AVAX rises 10% after Avalanche Foundation raises $250M in preparation for blockchain upgrade

The Avalanche Basis introduced elevating $250 million by way of a non-public token sale to assist its blockchain platform, in accordance with a Dec. 12 statement.

The funding spherical had round 40 contributors, together with main corporations comparable to Galaxy Digital, Dragonfly, and ParaFi Capital.

The announcement spurred a ten% surge in Avalanche’s AVAX token, pushing its worth to $52. This continues a bullish development, with the token gaining 52% over the previous month.

Avalanche9000 improve

The Avalanche9000 improve, set for Dec. 16, goals to revolutionize blockchain prices and scalability. It’s going to minimize Layer-1 deployment prices on Avalanche by 99.9% and decrease transaction charges on its C-Chain by 25 instances.

The improve helps Avalanche’s multi-chain imaginative and prescient, enabling horizontal scalability throughout varied industries comparable to gaming, funds, loyalty applications, and real-world asset tokenization.

Over 500 Layer-1 chains are in growth, and institutional giants like BlackRock and Franklin Templeton are leveraging Avalanche for his or her tokenized funds.

Haseeb Qureshi, Managing Accomplice at Dragonfly, referred to as the improve a transformative second for blockchain growth. He said:

“Avalanche’s upcoming Avalanche9000 improve represents a pivotal step towards advancing the decentralized finance ecosystem, and we imagine Avalanche is uniquely positioned to seize the rising momentum in Web3 and blockchain scalability.”

In preparation, the Avalanche9000 testnet launched Retro9000, which features a $40 million retroactive grant program. This initiative gives $2 million in referral rewards to builders constructing on the platform.

Kevin Sekniqi, co-founder of Ava Labs, highlighted the community’s potential to outpace Ethereum, Solana, and different chains mixed in transaction quantity, emphasizing Avalanche’s distinctive multi-chain mannequin.

He stated:

“There is no such thing as a query in my thoughts that Avalanche community will course of extra transactions than Ethereum/L2s + Solana + different chains mixed within the close to future. There’s no Avalanche ‘chain.’ It’s a community of many interoperable chains. In mixture there’s going to be a variety of exercise.”

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