Investing.com – Enterprise blockchain solutions provider Aventus, a parachain space in the connected ecosystem, has undertaken a major network upgrade to enhance transaction volume and network utilization.

Aventus 2.0 is also working to expand its ecosystem by working with Layer 3 application chains and engaging token holders in its liquidity mining program. Additionally, a token burning mechanism will be introduced, aimed at reducing the supply of Aventus tokens (AVT).

The AVT token was launched in 2017 and peaked at $6,905 in early 2018. It currently has a market capitalization of $12.5 million and is trading at around $2.09 according to CoinMarketCap.

Aventus 2.0 was created in cooperation with MVP Workshop, the team behind Polygon Edge and Astar Network, as well as Scytale Digital and the Aventus Services team.

The Aventus team will roll out the update over the next four months following a community governance proposal in which AVT token holders voted to implement these changes.

The update introduces a recent Appchain model that enables companies to operate on the Aventus network. It is also introducing a liquidity mining program to enhance token holder engagement. Additionally, the gas fee combustion mechanism will lend a hand reduce overall AVT deliveries.

Aventus Founder, Alan Vey, said: “Aventus 2.0 builds on important learnings from existing Aventus Network customers, as well as the invaluable expertise of our partners at MVP Workshop and Scytale Digital, and represents a significant milestone in our journey to expand the capabilities of Aventus Network and delivering greater value to stakeholders.”

The application chain model was an early adopter, with existing Aventus Network users running their own Layer 3 application chains.

Barry Helfrich, CIO of Enigmatic Smile, a rewards platform powered by the Aventus network, said the team was instrumental in building a stalwart rebate processing solution for hundreds of millions of users.

“We needed a Voucher Ledger solution that was secure, fast and stable enough to process rebates collected by hundreds of millions of users across our rewards ecosystem – no small feat, but Aventus helped us build this solution,” added Barry.