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Avalanche Secures $250M for Blockchain Development, Aims to Reduce Costs with Avalanche9000 Upgrade

Dec 12, 2024, 01:19 PM

Avalanche, a blockchain platform, has raised $250 million through a private locked-token sale, led by Galaxy Digital, Dragonfly, and ParaFi Capital, alongside over 40 other investment firms. This fundraising effort comes ahead of the Avalanche9000 upgrade, which aims to significantly reduce costs for launching blockchains within its ecosystem. The upgrade will lower the initial payment for setting up a node from 2,000 AVAX to a monthly subscription of 1.33 AVAX, making it more accessible for developers. The Avalanche9000 testnet has been launched, introducing Retro9000, a $40 million retroactive grant program to support developers. The investment reflects growing confidence in Avalanche's technology and its potential to drive the next generation of scalable, purpose-built Layer 1 blockchains. The funds will support the development and scalability of the platform, positioning Avalanche as a key player in the blockchain and decentralized finance sectors.