Avalanche, the Layer-1 blockchain, announced on December 12 that it has raised $250 million through a private locked token sale. The funding round was led by big names such as Galaxy Digital, Dragonfly and ParaFi Capital, with participation from over 40 investors including SkyBridge, SCB Limited, Hivemind and Morgan Creek Digital.
The funds will be added to Avalanche’s treasury, which already contains an estimated $3 billion worth of AVAX tokens. This successful capital increase comes just in time for the launch of “Avalanche9000”, a critical network upgrade scheduled for December 16. This upgrade is considered the most significant in the platform’s history and brings major changes.
What does the Avalanche9000 upgrade bring?
The upgrade, based on the “Etna Upgrade” and community proposals ACP-77 and ACP-125, introduces several improvements:
- New subnetworking: Subnets are being revised and are now known as “layer-1s”.
- Lower validator fees: The cost model changes from 2,000 AVAX per instance to a subscription rate of 1.33 AVAX per month.
- Improved interchain communication: There will be more emphasis on seamless communication between different blockchains.
Avalanche9000 went live on the “Fuji” testnet on November 25 and is now ready for rollout on the mainnet. According to Ben Forman, founder and managing partner of ParaFi Capital, this upgrade marks a milestone in the growth of onchain institutional finance.
AVAX price rises sharply
The announcement of the upgrade and the successful token sale have had a positive impact on the AVAX token. At the time of writing, AVAX is trading at $54.11, up 13% in 24 hours and a whopping 45% year-over-year. This growth is attributed to the market’s confidence in the impact of the upcoming upgrade.
Source: https://newsbit.nl/avalanche-haalt-250-miljoen-op-in-private-tokenverkoop-en-bereidt-grootste-netwerkupgrade-ooit-voor/
