Originally published on: December 12, 2024
Avalanche, a prominent Layer-1 blockchain network, recently closed a successful $250 million private token sale. The funding round was led by notable investors such as Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 companies participating in the sale, including SkyBridge, SCB Limited, and Morgan Creek Digital.
This significant investment comes ahead of the highly anticipated launch of the “Avalanche9000” network upgrade, which is poised to be a game-changer in Avalanche’s history. The upgrade is set to introduce groundbreaking changes to the network’s infrastructure and capabilities.
The announcement of the successful raise was made on X.com by Avalanche, showcasing the network’s growing popularity and investor interest. With this new influx of funds, Avalanche’s treasury, holding an estimated $3 billion worth of AVAX tokens, is set to expand even further.
The price of AVAX has been on the rise, trading at $54.11 at the time of publication, reflecting a 13% increase in the last 24 hours and a 45% gain over the past year. This surge in value is largely attributed to the excitement surrounding the upcoming Avalanche9000 upgrade.
The 9000 upgrade is built on the foundation of the “Etna Upgrade” and community-driven proposals ACP-77 and ACP-125. It promises a complete overhaul of the network’s functionality, including changes to subnet operations, validator costs, and interchain communication.
After a successful launch on the Avalanche “Fuji” testnet, the Avalanche9000 upgrade is set to go live on the mainnet on December 16th, marking a new era for the Avalanche ecosystem. Investors and enthusiasts are eagerly anticipating the impact of this groundbreaking upgrade on the network’s performance and capabilities.
Ben Forman, founder of ParaFi Capital, expressed his excitement for the upcoming launch, highlighting Avalanche’s significant role in the growth of on-chain institutional finance. With the successful funding round and the impending launch of the Avalanche9000 upgrade, Avalanche is poised to make a significant impact in the blockchain industry.
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