Avalanche (AVAX) Raises $250M From Galaxy Digital, Dragonfly, Others

Avalanche, the layer-1 blockchain that is upgrading its technology platform, has raised $250 million in a token sale led by Galaxy Digital, Dragonfly and ParaFi Capital.

More than 40 investment firms participated in the deal.

The sale follows the project’s Avalanche9000 upgrade went live in a testnet environment. The overhaul aims to make it cheaper to conduct transactions and run validators on the network, with the goal of making it easier to build apps on Avalanche. The upgrade cuts deployment costs by 99%, according to an announcement on Thursday.

AVAX, the native token of Avalanche, has climbed 4.95% since the token sale was announced. It up 9.6% in the last 24 hours. The broader crypto market, as measured by the CoinDesk 20 Index (CD20), is 2.48% higher in that time.

Avalanche is the 10th-largest blockchain by total value locked (TVL) at $1.6 billion, according to DefiLlama data.

Read More: Avalanche Unveils $40M Grant Program Ahead of ‘Avalanche9000’ Upgrade