The Avalanche Foundation has successfully raised $250 million through a locked sale of its native token, AVAX, in preparation for the highly anticipated Avalanche9,000 network upgrade. This upgrade, expected to roll out in early 2025, is set to revolutionize the blockchain by slashing deployment costs for app-specific layer-1 (L1) networks by an astonishing 99.9%.
The funding round saw participation from over 40 leading venture capital firms, including Galaxy Digital, Dragonfly, and ParaFi Capital. The investment reflects growing confidence in Avalanche’s potential to enhance blockchain scalability and accelerate decentralized finance (DeFi) adoption.
Source: Avalanche
A Major Leap Forward with Avalanche9,000
Avalanche 9,000 is currently live on its testnet, showcasing a suite of improvements designed to simplify and reduce the costs of deploying dedicated L1 networks, previously known as Avalanche subnets. By making blockchain development cheaper and more accessible, the upgrade aims to bolster Avalanche’s position as a key player in the blockchain ecosystem.
“With Avalanche9,000, we’re taking a giant leap toward enabling more cost-effective and scalable decentralized applications,” said Dragonfly Managing Partner Haseeb Qureshi. “Avalanche is primed to harness the growing momentum in Web3.”
The Avalanche Foundation is also fueling growth through its $40 million Retro9,000 grant initiative, which rewards developers retroactively for building on the network. This includes up to $2 million for referrals, further incentivizing innovation and adoption.
Avalanche’s Rising Momentum
Avalanche, a layer-1 blockchain initially positioned as a faster, cheaper alternative to Ethereum, has grown into a leading platform for decentralized applications (dApps). It now rivals networks like Solana in hosting a wide range of applications, particularly in gaming and DeFi.
The upcoming upgrade has already attracted significant developer interest, with over 500 Avalanche-based L1 networks in various stages of development. Examples include game-centric networks powering titles like Off the Grid and Shrapnel, which continue to expand the blockchain’s reach into mainstream gaming.
Market Response and AVAX Performance
The announcement has sparked a surge in the value of AVAX, which has risen over 10% in the past 24 hours, trading at $52.30. With a market cap of $21 billion, AVAX ranks as the 12th largest cryptocurrency, according to BNC.
Source: BNC
As the blockchain world eagerly awaits the full deployment of Avalanche 9,000, the network’s advancements could redefine the standards for blockchain scalability and application-specific network development.
