Originally published on: December 12, 2024
Layer-1 blockchain Avalanche recently announced a successful closure of a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital. This investment round included more than 40 companies such as SkyBridge, SCB Limited, and Hivemind, among others.
The timing of this funding aligns with the forthcoming launch of the highly anticipated “Avalanche9000” network upgrade, heralded as the most considerable upgrade in Avalanche’s history. The news of the raise was shared on X.com by Avalanche.
With the addition of $250 million to Avalanche’s treasury, which currently holds an estimated$3 billion worth of AVAX tokens, the blockchain platform continues to bolster its financial foundation. This recent raise follows a $230 million private token sale led by Polychain and Three Arrows Capital in 2021.
At the moment, AVAX is trading at $54.11, showing a 13% increase over the last 24 hours and a 45% surge over the past year. This upward trend is likely driven by positive speculations surrounding the upcoming launch of the Avalanche9000 upgrade.
The 9000 upgrade builds upon Avalanche’s “Etna Upgrade” and integrates community proposals ACP-77 and ACP-125. Some noteworthy changes include a revamped subnet system, renamed as layer-1s, a shift in validator cost, and an enhanced focus on interchain communication.
Following the successful launch of Avalanche9000 on the Avalanche “Fuji” testnet on Nov. 25, the team is gearing up for the mainnet rollout, scheduled for Dec. 16.
Ben Forman, founder and managing partner of ParaFi Capital, expressed enthusiasm for the impending launch in a recent blog post, highlighting Avalanche’s pivotal role in advancing “onchain institutional finance.”
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