As a seasoned crypto investor with a knack for spotting promising projects, I can’t help but feel a surge of excitement when I hear about Avalanche’s recent $250 million fundraising round. The ambitious Layer-1 blockchain overhaul, Avalanche9000, promises significant reductions in transaction costs and increased network validators, which is music to my ears.
In a recent funding round, Avalanche successfully raised $250 million, with Dragonfly, ParaFi Capital, and Galaxy Digital taking the lead.
40 or more investment firms contributed funds through token sales to finance Avalanche (AVAX)’s significant upgrade of its Layer-1 blockchain, known as “Avalanche9000.” The $250 million received will be used to create technology that decreases transaction fees and encourages the addition of more network validators, as stated in a release from the L1 protocol.
As a researcher, I’m excited to share that Avalanche has unveiled an update promising a staggering 99% reduction in on-chain application deployment costs. This substantial decrease in costs is expected to drastically lower the threshold for both fledgling and seasoned AVAX developers, making it more accessible for them to join and contribute to the Avalanche ecosystem.
At the moment, the Avalanche9000 update is active on a trial network, offering developers a stage for “blockchain rehearsals.” Usually, updates like this are first implemented on trial networks before they’re launched on the primary network. Moreover, Avalanche has declared a $40 million fund to motivate developer engagement. Earlier reports suggested that activity within the blockchain rose after the testnet and incentive announcements.
According to Jason Urban, the worldwide head of trading at Galaxy Digital, the $250 million fundraising is a vital milestone in the development of blockchain technology. Similarly, Haseeb Qureshi, managing partner at Dragonfly, has shown great optimism regarding the upcoming AVAX upgrade.
Ben Forman, ParaFi Capital’s founder and managing partner, stated:
By offering benefits such as swift confirmation of transactions and high capacity, plus the flexibility to tailor virtual machines, it stands out as an optimal solution for securely and conformingly managing and issuing tokenized assets. The forthcoming Avalanche9000 update signifies a significant advance in scalability and creativity, placing Avalanche at the forefront of asset tokenization ecosystems.
Ben Forman, ParaFi Capital founder and managing partner
In the past 24 hours, Avalanche saw a jump of 10%, following a broader recovery in the cryptocurrency market. Currently, each coin is valued at approximately $53.23.
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2024-12-12 20:20