Avalanche Blockchain Protocol Raises $42M in 4.5-Hour During Public Sale
The Avalanche project, a blockchain protocol established by Cornell’s Emin Gün Sirer, has concluded a $42 million public token sale after raising $12 million in a private sale in June. Avalanche blockchain developer AVA Labs stated that the Avalanche network launch is assumed to come by the end of August.
Public sale offered a total of 72 million AVAX tokens.
The $42 million public sales took place on July 15, taking just a few hours to complete and starting at 10:00 a.m. ET, the token sale, provided up to 72 million AVAX tokens. At 2:33 p.m. ET, just four hours and 33 minutes after the start, the sale was completed with all token pools filled, AVA Labs stated. Initially, the public sale was assumed to run for at least two weeks.
The token sale included participants from 100 countries in line with earlier declared rules. According to the firm, the sale even emphasized participation from Ethereum’s Genesis block — the first or origin block of a private network on the Ethereum blockchain.
A spokesperson at AVA Labs stated, “It was initially flagged by our community actually as a sign that Avalanche is attracting support from early users and influential people in crypto (e.g., an anonymous Ethereum leader from its earliest days participated in the Avalanche sale).” The public sale reportedly launched in acquiescence with the United States’ federal financial regulations.
As earlier reported, the Avalanche token, or AVAX, is the native use token of the Avalanche platform and is not secured to any asset. By participating in the token sale, investors possess the right to subscribe to the Avalanche network’s growth and development. While not yet listed on any exchanges, AVAX tokens are scheduled to be distributed upon the mainnet launch in August.
The Avalanche Foundation’s $12 million private token sales highlighted major blockchain investors such as Chinese mining giant Bitmain and Mike Novogratz’s Galaxy Digital.
Attributed to as the “Internet of blockchains,” the Avalanche protocol is intended to offer an open-source platform and a layer one protocol for thrusting decentralized finance applications and enterprise blockchain solutions.
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