
December 12, 2024
Avalanche has secured $250 million in a locked-token sale to accelerate the development of its Avalanche9000 upgrade. This funding round was led by Galaxy Digital, Dragonfly, and ParaFi Capital, with participation from over 40 other investment firms, including prominent names like SkyBridge, SCB Limited, and Morgan Creek Digital. The influx of capital follows the recent launch of the Avalanche9000 testnet, which marks a critical step toward a major network upgrade aimed at enhancing scalability and reducing transaction costs.
The Avalanche9000 upgrade, set to roll out on December 16, 2024, is expected to significantly reduce Layer 1 blockchain deployment costs by 99.9% and lower transaction costs on the C-Chain by 25 times. Additionally, it introduces Retro9000, a $40 million grant program designed to encourage developers to build on the platform. With more than 500 Layer 1 chains under development, Avalanche is positioning itself as a leader in blockchain scalability, with applications spanning various sectors such as tokenization, gaming, and finance.
Avalanche's growing momentum highlights the platform’s potential to play a key role in the decentralized finance (DeFi) ecosystem. The strategic investment from leading blockchain-focused venture firms reflects confidence in the platform's technology and its ability to drive innovation in the blockchain space.
About Avalanche Blockchain Network
Avalanche is a high-performance blockchain platform built to support scalable decentralized applications (dApps). Its unique three-part Layer 1 (L1) architecture, combined with the Avalanche Consensus Mechanism, ensures fast transaction finality. The platform’s Layer 0 (L0) framework allows the creation of customizable, interoperable L1 blockchains, enabling developers to build decentralized solutions across various sectors.
Website:Â https://avax.network
X: @avax
About Investor
Galaxy Digital
Galaxy Digital is a financial services firm specializing in digital assets and blockchain technology. It offers asset management, trading, and advisory services, with a focus on decentralized finance, and has been instrumental in promoting blockchain adoption in the financial sector.
Location: New York, USA
Website:Â https://www.galaxy.digital
Dragonfly
Dragonfly is a global investment firm focused on blockchain, digital assets, and decentralized finance. The firm invests in projects building Web3 infrastructure, leveraging its industry expertise and network to support innovation in the blockchain space.
Location: San Francisco, USA
Website:Â https://www.dragonfly.xyz/
ParaFi Capital
ParaFi Capital is an asset management firm specializing in digital assets and blockchain. The firm focuses on venture capital and hedge fund strategies, supporting DeFi projects with a research-driven approach and technical expertise.
Location: Greenwich, Connecticut
Website:Â https://parafi.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
Comments