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sahil ansari

Stealth • 9d

💠 Avalanche Raises $250M Amid Major Overhaul of Layer-1 Blockchain Avalanche, a layer-1 blockchain, has successfully raised $250 million in a token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, with participation from over 40 investment firms. This funding follows the launch of the Avalanche9000 upgrade in a testnet environment, which aims to significantly reduce transaction and validator costs—by 99%—to facilitate app development on the network. Since the announcement of the token sale, AVAX, Avalanche's native token, has increased by 4.95% and is up 9.6% in the last 24 hours. The broader crypto market, as reflected in the CoinDesk 20 Index, has risen by 2.48% during the same period. Avalanche currently ranks as the 10th-largest blockchain by total value locked (TVL) at $1.6 billion, according to DefiLlama data.

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