The Avalanche Foundation announced a raise of $250 million via a locked sale of the AVAX token, the native token of the Avalanche blockchain, ahead of its planned launch of its significant Avalanche9,000 network upgrade.
The investment follows the testnet launch of Avalanche9,000, an upgrade designed to make it cheaper and easier to build on Avalanche and deploy dedicated, app-specific networks called “L1s,” formerly known as Avalanche subnets.
More than 40 venture capital firms participated in the sale, which was led by Galaxy Digital, Dragonfly, and ParaFi Capital.
“Avalanche’s upcoming Avalanche9,000 upgrade represents a pivotal step toward advancing the decentralized finance ecosystem,” said Dragonfly Managing Partner Haseeb Qureshi, in a statement. “We believe Avalanche is uniquely positioned to capture the growing momentum in Web3 and blockchain scalability.”
Avalanche is a layer-1 blockchain network that first gained prominence as a competitor to Et
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Author: Logan Hitchcock
