exchange Control Act ( Federal Emergency Management Agency).

Cortina upgrades

Avalanche’s AVAX token is up 2% on the day, driven by news of the Evergreen Subnet release and the launch of the Cortina upgrade on testnet on Thursday.

Source: TradingView

Cortina makes it easier for exchanges to support Avalanche’s X-Chain, the protocol it uses to send and receive funds. The upgrade will also lead to faster development, among other benefits, according to Avalanche.

  • What is the Avalanche (AVAX) price outlook for April?
  • AVAX falls 4% as Avalanche crashes


Bitcoin Magazine

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img