Avalanche (AVAX) Shoots 12% After Raising $230 Million With Private Token Sale
Proof-of-stake (PoS) blockchain network Avalanche is getting major recently with its native AVAX token gaining 50% over the last week. Earlier today, the AVAX token jumped another 12% moving all the way to $68 and entering the list of top 15 cryptocurrencies by market cap.
Since the market crash of mid-July, AVAX has gained 6x or we can say 500%. Analysts believe that AVAX can rally further up to $80 from here.
The price rally comes as Avalance announces a $230 million fundraise with the private sale of its AVAX tokens. Polygon and Three Arrows Capital have been leading the investments in the avalanche ecosystem. Other big private players include CMS Holdings, Dragonfly, R/Crypto Fund, Collab + Currency, Lvna Capital, and many others.
The Avalance Foundation noted that the proceeds from the sale will go towards accelerating growth from DeFi, enterprise applications, and other use cases on the avalanche public blockchain. Besides, Avalanche will build infrastructure for providing technical support. It will also support projects through grants and token purchases. Speaking of the development, Emin Gün Sirer, Director at the Avalanche Foundation said:
“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers. The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”
The Fastest Smart Contract Platform
Just a year to its launch, Avalanche has attained massive growth since September 2020 emerging as one of the fastest-growing blockchain ecosystems. The platform now hosts more than 270 projects.
Avalanche blockchain also hosts some of the top-tier decentralized finance (DeFi) projects SushiSwap, Chainlink, Circle, Tether, etc.
Avalanche claims to be the fastest smart contracts platform in the industry as measured by time-to-finality. Besides being extremely fast, it is very eco-friendly and low cost. Avalanche allows individuals as well as enterprises to create “powerful, reliable, and secure private or public networks” with absolute decentralization. These “subnets” can serve as the foundation of the new ecosystems. Olaf Carlson-Wee, Founder and CEO, Polychain Capital said:
“We are pleased to support Avalanche as the platform continues to grow its vibrant community of open source developers. We look forward to seeing the next generation of applications launching on the platform.”