Key Takeaways
- Avalanche (AVAX) has gained $250000 million from a locked token sale. It is the kind of sale where the tokens have a fixed vesting period.
- The sale was initiated by prominent investment firms Dragonfly, Galaxy Digital, and ParaFi Capital.
- The price token sale was ahead of theAvalanche 90000 network upgrade. This is the most awaited launch in the history of the project.
- The accumulated sale fund has been added to the treasury which is currently worth around $3 billion.
After raising $250 million from the sale of private tokens, Avalanche (AVAX) has recently launched its latest update Avalancheg9000. It is the most awaited upgrade on the platform. The private locked token sale was initiated by prominent industry names like Dragonfly, Galaxy Digital, and ParaFi Capital. As per the reports more than 40 reputed companies in the private locked token sale along with participants like Morgan Creek Digital, Big Brain Holdings, SCB Limited, and Hivemind.
Avalanche a Layer-1 blockchain announced the closure of the sale on December 12, 2024. The sale was ahead of the project updation, Avalanche9000. The purpose of the sale was to fund the upcoming Avalancheg9000 upgrade.
The update is set to launch on December 16, 2024. This latest upgrade of the project is expected to reduce the blockchain deployment cost significantly by 99.9% along with the transaction cost on the C-Chain by 25 times.
This can enhance the scalability and affordability of blockchain development. The upgrade is focused on enhancing the affordability as well as the scalability of blockchain development. This could position Avalanche as a leading industry platform within the Layer-1 blockchains.
Token Sale Updates of AVAX
The current token sale fund has been added to the Avalanche’s treasury. The current worth of the treasury is $3 billion which is predominantly the value of the AVAX token. They have already raised an accumulated $230 million from the 2021 token private sale.
This was initiated by Polychain and Three Arrows Capital. While writing this, the project is trading at $820,217,991 for the last 24 hours. There is positive speculation regarding the launch of the Avalanche update.
Avalanche Upgrade Analysis
The latest Avalanceh9000 was built on the “Etna Upgrade” along with the ACP-77 and ACP-125 of the community. Higher volume transactions without the concern of performance degradation are possible with the latest update.
The project is undergoing a major transformation. This includes the redefinition of subnets as layer-1s, and a switch from a fixed 2,000 AVAX validator costly to a monthly subscription of 1.33 AVAS. This could heighten interchain communication. On November 25, the updates went live on the Avalanche “Fuji” testnet.
The mainnet is scheduled to happen on the coming December 16. The founder and managing partner of ParaFi Capital has praised the projects in their company blog post. He mentions it as a key player in the growth of “onchain institutional finance”.
Functioning Review of Avalanche
The project functions on three different blockchains called Exchange Chain (X-Chain), Contract Chain (C-Chain), and Platform Chain (P-Chain). The founder of the project is Emin Gun Sirer, a university professor at Cornell. The project has increased by 2.20% in the last seven days. The project is focused on developing its ecosystem.
Current Performance Data of Avalanche
AVAX is the native token of the ecosystem and it can be used for transaction fees. Staking the token can help in teh participation of the users in securing the network. It is possible to trade the token through centralized cryo exchanges.
Binance is currently the most popular option. It has a trading volume of $123,977,297 for the past 24 hours. The most active trading pair for AVAX is AVAX/USDT. It is possible to trade the token in Gate.io and WhiteBit.
The lowest recorded price of AVAX is $2.80 and it was recorded on December 31, 2020. Compared to the lowest recorded price, the current price has increased by 17791.8%. The market capitalization of the project is $21,611,218,224. The circulating supply of AVAX tokens is 409,692,178. The maximum supply is 720,000,000. The total supply is 448,028,478.
The future of the project along with the addition of updates, seems to be in the upward momentum. However, it is important to note that crypto investments are subjected to the volatility of the market. If you are interested in investing in AVAX, we highly recommend you consider the risk-tolerance.
