AVAX is gaining in value fast! The token sale led by Polychain and Three Arrows resulted in a new high.
Over the past year, the blockchain network designed for decentralized applications has become Avalanche’s native AVAX With the rise of cryptocurrency to new heights, the leading Ethereum made it one of its competitors.
AVAX continues to rise in value and money flows into the platform; For example, today the news that the Avalanche Foundation raised $230 million with a new token sale started making headlines. According to CoinGecko, AVAX reached a new high of around $67.52 per coin shortly after the news broke. Avalanche’s native token is up 25 percent in 24 hours and ranks 12th on the list of top cryptocurrencies with a market cap of over $14.6 billion at the time of writing.
The private token sale, which was completed in June but announced today, was led by Polychain Capital and Three Arrows Capital. This development is expected to provide significant funding for Avalanche, which has expanded to challenge Ethereum’s dominance in the space and compete with other emerging Ethereum competitors. Foundation, Avalanche-based projects; It plans to support it through grants, token purchases, investments and technology support.
Polychain and Three Arrows, along with Republic’s R/Crypto Fund, Dragonfly, CMS Holdings, Lvna Capital and Collab+Currency, as well as undisclosed angel investors and family offices participated in the $230 million private token sale.
Avalanche, like Ethereum, is a blockchain designed to execute smart contracts, which are pieces of code that execute specified instructions. Besides smart contracts, dApps, they act as the backbone for decentralized finance protocols (peer-to-peer lending and trading), NFTs, and more.
Avalanche (AVAX) price has risen more than 400 percent since August 1, reaching an all-time high, jumping from under $13 per coin to its current price of $65, according to CoinGecko data. According to DefiLlama, DeFi activity on the platform is also increasing, with the amount of AVAX locked up three times today compared to a month ago.