Avalanche announces a $250 million locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital.
More than 40 investment companies reportedly participated, including the following: 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 among others.
Jason Urban, Global Head of Trading, Galaxy said:
“At Galaxy, we are providing Avalanche with the strategic resources and services needed to foster institutional participation and long-term growth, ensuring they can lead the next wave of blockchain adoption with Avalanche9000.”
The influx of capital 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 introduces Retro9000, a $40 million retroactive grant program, including $2 million in “referral rewards, aimed at supporting developers building on Avalanche.”
Haseeb Qureshi, Managing Partner, Dragonfly said:
“We’re excited to triple down on our support for Avalanche as the network continues to push the boundaries of scalability, speed, and innovation in the blockchain space. 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.”
Avalanche9000 is driving the next generation of “scalable, purpose-built L1 blockchains.”
More than 500 L1 chains are in development across sectors like tokenization of “real world assets, loyalty and rewards, gaming, payments, and institutional programs.”
With proven utility, heavily transacted mainstream Avalanche L1s such as DeFi Kingdoms, Dexalot, Off The Grid, Lamina1, Pulsar, SK Planet, and StraitsX continue to deliver “scalable impact, with many more on schedule to launch.”
Ben Forman, Founder and Managing Partner of ParaFi Capital.
“Architectural advantages like fast transaction finality and high throughput, combined with customizable virtual machines, make it an ideal platform for securely and compliantly issuing and managing tokenized assets. This is why ParaFi used the Securitize platform to tokenize a portion of our latest venture fund on Avalanche.”
This growth reflects confidence in Avalanche’s tech, evidenced “by a $250 million investment from Galaxy Digital, Dragonfly, and ParaFi Capital, amongst others.”
With the full Avalanche9000 rollout planned for Monday, December 16th, the forthcoming mainnet upgrade will enhance “scalability, streamline development, and equip developers with better tools for building decentralized applications.”
Avalanche is a high-performance blockchain platform “designed for builders who need to scale.”
Engineered with a three-part Layer 1 (L1) architecture, Avalanche is anchored by its Avalanche Consensus Mechanism, “ensuring near-instant finality for transactions.”
The platform features an open-source Layer 0 (L0) framework, enabling the seamless creation of interoperable Layer 1 blockchains “with high throughput on both public and private networks.”
Supported by a community of devs and validators, Avalanche offers a fast, low-cost environment for building dApps. With its blend of flexibility and scalability, Avalanche is the choice for innovators “pushing the boundaries of blockchain tech.”