Layer-1 Blockchain Avalanche (AVAX) Announces $250,000,000 Token Sale Ahead of Upcoming Upgrade
Ethereum (ETH) rival Avalanche (AVAX) has raised $250,000,000 from a locked token sale led by Galaxy Digital, Dragonfly and ParaFi Capital. According to a new announcement, Avalanche says that more than 40 companies participated in the sale, including SkyBridge, Hivemind and Morgan Creek Digital. A locked token sale means the tokens sold have certain vesting or lock-up periods. The proceeds will go toward supporting the blockchain’s upgrade called Avalanche9000. “The influx of capital follows the launch of the Avalanche9000 testnet, a key milestone that paves the way for the upcoming mainnet network upgrade on Monday, December 16th, which will reduce Avalanche layer-1 (L1) deployment costs by 99.9%, as well as reducing transaction costs on the established C-Chain by 25x.” The project expects the upgrade to increase network usage across several crypto sectors. “Avalanche9000 is driving the next generation of scalable, purpose-built L1 blo...