Avalanche Secures $250 Million Through Key Token Sale

Coin-Turk 1 year ago 284

Avalanche, the competitor to Ethereum $3,926, 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 de...

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