- Through a sealed token sale headed by Galaxy Digital, Dragonfly, and ParaFi Capital, the Layer 1 blockchain project Avalanche has raised $250 million.
- The Avalanche9000 update, which is presently in testnet and aims to significantly lower blockchain deployment and transaction costs, will be supported by the funding.
Blockchain project at Layer 1 Galaxy Digital, Dragonfly, and ParaFi Capital are leading a locked token sale that will raise $250 million, according to Avalanche. The tokens sold will have specific lock-up or vesting durations.
CMCC Global, Superscrypt, Cadenza, Chorus One, Tané Labs, SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Morgan Creek Digital, FinTech Collective, Lvna Capital, and Republic Capital participated.
The main objective was to align and provide incentives to the appropriate partners for collaboration. According to estimations, the Avalanche Foundation possesses approximately $3 billion worth of AVAX tokens. In 2021, Avalanche raised $230 million in a similar token sale held by Polychain.
Supporting the upgrading to Avalanche9000
With more than $40 million in retroactive prizes for developers expanding the network, the Avalanche9000 update was introduced on the testnet in November and will be supported by the investment. The group stated in a blog post on Thursday that Avalanche9000 is intended to power scalable, purpose-built Layer 1s, cutting transaction costs by 25 times and blockchain implementation expenses by 99.9%.
The future of this sector depends on our backing of Avalanche as well as the expansion and scalability of blockchain protocols. With Avalanche9000, we at Galaxy are giving Avalanche the strategic tools and services they need to encourage institutional involvement and long-term expansion, enabling them to spearhead the upcoming wave of blockchain adoption.
According to the project, over 500 Layer 1 chains are currently in development in a variety of industries, including loyalty, gaming, payments, tokenization of real-world assets, and institutional initiatives such as Lamina1, Dexalot, Off The Grid, and DeFi Kingdoms.
Avalanche is in a unique position to play a key role in the development of institutional finance on the blockchain. It is the perfect platform for safely and legally issuing and maintaining tokenized assets because of its architectural benefits, which include high throughput and quick transaction finality, as well as virtual machines that can be customized. Because of this, ParaFi used the Securitize platform to tokenize a portion of our most recent venture fund on Avalanche.
According to the team, the Avalanche9000 mainnet upgrade is scheduled to launch on December 16 and is intended to improve scalability, expedite development, and give developers greater tools for creating decentralized applications.
With the goal of decentralizing internet access by encouraging people to share current networks and install new infrastructure in underserved places, Uplink became the first decentralized physical infrastructure network (DePIN) platform to debut on Avalanche earlier on Thursday.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
