As a seasoned researcher with a keen interest in blockchain technology and its potential to revolutionize the financial landscape, I find the recent $250 million private token sale by Avalanche particularly intriguing. With my extensive background in this field, I’ve witnessed numerous projects come and go, but Avalanche’s consistent growth and strategic moves have caught my attention.
On December 12th, I was thrilled to learn that Avalanche, the layer-1 blockchain I’m invested in, successfully completed a private token sale worth $250 million. This significant funding round was spearheaded by esteemed firms like Galaxy Digital, Dragonfly, and ParaFi Capital.
Over forty businesses participated in the token offering, among them were SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective, along with several others.
The pay increase coincides with the anticipated launch of the “Avalanche9000” network update, which is touted as the most substantial update in the history of Avalanche.
Avalanche token sales
As a crypto investor, I’m thrilled to share that the recent $250 million in funds raised will be added to Avalanche’s treasury. Currently, this treasury is brimming with an estimated $3 billion worth of AVAX tokens, which are the organization’s own digital assets. Previously reported by CryptoMoon, Avalanche managed to secure a massive $230 million in a private token sale led by Polychain and Three Arrows Capital back in 2021. This influx of funds will undoubtedly bolster Avalanche’s position in the crypto market.
As of its release, AVAX was being traded at $54.11, marking a 13% increase in the last 24 hours and a significant 45% growth over the past year. This upward trend is likely due to optimistic anticipation for the upcoming launch of the Avalanche9000 upgrade.
Avalanche upgrade
The new version 9000 is based on the “Etna Upgrade” from Avalanche and community suggestions ACP-77 and ACP-125. It introduces several updates, including a fresh approach to how subnets (now referred to as layer-1s) operate, a transition of validator costs from 2000 AVAX per instance to a monthly subscription fee of 1.33 AVAX, and increased emphasis on cross-chain communication.
As a researcher delving into the world of blockchain technology, I’m excited to share that, following the report by CryptoMoon, Avalanche9000 has successfully gone live on the Avalanche “Fuji” testnet on November 25. The team has indicated that the next significant milestone will be the launch on the mainnet, which is slated for December 16.
As a proud cryptocurrency investor, I’m excitedly anticipating the imminent launch, as Ben Forman, founder and managing partner of ParaFi Capital, has praised it. In his recent organizational blog post, he labeled Avalanche as a significant force driving the expansion of “onchain institutional finance.
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2024-12-12 20:45