Avalanche Momentum Accelerates as Galaxy, Dragonfly, and ParaFi Lead $250M Investment In Support of Avalanche9000 Upgrade

Avalanche

Avalanche announces a $250 million locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital. Over 40 top-tier investment firms participated, including SkyBridge, SCB Limited, Hivemind, Big Brain Holdings, Hypersphere, Lvna Capital, Republic Capital, Morgan Creek Digital, FinTech Collective, CMCC Global, Superscrypt, Cadenza, Chorus One, and Tané Labs among others.

“Our support of Avalanche, and the growth and scalability of blockchain protocols, is essential to the future of this industry,” said Jason Urban, Global Head of Trading, Galaxy. “At Galaxy, we are providing Avalanche with the strategic resources and services needed to foster institutional participation and long-term growth, ensuring they can lead the next wave of blockchain adoption with Avalanche9000.”

The influx of capital follows the launch of the Avalanche9000 testnet, a key milestone that paves the way for the upcoming mainnet network upgrade, which will reduce Avalanche Layer 1 (L1) blockchain deployment costs by 99.9%, as well as reducing transaction costs on the established C-Chain by 25X. The Avalanche9000 testnet also introduces Retro9000, a $40 million retroactive grant program, including $2 million in referral rewards, aimed at supporting developers building on Avalanche.

“We’re excited to triple down on our support for Avalanche as the network continues to push the boundaries of scalability, speed, and innovation in the blockchain space,” said Haseeb Qureshi, Managing Partner, Dragonfly. “Avalanche's upcoming Avalanche9000 upgrade represents a pivotal step toward advancing the decentralized finance ecosystem, and we believe Avalanche is uniquely positioned to capture the growing momentum in Web3 and blockchain scalability.”

Avalanche9000 is driving the next generation of scalable, purpose-built L1 blockchains. More than 500 L1 chains are already in development across sectors like tokenization of real world assets, loyalty and rewards, gaming, payments, and institutional programs. With proven utility, heavily transacted mainstream Avalanche L1s such as DeFi Kingdoms, Dexalot, Off The Grid, Lamina1, Pulsar, SK Planet, and StraitsX continue to deliver scalable impact, with many more on schedule to launch.

"Avalanche is uniquely positioned to be a driving force in the evolution of on-chain institutional finance,” said Ben Forman, Founder and Managing Partner of ParaFi Capital. “Architectural advantages like fast transaction finality and high throughput, combined with customizable virtual machines, make it an ideal platform for securely and compliantly issuing and managing tokenized assets. This is why ParaFi used the Securitize platform to tokenize a portion of our latest venture fund on Avalanche. The upcoming Avalanche9000 upgrade marks a leap forward in scalability and innovation, positioning Avalanche as a leading ecosystem for asset tokenization."

This growth reflects strong confidence in Avalanche’s technology, evidenced by a $250 million investment from Galaxy Digital, Dragonfly, and ParaFi Capital, amongst others. With the full Avalanche9000 rollout planned for Monday, December 16th, the forthcoming mainnet upgrade will enhance scalability, streamline development, and equip developers with better tools for building decentralized applications.

About Avalanche Blockchain Network

Avalanche is a high-performance blockchain platform designed for builders who need to scale. Engineered with a revolutionary three-part Layer 1 (L1) architecture, Avalanche is anchored by its Avalanche Consensus Mechanism, ensuring near-instant finality for transactions. The platform also features an open-source Layer 0 (L0) framework, enabling the seamless creation of interoperable Layer 1 blockchains with high throughput on both public and private networks.

Supported by a global community of developers and validators, Avalanche offers a fast, low-cost environment for building the next generation of decentralized applications (dApps). With its unique blend of speed, flexibility, and scalability, Avalanche is the preferred choice for innovators pushing the boundaries of blockchain technology.

About Avalanche Foundation

The Avalanche Foundation is the non-profit entity that fosters the advancement and growth of the Avalanche platform for the world. The Foundation offers development programs for developers, entrepreneurs, and users to help turbocharge the advancement of the Avalanche ecosystem.

About Galaxy Capital

Galaxy Capital is a leading global financial services and investment management firm dedicated to digital assets, blockchain technology, and decentralized finance (DeFi). With a diverse portfolio spanning asset management, trading, advisory services, and principal investments, Galaxy Capital empowers clients to navigate and capitalize on the rapidly evolving digital asset ecosystem. Leveraging deep industry expertise, cutting-edge technology, and a commitment to innovation, Galaxy Capital partners with forward-thinking projects and teams that are shaping the future of finance. As a pioneer in the blockchain space, Galaxy Capital is committed to driving growth, adoption, and integration of digital assets into the broader financial landscape.

About Dragonfly

Dragonfly is a global investment firm focused on the digital asset, blockchain, and DeFi ecosystems. With a mission to support and invest in the most promising projects in the crypto space, Dragonfly combines deep industry knowledge, a diverse global network, and strategic insights to identify opportunities that drive innovation and long-term value. As an active participant in the Web3 landscape, Dragonfly partners with visionary teams and projects that are building the foundational infrastructure for the future of finance and technology. Through a multi-strategy investment approach, Dragonfly is committed to accelerating the growth and adoption of blockchain technology worldwide.

About ParaFi Capital

ParaFi Capital LP (“ParaFi” or the “Firm”) is an alternative asset management firm that operates hedge fund and venture capital strategies focused on the digital asset ecosystem. Founded in 2018, ParaFi was among the earliest investors in the blockchain industry and has evolved into a trusted partner by leading institutions globally. ParaFi’s investment and technology team pursues idiosyncratic opportunities across venture, liquid, and quantitative strategies. As a firm, ParaFi is committed to a culture of rigorous research, technical development, and institutional underwriting to enable exceptional results for our partners and portfolio companies.

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