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The $230 million fundraisings are the latest boost for Avalanche's native coin AVAX, which has reached an all-time high of $66 since the announcement.
Avalanche’s Announcement Of A $230 Million Raise
Polychain Capital and Three Arrows Capital led a $230 million round of investment for Avalanche.
Polychain Capital and Three Arrows Capital oversaw a June 2021 private token sale. R/Crypto Fund, Dragonfly Capital, CMS Holdings, Collab+Currency, Lvna Capital, and many investors were also among those who took part.
The Profits From The Token Sale Are Using To Drive DeFi's Expansion
The profits of the token sale will be used for the expansion of DeFi, enterprise applications, and other use cases, according to the Avalanche Foundation.
The announcement of a $230 million raise is the latest boost for Avalanche's native coin AVAX, which reached an all-time high of $66 since the announcement.
With An Announcement Of A $230 Million Raise, Avalanche Reaches An ATH
The token price has risen by more than 24% in the previous 24 hours.
It has increased by roughly 200% after the Layer 1 blockchain's Avalanche Rush announcement, which saw the network incorporate Aave and Curve, two pillars of Ethereum's DeFi ecosystem.
Polychain Capital's founder and CEO, Olaf Carlson-Wee, stated that his firm was "pleased to assist Avalanche as the platform continues to build its dynamic community of open source developers."
Avalanche got a lot of attention for its scalable Ethereum Virtual Machine-compatible Layer 1 network, which allows running the same DeFi apps Ethereum is renowned for at a faster and lower cost.
When compared to Ethereum and other EVM-compatible chains, Avalanche's most potential value proposition is its low-latency block timings.
While maintaining decentralization, it can reach high throughput of 4,500 transactions per second and block durations of 1 second.
The network currently has the most validators securing it for any Proof-of-Stake protocol.
Since launching its Avalanche Rush liquidity mining scheme, Avalanche has grown in popularity.
Su Zhu of Three Arrows Capital spoke in support of the blockchain and its community last month.
Many other cryptocurrency fans have posted jokes regarding "bridging" from Ethereum to the network.
Too far, approximately $1 billion in crypto assets have been bridged from Ethereum and deployed to different Avalanche DeFi protocols, including Curve, SushiSwap, Pangolin, and Benqi.
Over 270 projects are now being built on the network, according to Avalanche Foundation.