On December 12, Avalanche marked a significant milestone by completing a private sale of locked tokens that brought in a substantial $250 million. Leading the charge were notable investment firms like Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 other companies joining the fray. Among the participants were recognized names such as SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, and FinTech Collective.
Fundraising Initiatives and Upcoming Upgrades
This fundraising initiative sets the stage for the much-anticipated launch of the Avalanche9000 network upgrade, a pivotal development for Avalanche. The influx of capital will enhance Avalanche’s treasury, which is already impressive at around $3 billion, largely consisting of the AVAX token.
At the moment, AVAX is making waves in the market, trading at $54.11. This reflects a notable daily rise of 13%, and the token has surged by an impressive 45% over the past year. Much of this upward momentum stems from increased optimism surrounding the upcoming Avalanche9000 upgrade.
Major Innovations in Avalanche9000
The Avalanche9000 upgrade is designed to build on previous advancements like the Etna Upgrade and community proposals ACP-77 and ACP-125. One of the major innovations in this upgrade is the reimagining of subnets as layer-1 solutions. Additionally, it will lower the cost for validators from 2,000 AVAX per instance to a more accessible monthly subscription fee of just 1.33 AVAX. This upgrade also enhances interchain communication capabilities.
After launching on the Fuji testnet on November 25, Avalanche9100 aims to transition to the mainnet on December 16. Ben Forman, founder and managing partner at ParaFi Capital, expressed strong confidence in the upcoming launch, highlighting Avalanche’s crucial role in evolving on-chain institutional finance.
Source: Cointelegraph
