Blockchain-based application technology provider Algorand today announced the availability of the Algorand Virtual Machine (AVM). This upgrade to Algorand’s Layer-1 protocol, now available on MainNet, provides tools for developers and organizations looking to build applications of the future on a fast, scalable, inexpensive and stable infrastructure. The features included in the protocol upgrade enable complex applications on a high speed, carbon negative, secure and stable blockchain with instant finality.
âAVM is a major turning point not only for the entire Algorand ecosystem, but also for blockchain developers more broadly,â said Georges cotsikis, founder of VenueOne, a decentralized prediction protocol running on Algorand. âThe new features allow liquidity providers to manage their risk algorithmically in a very granular fashion. New Algorand users will discover a lot of very powerful features that they might not expect.
âTo deliver on DeFi’s promise and launch the most powerful AMM available, we needed a blockchain protocol that would deliver superior functionality and reliability. AVM and the tools available to developers increase the ease of building on a world-class protocol, âsaid Kaan Eryilmaz, CEO of Tinyman, a decentralized marketplace for traders which will soon launch on Algorand. “Algorand’s core technology continues to provide what will enable future generations of developers to tackle more difficult opportunities across DeFi, traditional finance and beyond.”
âAVM is very important for Algofi. With this new technology, we can have more in-depth functionality on smart contracts and avoid unnecessary transaction fees – this will help us create the most disruptive lending protocol on the market, âsaid Owen Colegrove from Algofi. âAVM, together with Algorand’s existing high performance, enables evolution to a whole new level. Plus, it’s incredibly easy to iterate, streamline, and improve our product quickly, first with the loan protocol, and then with more DeFi banking.