Avalanche9000 Upgrade: $250 Million Backing and New Platform Features

user avatar

by Giorgi Kostiuk

2 years ago

Avalanche, a layer-1 blockchain, has completed a $250 million funding round to support the Avalanche9000 upgrade. The funding was led by Galaxy Digital, Dragonfly, and ParaFi Capital.

What is Avalanche9000?

Avalanche9000 is the most significant upgrade to the network to date, aiming to make the platform more developer-friendly, cost-efficient, and scalable. The upgrade reduces blockchain deployment costs by 99.9%. Key features include interchain communication and scalability developments, supporting over 500 blockchains.

A single chain cannot cater to all use cases, no matter how fast you make it. The only winning architecture is essentially multi-chain.Emin Gün Sirer, Avalanche cofounder

Momentum in DeFi and Gaming

Avalanche's Total Value Locked (TVL) has surged to $1.65 billion, marking its highest in nearly two years. The growth reflects its rising appeal in the decentralized finance ecosystem. In gaming, Avalanche has made notable strides with games like 'Off The Grid' becoming the top free game on the Epic Games Store.

Institutional Adoption of Avalanche

Institutional interest in Avalanche is also on the rise. BlackRock and Franklin Templeton funds have expanded their platforms to include Avalanche, highlighting its growing prominence in the digital finance ecosystem.

The Avalanche9000 upgrade marks a significant milestone for the platform, offering enhanced capabilities for developers and drawing the attention of institutional investors.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Bitcoin ETF Withdrawals Signal Caution Among Investors

Bitcoin ETF withdrawals on October 30 signal growing caution among investors amid security concerns and market volatility.

user avatarMaya Lundqvist

US Jobs Data Release May Influence Bitcoin Market

The release of employment figures on November 6 may influence Federal Reserve monetary policy and Bitcoin market volatility.

user avatarKaterina Papadopoulou

US Midterm Elections Could Shape Bitcoin Regulation

The upcoming midterm elections on November 3 are crucial for the future of cryptocurrency regulation in the US, potentially influencing digital asset legislation.

user avatarLeo van der Veen

Sui Foundation Releases Design Note on AI Agent Permissions

On October 28, the Sui Foundation released a design note emphasizing the importance of enforceable permissions for AI agents to enhance reliability in financial transactions.

user avatarAisha Farooq

BTCPay Server Incident Highlights Risks of Hot Wallets

The recent attacks on BTCPay Server installations highlight the risks of using hot wallets for cryptocurrency transactions.

user avatarKenji Takahashi

Riot Platforms to Report Earnings Amid Profitability Concerns

Riot Platforms is set to report its third-quarter earnings on November 4, with analysts forecasting a loss of $0.24 per share amid rising electricity costs and mining difficulties.

user avatarMohamed Farouk

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.