{"id":19506,"date":"2024-12-13T13:31:54","date_gmt":"2024-12-13T11:31:54","guid":{"rendered":"https:\/\/forklog.com\/en\/avalanche-secures-250-million-ahead-of-network-upgrade\/"},"modified":"2024-12-13T13:31:54","modified_gmt":"2024-12-13T11:31:54","slug":"avalanche-secures-250-million-ahead-of-network-upgrade","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/avalanche-secures-250-million-ahead-of-network-upgrade\/","title":{"rendered":"Avalanche Secures $250 Million Ahead of Network Upgrade"},"content":{"rendered":"<p>The Avalanche team has announced the successful raising of $250 million through a private token sale in anticipation of the Avalanche9000 upgrade.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Avalanche announces a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, highlighting the growing confidence in Avalanche\u2019s blockchain ecosystem ahead of the Avalanche9000 upgrade ?<a href=\"https:\/\/t.co\/tWmn5u9LbG\">https:\/\/t.co\/tWmn5u9LbG<\/a><\/p>\n<p>\u2014 Avalanche9000 ? (@avax) <a href=\"https:\/\/twitter.com\/avax\/status\/1867199983721529659?ref_src=twsrc%5Etfw\">December 12, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The funding round saw participation from over 40 investment firms, led by Galaxy Digital, Dragonfly, and ParaFi Capital.<\/p>\n<p>The developers noted that this influx of capital follows the launch of the <a href=\"https:\/\/www.avax.network\/blog\/avalanche9000-testnet-launches-with-up-to-40m-in-retroactive-rewards\">Avalanche9000 testnet<\/a> on November 25. According to them, this is a significant upgrade that reduces the cost of deploying Avalanche L1 client blockchains by 99.9% and makes C-Chain transactions\u2014used for Ethereum-compatible smart contracts\u201425 times cheaper.<\/p>\n<p>Alongside the testnet launch, Avalanche introduced a retroactive grant program for developers within the ecosystem, with a budget of $40 million.\u00a0<\/p>\n<p>The mainnet launch of Avalanche9000 is scheduled for December 16.<\/p>\n<p>According to Avalanche founder Emin G\u00fcn Sirer, the primary aim of the token sale was not financial.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cThe main goal was to achieve alignment and motivate the right partners to collaborate,\u201d G\u00fcn Sirer explained to <a href=\"https:\/\/www.forbes.com\/sites\/digital-assets\/2024\/12\/12\/despite-being-flush-avalanche-raises-250-million-from-galaxy-and-others\">Forbes<\/a>.<\/p>\n<\/blockquote>\n<p>According to the publication&#8217;s estimates, the company holds approximately $3 billion in AVAX tokens.<\/p>\n<p>At the time of writing, AVAX has returned to $51.70 after a 20% drop on December 9\u201310. Its market capitalization <a href=\"https:\/\/www.coingecko.com\/en\/coins\/avalanche\">stands<\/a> at $21.1 billion.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXeJtOO-Wc9NlhK6h5SpdZchbAWLRgWMq2539a9oKZJ8tz_A2Imv-XuXPJ7awojn86emIo2MC5Dzefk-zF3HNLRIkdKeMrIVdwG7kp74dKOHx0Xlcy6VJk9SQVK6MDqfqRJyVLuxQQ?key=qaouqUDFe05oG_wzbLmazRqd\" alt=\"Avalanche \u043f\u0440\u0438\u0432\u043b\u0435\u043a\u043b\u0430 $250 \u043c\u043b\u043d \u0432 \u043f\u0440\u0435\u0434\u0434\u0432\u0435\u0440\u0438\u0438 \u0430\u043f\u0433\u0440\u0435\u0439\u0434\u0430 \u0441\u0435\u0442\u0438\"\/><figcaption class=\"wp-element-caption\">2-hour AVAX\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/chart\/?symbol=BINANCE%3AAVAXUSDT\">TradingVIew<\/a>.<\/figcaption><\/figure>\n<p>Since the beginning of November, amid a general rise in the crypto market, the token has approximately doubled in value.<\/p>\n<p>The all-time high price was recorded at $144.9 in November 2021, 13 months after the launch of the Avalanche mainnet.<\/p>\n<p>In October 2024, Avalanche introduced an on-chain Visa payment card.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Avalanche team has announced the successful raising of $250 million through a private token sale in anticipation of the Avalanche9000 upgrade. Avalanche announces a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, highlighting the growing confidence in Avalanche\u2019s blockchain ecosystem ahead of the Avalanche9000 upgrade ?https:\/\/t.co\/tWmn5u9LbG \u2014 Avalanche9000 ? [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1413,25,1134],"class_list":["post-19506","post","type-post","status-publish","format-standard","hentry","category-news-and-analysis","tag-avalanche-avax","tag-blockchain","tag-technical-updates"],"aioseo_notices":[],"amp_enabled":true,"views":"10","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19506","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19506"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19506\/revisions"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19506"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19506"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19506"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}