2024-12-13
Forbes reported on Dec 12, 2024, that
the Avalanche Foundation has raised $250 million in a private token sale led by
Galaxy Digital, Dragonfly, and ParaFi Capital.
This funding round comes ahead of the
launch of the Avalanche9000 upgrade, which aims to significantly reduce
blockchain deployment and transaction costs. Over 40 companies participated in
the sale, including SkyBridge, SCB Limited, Hivemind, and Morgan Creek Digital.
The Avalanche9000 upgrade is expected
to be the most significant in Avalanche's history, introducing a
subscription-based fee model and enhancing interchain communication. This
upgrade is scheduled to go live on the mainnet on December 16, 2024.
Blockchain platform Avalanche has
announced a $250 million locked-token sale to accelerate its highly anticipated
Avalanche9000 upgrade.
The funding round was led by Galaxy
Digital, Dragonfly, and ParaFi Capital, with over 40 other high-profile
investment firms participating, including SkyBridge, SCB Limited, and Morgan
Creek Digital.
The Avalanche9000 upgrade, set to roll
out on December 16, promises groundbreaking advancements in scalability and
cost reduction. Key features include a 99.9% decrease in Layer 1 blockchain
deployment costs and a 25X reduction in transaction costs on Avalanche’s
C-Chain.
The initiative also introduces Retro9000,
a $40 million retroactive grant program aimed at fostering developer
innovation, with $2 million earmarked for referral rewards.
A Strategic Leap for Blockchain
Scalability
Jason Urban, Global Head of Trading at
Galaxy Digital, emphasized the transformative potential of the upgrade:
“At Galaxy, we are providing Avalanche
with the strategic resources and services needed to foster institutional
participation and long-term growth. Avalanche9000 represents a leap forward in
the scalability of blockchain protocols, essential for the industry's future.”
Haseeb Qureshi, Managing Partner of
Dragonfly, echoed this sentiment, highlighting Avalanche’s capacity to redefine
blockchain infrastructure:
“Avalanche is uniquely positioned to
capture the growing momentum in Web3 with its upcoming upgrade, which advances
decentralized finance innovation.”
Widespread Industry Support
Avalanche9000 is already driving
momentum, with over 500 Layer 1 blockchains in development across sectors such
as gaming, payments, and real-world asset tokenization.
Mainstream projects like DeFi Kingdoms,
Dexalot, and SK Planet are leveraging Avalanche’s scalable infrastructure to
deliver real-world impact.
Ben Forman, Founder of ParaFi Capital,
underlined the platform's architectural advantages for institutional finance:
“Avalanche’s high throughput and fast
finality make it ideal for tokenized asset management. The Avalanche9000
upgrade positions the platform as a leading force in blockchain scalability and
innovation.”
This $250 million funding will support Avalanche's
journey to becoming a leader in blockchain scalability and innovation, with the
Avalanche9000 upgrade expected to drive the next wave of decentralized finance
and Web3 adoption.
