Avalanche Launched Its New Update Avalanche9000, After Raising $250 Million From the Private Sale of Locked-Token

Avalanche announced that it raised 250 million dollars from a private sale of locked-token, led by Galaxy Digital, Dragonfly, and ParaFi Capital

Avalanche has announced that it raised $250 million in a private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital.

The crypto company then went on to launch its Avalanche9000 update.

Avalanche announces a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, highlighting the growing confidence in Avalanche’s blockchain ecosystem ahead of the Avalanche9000 upgrade 🤝

"Avalanche announces a private sale of locked-token worth 250 million dollars led by Galaxy Digital, Dragonfly, and ParaFi Capital, highlighting the growing confidence in Avalanche’s blockchain ecosystem ahead of the Avalanche9000 upgrade."

In the investment round, more than 40 top-tier investment companies participated.

Some of them include SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective, CMCC Global, Superscrypt, Cadenza, Chorus One, and Tané Labs.

Commenting on the development, Jason Urban, Global Head of Trading at Galaxy, said:

“Our support for Avalanche, the growth and scalability of blockchain protocols, is essential for the future of this sector. At Galaxy, we are providing Avalanche with the strategic resources and services necessary to promote institutional participation and long-term growth, ensuring that it can lead the next wave of blockchain adoption with Avalanche9000.”

Avalanche and the Avalanche9000 update: the novità

The capital infusion comes on the heels of the launch of the Avalanche9000 testnet, a development that paves the way for the upcoming mainnet network upgrade.

At stake is a 99.9% reduction in implementation costs on the Avalanche Layer 1 (L1) blockchain. Furthermore, transaction fees on the consolidated C-Chain will be slashed by 25 times.

The Avalanche9000 testnet also introduces Retro9000, a $40 million retroactive grants program that includes $2 million in referral rewards to support developers building on Avalanche.

Avalanche9000 is leading the next generation of L1 blockchains, purpose-built and scalable at Layer 1.

Over 500 L1 chains are already in development in sectors including tokenization of real-world assets (RWA), loyalty and rewards, gaming, payments, and institutional programs.

Proven utility at scale is being driven by mainstream L1s on Avalanche that continue to make a scalable impact, such as DeFi Kingdoms, Dexalot, Off The Grid, Lamina1, Pulsar, SK Planet, and StraitsX, among others that are launching.

The full rollout of Avalanche9000 is set for Monday, December 16.

AVAX price today

News of this nature tends to lead to reactions in the price of the project’s native crypto – here’s how Avalanche (AVAX) is faring.

At the time of writing, AVAX is trading at $51.53, up by 2% over the past 24 hours.

Zooming out, AVAX is up by over 60% in the past 30 days.

Only on December 9, 10, 11, and 12 did AVAX price briefly dip to as low as $42 before recovering to reach today’s levels.

It is the 11th-largest crypto by market cap, with a total valuation of over $21 billion.