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    Avalanche blockchain platform secures $250 million in funding ahead of major Avalanche9000 network upgrade

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    Avalanche, a blockchain platform, raised $250 million in a private token sale, ahead of a major network upgrade, Avalanche9000. Notable participants in the sale included Galaxy Digital, Dragonfly, and ParaFi Capital, among 40 other companies. The funds will augment Avalanche’s existing $3 billion worth of AVAX tokens. The anticipated Avalanche9000 upgrade, the largest in the platform’s history, will alter layer-1 operations, adjust validator costs, and emphasize chains’ interconnection. The upgrade is scheduled to launch on the mainnet on December 16.

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    Avalanche, a blockchain platform, pulled in $250 million from a private token sale. Some big names took part in the sale, like Galaxy Digital, Dragonfly, and ParaFi Capital. On the day the sale was announced, over 40 companies took part, including SkyBridge, SCB Limited, and Hivemind among others.

    This sale took place just before the launch of Avalanche’s network upgrade called “Avalanche9000”. This is a huge deal because many consider it to be the biggest upgrade in Avalanche’s history.

    The $250 million that was raised will add to Avalanche’s savings. Right now, they’re sitting on about $3 billion worth of their own AVAX token. This isn’t their first rodeo, though. They managed to raise $230 million in a private token sale back in 2021.

    At the point this article was published, one AVAX was valued at $54.11, a 13% increase in the last 24 hours, and a 45% increase over the past year. This is likely because there’s a buzz in the community about the upcoming launch of the Avalanche9000 upgrade.

    The 9000 upgrade is based on Avalanche’s “Etna Upgrade” as well as proposals ACP-77 and ACP-125 from the community. It’s going to shake things up by changing how layer-1s (previously called subnets) work, moving the validator cost from 2000 AVAX per instance to 1.33 AVAX monthly, and putting more focus on connection between chains.

    The Avalanche9000 upgrade went live on the Avalanche “Fuji” test network on Nov. 25. Next up, it’s set to drop on the mainnet on Dec. 16. The founder and managing partner of ParaFi Capital, Ben Forman, is looking forward to the launch and has mentioned Avalanche as a key player in helping “on-chain institutional finance” grow in a company blog.

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