Originally published on: December 12, 2024
A significant milestone was reached by the Layer-1 blockchain Avalanche as it finalized a private locked-token sale, garnering $250 million in investments. Leading the charge in this funding round were Galaxy Digital, Dragonfly, and ParaFi Capital, among others, sealing the deal on December 12.
An impressive roster of over 40 companies participated in the token sale, including big names like SkyBridge, SCB Limited, Hivemind, and more. This financial boost precedes the highly anticipated launch of the “Avalanche9000” network upgrade, touted as the most substantial upgrade in Avalanche’s history.
The announcement of this successful funding round was made on X.com, marking a pivotal moment for Avalanche. With the $250 million in funds raised, Avalanche’s treasury, currently housing an estimated $3 billion worth of their AVAX token, is set to expand further. Notably, in 2021, Avalanche raised $230 million in a private token sale led by Polychain and Three Arrows Capital.
As excitement builds around the impending launch of the Avalanche9000 upgrade, AVAX has seen a value surge, currently trading at $54.11. This increase of 13% over the last 24 hours and 45% over the past year showcases growing positive speculation surrounding the upgrade.
The Avalanche9000 upgrade, which builds on the “Etna Upgrade” and community proposals ACP-77 and ACP-125, introduces significant changes. These include a reinvention of subnet functionality, a shift in validator costs, and a heightened emphasis on interchain communication.
With the successful testing of Avalanche9000 on the Fuji testnet on November 25, the mainnet launch is slated for December 16. Ben Forman, founder and managing partner of ParaFi Capital, expressed excitement for the launch, acknowledging Avalanche’s pivotal role in advancing “onchain institutional finance.”
Exciting developments like these underscore the innovative strides being made in the blockchain space, positioning Avalanche as a key player in the evolving landscape of digital finance.
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