Hassan Maishera
On Thursday, the Avalanche Foundation announced via a blog post that it has raised $250M in a private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital.
Other participants in the funding round include SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective, CMCC Global, Superscrypt, Cadenza, Chorus One, and Tané Labs.
This funding round follows the launch of the Avalanche9000 testnet, a key milestone that paves the way for the upcoming mainnet network upgrade, which will reduce Avalanche Layer 1 (L1) blockchain deployment costs by 99.9%, as well as reducing transaction costs on the established C-Chain by 25X. The Avalanche9000 testnet also introduces Retro9000, a $40 million retroactive grant program, including $2 million in referral rewards, aimed at supporting developers building on Avalanche.
Avalanche is an open-source platform for launching Decentralized Finance (DeFi) applications and enterprise blockchain deployments in an interoperable, highly scalable ecosystem.AVAX is up 14% today and currently trades at $55.01 per coin.
