Originally published on: December 12, 2024
Avalanche, a Layer-1 blockchain platform, recently secured $250 million in a private locked-token sale led by top investors like Galaxy Digital, Dragonfly, and ParaFi Capital. This fundraising effort, which took place on Dec. 12, saw participation from over 40 prominent companies, including SkyBridge, SCB Limited, and Hivemind to name a few.
The significant capital injection comes just in time for the highly-anticipated launch of Avalanche9000, touted as the most substantial upgrade in Avalanche’s history. The platform made the announcement of the successful raise on X.com.
This new $250 million addition to Avalanche’s treasury, which already holds an estimated $3 billion in AVAX tokens, follows a $230 million private token sale in 2021 led by Polychain and Three Arrows Capital. As a result, the AVAX token has seen positive movement, currently trading at $54.11 with a 13% increase in the last 24 hours and a 45% rise over the past year.
The upcoming Avalanche9000 upgrade, anchored on the innovations from the “Etna Upgrade” and community proposals ACP-77 and ACP-125, is poised to revolutionize the platform’s functionality. Changes include a redefined approach to subnets, now called layer-1s, a shift in validator cost structure, and a focus on enhancing interchain communication.
Avalanche9000 recently went live on the Avalanche “Fuji” testnet on Nov. 25, with plans for the mainnet launch scheduled for Dec. 16.
Ben Forman, founder of ParaFi Capital, expressed enthusiasm for the upcoming launch in a blog post, highlighting Avalanche’s role in advancing “onchain institutional finance.” The anticipation for the Avalanche9000 upgrade has created a buzz in the market, driving positive sentiment and investment interest in the platform’s future.
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