Ethereum rival Avalanche has successfully raised $250 million through a locked token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital. This strategic funding is set to support the highly anticipated Avalanche9000 blockchain upgrade.
Companies Participating in the Token Sale
Avalanche’s token sale attracted over 40 participants, including prominent names like SkyBridge, Hivemind, and Morgan Creek Digital. The locked token structure ensures a vesting period, reflecting a commitment to the project’s long-term vision.
Details of the Token Sale
The proceeds from the sale will be allocated toward supporting Avalanche9000, a transformative upgrade designed to revolutionize the network’s efficiency. The Avalanche9000 testnet launch marks a pivotal step toward the mainnet upgrade, scheduled for December 16. This update is expected to reduce layer-1 deployment costs by 99.9% and transaction costs on the existing C-Chain by 25x.
Avalanche9000 promises to pave the way for the next generation of scalable and purpose-built layer-1 blockchains. Over 500 layer-1 chains are already under development for applications in sectors like real-world asset tokenization, loyalty programs, gaming, payments, and enterprise solutions.
Industry Support for Avalanche’s Vision
Jason Urban, Global Head of Trading at Galaxy Digital, emphasized the importance of these funds in driving blockchain innovation:
“Our support for Avalanche and its blockchain scalability initiatives is crucial for the future of this industry. At Galaxy, we are committed to providing the strategic resources needed to ensure Avalanche9000 leads the next wave of blockchain adoption.”
AVAX Price Performance
As of writing, AVAX is trading at $52.51, up 9.4% in the last 24 hours. The Avalanche9000 upgrade is poised to become a landmark moment for the blockchain industry, with its enhanced performance expected to drive broader network adoption across various crypto sectors.
Investors participating in the token sale have expressed confidence in Avalanche’s growth potential. The project’s focus on scalability and innovation positions it as a key player in the blockchain ecosystem.
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