Avalanche, a rising competitor to Ethereum, has successfully garnered $250 million through a token sale facilitated by notable firms such as Galaxy Digital, Dragonfly, and ParaFi Capital. This influx of capital is designed to support the upcoming Avalanche9000 blockchain upgrade, marking a key moment for the platform in the evolving cryptocurrency landscape.
Which Companies Joined the Token Sale?
The recent announcement disclosed that over 40 companies participated in the Avalanche token sale, with prominent names including SkyBridge, Hivemind, and Morgan Creek Digital contributing to this initiative.
What Are the Token Sale’s Terms?
The tokens sold during this event will be subject to specific vesting or lock-up periods, ensuring a structured release. The raised funds aim to facilitate the Avalanche9000 upgrade, expected to launch the testnet on December 16, with a significant reduction in deployment costs and transaction fees projected.
- The Avalanche9000 upgrade promises to cut layer-1 deployment costs by 99.9%.
- Transaction costs on the existing C-Chain are anticipated to decrease by 25 times.
- Over 500 layer-1 chains are already in development across diverse sectors.
According to Jason Urban, the global trading chief at Galaxy, the funding will bolster innovation within blockchain technology. He emphasized the strategic importance of Avalanche9000 for advancing the industry’s future.
As of the latest updates, AVAX has seen a 9.4% rise, reaching $52.51 within a day. Overall, the Avalanche9000 update is considered a pivotal development for blockchain technology, with expectations of increased network utilization and broader applications in the cryptocurrency market. Companies involved recognize the substantial growth potential of Avalanche moving forward.