Ethereum (ETH) Competitor Launches Institutional-Focused ‘Subnets’, Rolls Out New Upgrade on Testnet
Avalanche (AVAX) is unveiling a new suite of subnets specifically designed for financial institutions just as the layer-1 blockchain’s Cortina upgrade goes live on the testnet.
In a statement, Avalanche creator Ava Labs announces the launch of the Evergreen subnet, a network of tools for blockchain deployment and customizations that financial firms can use for research and development purposes as well as production-ready use cases.
The Evergreen subnet uses Avalanche’s native communication protocol Avalanche Warp Messaging (AWM), which allows blockchains on different subnets to communicate with each other without a third-party intermediary, giving institutions operating on private chains public network capabilities.
Says Ava Labs director of Business Development for Institutions and Capital Markets Morgan Krupetsky,
“Thus far, financial institutions’ enterprise blockchain applications have been hindered by a walled-garden approach that, among other things, restricts liquidity and interoperability from initiative to initiative.
The Avalanche network ultimately offers a perfect synthesis of the strengths of public and private blockchains, which is why we’re so thrilled to debut Avalanche Evergreen.”
Avalanche also rolled out the latest Cortina upgrade on Thursday. The Ethereum (ETH) challenger says that this updated version of AvalancheGo makes its X-chain compatible with the AVM and will allow exchanges to more easily support its default asset blockchain.
“This unblocks the integration of Avalanche Warp Messaging (AWM) on the X-Chain and makes it much easier for exchanges to support the X-Chain, which will contain many of the staking tokens used on Elastic Subnets.”
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