Key Takeaways:

$250M Fundraise: Avalanche closed a $250 million private token sale with support from over 40 firms, including Galaxy Digital, Dragonfly, and Morgan Creek Digital, ahead of the Avalanche9000 upgrade.
Avalanche9000 Details: The upgrade introduces redefined subnets, lower validator costs, and improved interchain communication, launching on Dec. 16 after testing on the Fuji testnet.
Treasury Boost: The funding strengthens Avalanche’s $3 billion treasury, fueling optimism for its ecosystem, as AVAX has surged 13% in 24 hours to $54.11.

Layer-1 blockchain Avalanche has raised $250 million through a private locked-token sale involving over 40 prominent investors, including Galaxy Digital, Dragonfly, and ParaFi Capital.

The funds will bolster Avalanche’s $3 billion treasury as the network gears up for the “Avalanche9000” upgrade, considered one of its most significant advancements.

Avalanche announces a $250 million private locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, highlighting the growing confidence in Avalanche’s blockchain ecosystem ahead of the Avalanche9000 upgrade 🤝https://t.co/tWmn5u9LbG
— Avalanche9000 🔺 (@avax) December 12, 2024

Notable participants in the funding round include SkyBridge, SCB Limited, and Morgan Creek Digital.

Scheduled for a mainnet launch on December 16, Avalanche9000 builds on the earlier “Etna Upgrade” and integrates community proposals ACP-77 and ACP-125.

Key features include redefining subnets as layer-1 blockchains, reducing validator costs from 2,000 AVAX per instance to a 1.33 AVAX monthly subscription, and improving interchain communication.

The upgrade was first tested on the “Fuji” testnet on November 25.

Avalanche raised $230 million in a similar funding round in 2021, and its AVAX token has surged 13% in 24 hours and 45% over the past year, fueled by optimism around the upcoming upgrade.

Ben Forman of ParaFi Capital emphasized Avalanche’s pivotal role in advancing on-chain institutional finance, reflecting the network’s growing influence in blockchain innovation.