Layer-1 platform Avalanche has launched institutional-focused subnets and a new Cortina upgrade on its testnet in a bid to compete with Ethereum.
According to a press release, the subnets will enable institutional investors to create and manage their own blockchain networks, which will operate within the larger Avalanche ecosystem. The subnets will also allow investors to customize network parameters, and enjoy greater security and efficiency through a multi-chain architecture.
The move is part of Avalanche’s ongoing efforts to lure institutional investors away from Ethereum, which has long dominated the smart contract platform space. With subnets, Avalanche hopes to appeal to institutional investors who require more flexibility and customizability in their blockchain solutions.
Speaking about the launch, Avalanche founder and CEO Emin Gün Sirer said, “Institutions need a blockchain solution that is tailor-made to their needs. With subnets, we’re giving them the power and flexibility to build their own blockchain networks with custom parameters, which will help drive innovation and growth in the industry.”
Cortina Upgrade Released On Testnet
Alongside the subnets, Avalanche also launched the Cortina upgrade on its testnet, which is designed to enhance the platform’s performance and scalability. The upgrade will allow for faster transaction speeds and lower fees, as well as greater security through the implementation of advanced cryptography and consensus mechanisms.
The upgrade is a crucial step in Avalanche’s quest to become a leading smart contract platform, as it seeks to outcompete Ethereum in terms of speed, efficiency, and scalability. Avalanche has already made significant progress in this regard, having attracted a number of high-profile partnerships and projects, including DeFi platform Aave and gaming platform Animoca Brands.
The launch of subnets and the new Cortina upgrade on testnet will only serve to further enhance Avalanche’s appeal to institutional investors and developers, as it continues to make strides in the highly competitive smart contract platform space.