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Avalanche Raises $250M for Avalanche9000 Upgrade in Early 2025

Dec 12, 2024, 02:51 PM

Avalanche, a layer-1 blockchain platform, has raised $250 million in a private token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital. The raise, which involved over 40 investment firms, comes ahead of the Avalanche9000 upgrade, a significant network overhaul aimed at reducing deployment costs by 99.9% and making it easier to build on Avalanche. Despite holding $3 billion in its treasury, Avalanche's co-founder Emin Gün Sirer emphasized that the primary goal was to align with high-quality partners for future growth. The funds will support the development of Avalanche's ecosystem, including incentivizing builders with $40 million in retroactive grants through the Retro9,000 program. The upgrade is set to launch in early 2025, and the AVAX token has seen a notable increase in value following the announcement.