Galaxy

Avalanche

Collective

Layer-1 blockchain Avalanche announced the closure of a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital on Dec. 12.&nbsp;
More than 40 companies joined the token sale including SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective and others.&nbsp;
The raise comes ahead of the launch of the “Avalanche9000” network upgrade, purported to be the most significant upgrade in Avalanche’s history.&nbsp;
<figure><img alt="Cryptocurrencies, Funding, Tokens, Avalanche, Mainnet" src="https://s3.cointelegraph.com/uploads/2024-12/0193bbe7-5e45-783a-9e0a-0649d9684636" title="">
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 Avalanche announced the raise on X.com. Source: <a data-ct-non-breakable="null" href="https://x.com/avax/status/1867199983721529659" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/avax/status/1867199983721529659">Avalanche</a>
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<h2 id="avalanche-token-sales">Avalanche token sales</h2>
The $250 million in funds raised will add to Avalanche’s treasury, which currently holds an <a data-ct-non-breakable="null" href="https://www.forbes.com/sites/digital-assets/2024/12/12/despite-being-flush-avalanche-raises-250-million-from-galaxy-and-others/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">estimated</a> $3 billion worth of the organization’s own AVAX token. As Cointelegraph previously reported, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/avalanche-foundation-raise-230m-to-support-defi-ecosystem" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Avalanche raised $230 million in a private token sale</a> led by Polychain and Three Arrows Capital in 2021.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/libeara-fund-bridge-launch-tokenized-money-fund-on-avalanche" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Libeara, FundBridge launch US treasury fund on Avalanche</a>
At the time of publication, AVAX <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/avalanche/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">traded</a> at $54.11, gaining 13% over the last 24 hours and 45% over the past year. This movement is likely attributable to positive speculation concerning the impending launch of the Avalanche9000 upgrade.
<h2 id="avalanche-upgrade">Avalanche upgrade</h2>
The 9000 upgrade is built on Avalanche’s “Etna Upgrade” and community proposals ACP-77 and ACP-125. Among its many changes are a reimagining of how subnets (now called layer-1s) work, a shift in validator cost from 2,000 AVAX per instance to a subscription fee of 1.33 AVAX per month, and an enhanced focus on interchain communication.&nbsp;
As Cointelegraph reported, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/avalanche-9000-goes-live-testnet-unlocks-rewards-builders" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Avalanche9000 went live</a> on the Avalanche “Fuji” testnet on Nov. 25. The next step, according to the team, will be launching on the mainnet, which is <a data-ct-non-breakable="null" href="https://www.avax.network/blog/avalanche-momentum-accelerates-as-galaxy-dragonfly-and-parafi-lead-250m-investment-in-support-of-avalanche9000-upgrade" rel="noopener noreferrer nofollow" target="null" text="null" title="null">scheduled</a> for Dec. 16.&nbsp;
Ben Forman, founder and managing partner of ParaFi Capital, lauded the upcoming launch in commentary made in an organizational blog post, calling Avalanche a major player in the growth of “onchain institutional finance.”
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/influencers-breaking-law-shilling-memecoin-scams/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Influencers shilling memecoin scams face severe legal consequences</a>

Avalanche raises $250M ahead of Avalanche9000 launch

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Cointelegraph

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