Avalanche (AVAX) has completed a US$230 million investment round from several crypto funds and angel investors, catapulting its native token, AVAX, to a fresh all-time high of US$64.
AVAX Token Surges 23% Amid Tokens Private Sale
The investment round was led by crypto funds Polychain and Three Arrows Capital. R/Crypto Fund, Dragonfly CMS, Collab + Currency and Lvna Capital are among the top investors that participated in the private sale, according to an announcement by the Avalanche Foundation. As per its blog post, Avalanche will use the funds to expand its operation in the DeFi space and support DeFi projects by providing grants, liquidity and token purchases.
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 decentralised finance on Avalanche.
Emin Gün Sirer, director, Avalanche Foundation
Avalanche completed the investment round in June but disclosed this latest news on September 16. The announcement quickly boosted the AVAX token by 23 percent, now trading at US$64.11 with a 24-hour trading volume of US$2,156,526,602, according to data from CoinGecko.
Further data shows AVAX outperformed its top 20 competitors with a 65 percent gain last week, and is now sitting at 14th place in the crypto market.
AVAX Shows its Competitive Edge
Avalanche is a high-performance blockchain with an estimated rate of 4,500 TPS (Transactions per Second). It currently competes with other high-performance platforms like Solana to become the alternative solution for DeFi protocol developers.
Users can build fast, low-cost and solidity-compatible dApps, besides launching customised private and public blockchains.
Both platforms are challenging Ethereum as leader of the DeFi ecosystem. Several content creators are considering switching to Solana to showcase their NFTs as Ethereum gas fees increasingly present a hurdle for them.
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