Avalanche Foundation has raised $250 million through a private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital. AVAX prices gained nearly 9% after the announcement to trade at $52.80.

As the crypto market takes a breather following Bitcoin’s solidification above $100,000, AVAX seems to be gearing up for a rally.

Avalanche Raises Funds Ahead of Upcoming Network Upgrade

Avalanche Foundation announced that over 40 investment firms participated in the $250 million funding round. This announcement follows the testnet launch of Avalanche9000 on November 25.

The Avalanche9000 upgrade is scheduled to go live on the mainnet on December 16. This upgrade aims to reduce the blockchain’s deployment costs by 99.9%, allow interchain communication, and unlock over $40 million in developer rewards.

“Avalanche9000 is driving the next generation of scalable, purpose-built L1 blockchains. Over 500 L1 chains are already in development across sectors like tokenization of real-world assets, loyalty and rewards, gaming, payments, and institutional programs,” Avalanche Foundation posted on X (formerly Twitter).

Amidst all this, the Avalanche blockchain has hit another milestone. The network’s Total Value Locked (TVL) has crossed $1.65 billion, its highest in almost two years. The growth in TVL points to Avalanche’s appeal in the decentralized finance (DeFi) sector, potentially attracting new users and capital.

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Author: Mohammad Shahid