Layer-1 blockchain Avalanche closed a $250 million private token sale to finance the Avalanche9000 upgrade.
What is Avalanche9000?
Avalanche9000 is the most significant network upgrade aimed at making it more developer-friendly, cost-effective, and scalable. Key improvements include interchain communication, development of over 500 blockchains, and a major reduction in deployment costs. Quote: “A single chain cannot cater to all use cases, no matter how fast you make it. The only winning architecture is multi-chain,” Avalanche cofounder, Emin Gün Sirer, said.
Decentralized Finance and Gaming Momentum
Avalanche's Total Value Locked (TVL) has surged to $1.65 billion, its highest in nearly two years. Projects like DeFi Kingdoms and Dexalot are enhancing the network's appeal. In gaming, Avalanche is seeing success, with 'Off The Grid' becoming the most downloaded free game on Epic Games in October.
Institutional Adoption
Institutional adoption of the Avalanche network is increasing. For instance, BlackRock’s USD Institutional Digital Liquidity Fund, valued at $561 million, has expanded to Avalanche from Ethereum. Similarly, Franklin Templeton’s OnChain US Government Money Market Fund has included Avalanche support.
The Avalanche9000 upgrade will be a milestone in the network's development, increasing its appeal and functionality for various industries, from decentralized finance to gaming and institutional investments.
