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Avalanche, the competitor to Ethereum 
$2,596, successfully raised $250 million through a token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital.
Companies Participating in the Token Sale
According to the latest announcement, over 40 companies participated in the Avalanche sale, including SkyBridge, Hivemind, and Morgan Creek Digital.
Details of the Token Sale
The locked token sale implies that the sold tokens will have specific vesting or lock-up periods. The funds raised will be utilized to support the Avalanche9000 blockchain upgrade.
The launch of the Avalanche9000 testnet is seen as a significant step towards the mainnet upgrade scheduled for December 16. This update is expected to reduce Avalanche layer-1 deployment costs by 99.9%, while also decreasing transaction costs on the existing C-Chain by 25 times.
Avalanche9000 is steering the next generation of scalable, purpose-driven L1 blockchains. Over 500 L1 chains are already under development across sectors such as tokenization of real assets, loyalty and rewards, gaming, payments, and enterprise programs.
Jason Urban, Galaxy’s global trading chief, stated that the funds will enhance innovation in blockchain technology.
“Our support for Avalanche and the scalability of blockchain protocols is crucial for the future of this industry. As Galaxy, we are providing strategic resources and services to enable them to lead the next wave of blockchain adoption with Avalanche9000.”
At the time of writing, AVAX showed a 9.4% increase, reaching $52.51 within 24 hours.
The Avalanche9000 update is viewed as a significant milestone for the blockchain sector. The performance improvements expected from this upgrade are likely to boost network usage across various cryptocurrency sectors. Companies investing in the project express their evaluation of Avalanche’s future growth potential.
