Originally published on: December 12, 2024
Layer-1 blockchain Avalanche has recently wrapped up a successful private locked-token sale, securing an impressive $250 million in funding. The sale was led by major players in the industry such as Galaxy Digital, Dragonfly, and ParaFi Capital.
Over 40 companies participated in the token sale, including notable names like SkyBridge, SCB Limited, Hivemind, and more. This significant raise paves the way for the highly anticipated launch of the “Avalanche9000” network upgrade, which is said to be the most influential upgrade in Avalanche’s history.
The news of the $250 million raise was announced on X.com by Avalanche, marking a milestone for the organization. This funding will bolster Avalanche’s treasury, which currently holds an estimated $3 billion worth of their AVAX token. This recent raise follows a $230 million private token sale in 2021, led by Polychain and Three Arrows Capital.
As excitement builds around the impending launch of Avalanche9000, AVAX is currently trading at $54.11, showing a 13% increase over the last 24 hours and a 45% increase over the past year. The upgrade, which incorporates Avalanche’s Etna Upgrade and community proposals ACP-77 and ACP-125, brings significant changes to the platform, including a revamped subnet structure, a new validator cost model, and enhanced interchain communication.
Avalanche9000 recently went live on the Avalanche “Fuji” testnet on Nov. 25, with plans set for the mainnet launch on Dec. 16. Ben Forman, founder and managing partner of ParaFi Capital, expressed his excitement for the upcoming launch in a blog post, highlighting Avalanche’s role in the growth of onchain institutional finance.
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