Avalanche has just raised a towering $250 million in a private crypto sale for the network’s Ethereum-challenging blockchain.
Lead investors Galaxy Digital, ParaFi Capital and Dragonfly were joined by more than 40 investment firms including Anthony Scaramucci’s SkyBridge Capital and AI/crypto investment firm Morgan Creek Digital.
The raise comes shortly after the launch of the Avalanche9000 testnet. According to the tweeted announcement, the upcoming Avalanche9000 upgrade “represents a pivotal step toward advancing the decentralized finance ecosystem.”
The network will deploy the Avalanche9000 mainnet on Monday, December 16. Avalanche claims it “will reduce Avalanche L1 deployment costs by 99.9%, as well as reducing transaction costs on the established C-Chain by 25X.”
To give an example of the post-upgrade price difference. Currently, to validate Avalanche, you need an upfront payment of 2,000 AVAX, which, at around $50 today, is a costly venture upward of $100,000. This will be reduced to a monthly subscription-style fee of 1.33 AVAX.
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
Avalanche’s fundraise comes in spite of the blockchain already having $3 billion in its treasury. In a Forbes interview, CEO and founder Emin Gün Sirer claims it wasn’t about money, but “to get alignment and incentivize the right kinds of partners to build with.”
Ultimately, Avalanche9000 aims to give its home-chain multi-chain capabilities. As Sirer said in the same interview: “A single chain cannot cater to all use cases, no matter how fast you make it. The only winning architecture is multi-chain.”
Also, Avalanche entered the world of tokenized RWA as a major player, bringing funds from BlackRock, Franklin Templeton and ParaFi Capital on chain. However, the company and its CEO face stark allegations of weaponizing the US legal system to bring down opponents, deploying vast bot armies to pump $AVAX and centralized and opaque practises that go against the ethos of crypto.
From Avalanche to Crypto All-Stars: How Altcoin Fever is Driving Christmas Crypto Sales.
Avalanche’s investment news means $AVAX rallied 1.5% overnight against Bitcoin’s 0.7% dip. While most coins tend to track the performance of Bitcoin, as we head into the festive season, much of crypto’s recent investment activity has centred on alternative coins, or “altcoins”.
Over in Web3, one new meme coin presale has suddenly blown up, raising around $2 million in the last 24 hours alone.
Meme coin fans are piling into Crypto All-Stars as it is on track to becoming one of the biggest meme coin launches this year. It is changing the negative perceptions around meme coins by enabling crypto fans to put their digital funny tokens to work and generate yield.
See, pop the hood of this revolutionary new multi-chain meme coin staking ecosystem and you’ll find the innovative MemeVault protocol and its native $STARS token, which together enable meme coin fans to lock up their tokens and start generating passive income.
Users can stake Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin in the MemeVault to earn passive income.
The current reward rate for staking these coins is an impressive 174% in the form of $STARS.
Following the purchase, investors can begin staking for rewards and claim the tokens once the presale ends.
Meme coin investors better hurry, though. Only a week remains to buy into Web3’s most useful meme coin.
Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow Crypto All-Stars on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
The post Avalanche Lands $250 Million as Crypto All-Stars Blows Past $15M – What’s Driving the Boom? appeared first on Cryptonews.
