Originally published on: December 12, 2024
Avalanche, a layer-1 blockchain, recently secured a whopping $250 million in a private locked-token sale led by prominent investors such as Galaxy Digital, Dragonfly, and ParaFi Capital. This significant funding round, joined by over 40 companies including SkyBridge and Morgan Creek Digital, comes just in time for the highly anticipated launch of the Avalanche9000 network upgrade, touted as the most substantial update in Avalanche’s history.
The announcement of this successful fundraising endeavor was made on X.com by Avalanche, signaling a promising future for the platform. This fresh infusion of capital will be added to Avalanche’s treasury, which is already valued at an estimated $3 billion in AVAX tokens. Notably, this recent raise follows a previous $230 million private token sale led by Polychain and Three Arrows Capital in 2021.
The AVAX token is currently trading at $54.11, marking a 13% increase in the last 24 hours and a 45% surge over the past year. This uptrend is largely fueled by positive sentiment surrounding the impending launch of the Avalanche9000 upgrade, which is based on the “Etna Upgrade” and community proposals ACP-77 and ACP-125. Key changes include reimagining subnets as layer-1s, adjusting validator costs, and enhancing interchain communication.
Following a successful testnet launch on Avalanche’s “Fuji” network on Nov. 25, the Avalanche9000 upgrade is set to go live on the mainnet on Dec. 16, as scheduled. Ben Forman, founder of ParaFi Capital, expressed his enthusiasm for the upcoming launch, highlighting Avalanche’s pivotal role in shaping the landscape of “onchain institutional finance.”
With exciting developments on the horizon, Avalanche is positioning itself as a major player in the blockchain ecosystem, attracting significant attention and investment. Stay tuned for more updates as Avalanche continues to redefine decentralized finance.
