A statement from Dec. 12 said that The Avalanche Foundation had raised $250,000,000 through a token sale for its blockchain platform.
Around 40 firms participated in the funding round, among them leading companies such as Galaxy Digital Dragonfly and ParaFi Capital.
The announcement spurred a 10% surge in Avalanche’s AVAX token, pushing its price to $52. The token has gained 52% in the last month, continuing a trend of bullishness.
Upgrade to Avalanche9000
Avalanche9000, scheduled for 16th December 2016, aims to transform blockchain cost and scaleability. This upgrade is expected to reduce Layer-1 Avalanche deployment costs by 99.9%. It also lowers transaction fees in its C Chain by 25 times.
The upgrade supports Avalanche’s multi-chain vision, enabling horizontal scalability across various industries such as gaming, payments, loyalty programs, and real-world asset tokenization.
Avalanche is used by institutional giants such as BlackRock, Franklin Templeton and others to tokenize their funds. Over 500 Layer-1 chain are currently in development.
Haseeb Qreshi, Dragonfly’s Managing Partner, described the upgrade as a transformational moment in blockchain development. He declared:
“Avalanche’s upcoming Avalanche9000 upgrade represents a pivotal step toward advancing the decentralized finance ecosystem, and we believe Avalanche is uniquely positioned to capture the growing momentum in Web3 and blockchain scalability.”
Retro9000 is a retroactive $40 million grant program that was launched as part of Avalanche9000’s testnet. The initiative rewards developers who build on the platform with $2 million as referral bonuses.
Kevin Sekniqi, co-founder of Ava Labs, highlighted the network’s potential to outpace Ethereum, Solana, and other chains combined in transaction volume, emphasizing Avalanche’s unique multi-chain model.
“He said:
“There is no question in my mind that Avalanche network will process more transactions than Ethereum/L2s + Solana + other chains combined in the near future. There’s no Avalanche ‘chain.’ It’s a network of many interoperable chains. In aggregate there’s going to be a lot of activity.”
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