Blockchain at Layer One On December 12, Avalanche reported that a $250 million private locked-token sale, spearheaded by Galaxy Digital, Dragonfly, and ParaFi Capital, had concluded.
Over 40 organizations participated in the token sale, including FinTech Collective, SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, and Morgan Creek Digital.
The rise takes place before the “Avalanche9000” network update, which is reportedly the biggest upgrade in Avalanche’s history, goes live.
Sales of Avalanche tokens
Currently holding an estimated $3 billion worth of Avalanche’s own AVAX token, the $250 million in money raised will be added to the organization’s treasury. Avalanche raised $230 million in 2021 through a private token sale headed by Polychain and Three Arrows Capital, as Cointelegraph previously reported.
AVAX was up 13% in the previous day and 45% in the last year at $54.11 at the time of publication. This movement is probably the result of optimistic rumors about the upcoming release of the Avalanche9000 update.
Upgrade Avalanche
Avalanche’s “Etna Upgrade” and community suggestions ACP-77 and ACP-125 serve as the foundation for the 9000 update. Its numerous modifications include a rethinking of the function of subnets (now known as layer-1s), a change in validator pricing from 2,000 AVAX per instance to a monthly subscription charge of 1.33 AVAX, and a greater emphasis on interchain communication.
Avalanche9000 went live on the Avalanche “Fuji” testnet on November 25, as Cointelegraph reported. The team said that the mainnet launch, which is planned for December 16, will be the next phase.
In an organizational blog post, Ben Forman, the founder and managing partner of ParaFi Capital, praised the impending launch and referred to Avalanche as a key contributor to the development of “onchain institutional finance.”
