Avalanche to Launch AvalancheGo Update Banff

Avalanche will launch AvalancheGo update Banff, which will activate on the Fuji Testnet at 2 p.m. UTC on Monday, October 3rd. The Avalanche Mainnet activation time will be announced in the coming days. Banff unlocks the ability for Subnet creators to activate Proof-of-Stake validation and uptime-based rewards using their own token on their own Subnet. This means that anyone can become a validator of a Subnet by simply staking its token on the P-Chain. Subnets that choose to enable these new features must undergo a one-time transformation into a new type of Subnet called an Elastic Subnet. When enabling Elastic Validation, the creator permanently locks the Subnet from future modification (they relinquish their control keys), specifies an Avalanche Native Token (ANT) that validators must use for staking and that will be distributed as staking rewards, and provides a set of parameters that govern how the Subnet’s staking mechanics will work (i.e. “what is the min stake amount”).