Layer-1 blockchain Avalanche completed a $250 million private token sale ahead of the significant Avalanche9000 upgrade.
What is Avalanche9000?
Avalanche9000 is hailed as the network's most significant upgrade to date, aiming to enhance developer-friendliness, cost-efficiency, and scalability. Key features include interchain communication, developer incentives, and scalability enhancements, with network deployment costs set to decrease by 99.9%. Validators will transition from a one-time fee of 2,000 AVAX to a manageable monthly subscription of 1.33 AVAX. Currently in the testnet phase, the upgrade will launch on December 16.
Advances in DeFi and Gaming
Avalanche's Total Value Locked (TVL) has surged to $1.65 billion, its highest in nearly two years, reflecting its growing appeal in the DeFi ecosystem. Projects such as DeFi Kingdoms and Dexalot contribute to its rising prominence. In gaming, 'Off The Grid,' a battle royale game built on Avalanche, was the most downloaded free game in October on the Epic Games store.
Growth of Institutional Support
Institutional adoption is also increasing. BlackRock’s USD Institutional Digital Liquidity Fund, valued at $561 million, expanded to Avalanche from Ethereum. Similarly, Franklin Templeton’s OnChain US Government Money Market Fund has added Avalanche to its platform.
The Avalanche9000 upgrade marks a new phase in the network's development, offering improved developer conditions and attracting more institutional interest.
