Ethereum $3,915.0‘s rival is Avalanche 
$52.8managed to raise $250 million through the locked token sale led by Galaxy Digital, Dragonfly and ParaFi Capital.
Companies Participating in the Token Sale
According to the new announcement, Avalanche completed the sale with the participation of more than 40 companies, including SkyBridge, Hivemind and Morgan Creek Digital.
Details of Token Sale
A locked token sale means that the tokens sold have certain vesting or locking periods. The revenues collected will be used to support the blockchain upgrade called Avalanche9000.
The launch of the Avalanche9000 testnet is considered an important step for the mainnet upgrade, which will take place on Monday, December 16. This update will reduce Avalanche layer-1 distribution costs by 99.9%, while reducing transaction costs on the existing C-Chain by 25 times.
Avalanche9000 is driving the next generation of scalable and intent-driven L1 blockchains. More than 500 L1 chains are already being developed in sectors such as tokenization of real assets, loyalty and rewards, gaming, payments and enterprise programs.
Jason Urban, Galaxy’s head of global business, stated that the funds provided will fuel blockchain technology innovation.
“Our support for Avalanche and the growth and scalability of blockchain protocols is vital to the future of this industry. “At Galaxy, we are providing strategic resources and services to enable Avalanche9000 to lead the next wave of blockchain adoption.”
At the time of writing, AVAX is up 9.4% in 24 hours at $52.51.
The Avalanche9000 update is seen as a major milestone for the blockchain industry. The performance boost that comes with this upgrade is expected to increase network utilization across various crypto sectors. Companies investing in the project state that they evaluate Avalanche’s future growth potential.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
