Avalanche Raises $250M Before Avalanche9000 Launch
Layer-1 blockchain Avalanche announced the closing of a $250 million private equity sale led by Galaxy Digital, Dragonfly and ParaFi Capital on December 12.
More than 40 companies have joined the token sale, including SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective and others.
The addition comes ahead of the “Avalanche9000” network upgrade, which is said to be the most significant upgrade in Avalanche's history.
Avalanche announced the addition on X.com. Source: Avalanche
Avalanche token sale
The $250 million raised will add to Avalanche's coffers, which currently have an estimated $3 billion holdings of the firm's own AVAX token. As previously reported by Cointelegraph, Avalanche has raised $230 million in a private token sale in 2021 led by Polychain and Three Arrows Capital.
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At the time of publication, AVAX traded at $54.11, up 13% over the past 24 hours and 45% over the past year. This move is probably a positive sign regarding the launch of the Avalanche9000 update.
Flooding
The 9000 upgrade builds on Avalanche's “Etna Upgrade” and community proposals ACP-77 and ACP-125. Among the many changes is a rethinking of how subnets (now called Layer-1) work, changing the price of validators from 2,000 AVAX per instance to a 1.33 AVAX subscription fee, and an improved focus on interchain communication.
According to Cointelegraph, Avalanche9000 was released on the Avalanche “Fuji” testnet on November 25. According to the team, the next stage will begin on December 16 on the main network.
Ben Forman, co-founder and managing partner of Parafi Capital, hailed the upcoming startup in a comment on the firm's blog post, calling Avalanche a “major player in the evolution of onchain institutional finance.”
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