The Avalanche Foundation has announced it will raise $250 million through a private token sale to support its blockchain platform, according to a December 12 report statement.
The funding round had approximately 40 participants, including leading companies such as Galaxy Digital, Dragonfly and ParaFi Capital.
The announcement sparked a 10% surge in Avalanche’s AVAX token, pushing its price to $52. This continues a bullish trend, with the token gaining 52% over the past month.
Avalanche9000 upgrade
The Avalanche9000 upgrade, scheduled for December 16, aims to revolutionize blockchain costs and scalability. It will reduce Layer-1 implementation costs on Avalanche by 99.9% and reduce transaction costs on C-Chain by 25 times.
The upgrade supports Avalanche’s multi-chain vision and enables horizontal scalability across industries such as gaming, payments, loyalty programs and real-world asset tokenization.
There are more than 500 Layer-1 chains in development, and institutional giants like BlackRock and Franklin Templeton use Avalanche for their tokenized funds.
Haseeb Qureshi, Managing Partner at Dragonfly, called the upgrade a transformative moment for blockchain development. He stated:
“Avalanche’s upcoming Avalanche9000 upgrade represents a critical step toward advancing the decentralized finance ecosystem, and we believe Avalanche is uniquely positioned to leverage the growing momentum in Web3 and blockchain scalability.”
In preparation, the Avalanche9000 testnet introduced Retro9000, which includes a $40 million retroactive grant program. This initiative offers $2 million in referral rewards to developers who build on the platform.
Kevin Sekniqi, co-founder of Ava Labs, highlighted the network’s potential to surpass Ethereum, Solana and other chains combined in transaction volume, highlighting Avalanche’s unique multi-chain model.
He declared:
“I have no doubt that in the near future the Avalanche network will process more transactions than Ethereum/L2s + Solana + other chains combined. There is no Avalanche chain. It is a network of many interoperable chains. All in all, there will be a lot of activity.”
Avalanche Market Data
At the time of printing 12:55 UTC on December 13, 2024Avalanche is number 11 in market capitalization and so is its price upwards 9.39% in the last 24 hours. Avalanche has a market capitalization of $21.79 billion with a 24-hour trading volume of $1.85 billion. Learn more about Avalanche ›
Summary of the crypto market
At the time of printing 12:55 UTC on December 13, 2024the total crypto market is valued at € $3.61 trillion with a 24 hour volume of $212.16 billion. Bitcoin’s dominance currently stands at 54.95%. Learn more about the crypto market ›