Avalanche Closes $250 Million Token Sale Ahead of Upcoming Avalanche9000 Upgrade

Avalanche announced the recent closure of a $250 million token sale that will support the upcoming launch of Avalanche9000. This major upgrade aims to turn Avalanche into a swarm of interconnected L1s.

Avalanche Raises $250 Million Before Major Avalanche9000 Upgrade

Avalanche, a top 15 blockchain project, has recently closed a $250 million token sale in anticipation of its Avalanche9000 token upgrade, which turns the network into a series of interconnected L1s. Galaxy Digital, Dragonfly, and Parafi Capital led the sale, which had the participation of over 40 investment firms.

Interest in the sale shows the support that the scalability roadmap laid out by developers has gathered from industry investors. The project is preparing to apply one of the biggest revamps in its history. Dubbed Avalanche9000, the upgrade aims to morph the current Avalanche chain into a swarm of L1 chains that can be interconnected through the primary chain, a central L1.

These L1 chains will be able to share capital and transactions through the use of interchain messaging, solving the liquidity silo problem that other multi-level blockchain structures face. Avalanche9000 is expected to go live next Monday, and the organization claims that over 500 L1 structures are already in development supporting different use cases like tokenization, payments, gaming, and institutional programs. Off the Grid, a popular Web3 shooter, includes this functionality on top of Avalanche.

Read more: Avalanche-Based ‘Off the Grid’ Tops Epic Games’ Free Game Charts

Galaxy Capital Global Head of Trading Jason Urban remarked on the relevance of supporting Avalanche’s push to keep improving the growth and scalability of blockchain protocols. He stated:

We are providing Avalanche with the strategic resources and services needed to foster institutional participation and long-term growth, ensuring they can lead the next wave of blockchain adoption with Avalanche9000.

In the same way, Haseeb Qureshi, Managing Partner at Dragonfly, explained they had tripled down on their support of the chain for its focus on improving the tech boundaries of blockchain. “Avalanche is uniquely positioned to capture the growing momentum in Web3 and blockchain scalability,” he concluded.