Blockchain startup AVA Labs has raised $42 million in the public sale of its Avalanche Token (AVAX).
AVA Labs is building a payments rail and computational platform leveraging the Avalanche consensus, which reportedly offers unparalleled scalability (6000+ Transactions Per Second), decentralization (1000+ nodes), security, sustainability, and flexibility. The AVA platform is positioned to redefine open finance by enabling decentralized finance (DeFi) applications to be more expressive and to scale with global demand. AVAX is a utility token for securing the network through staking, platform fees, and providing a basic unit of account between subnets–a set of nodes that validate blockchains on Avalanche.
On July 15, the Avalanche team and its community geared up for a historic event with up to 72 million AVAX tokens available for purchase. Leading up to 10:00 AM ET, the team witnessed rapidly growing numbers within the randomized queuing system that ensured fairness to all users. At 11:11 AM ET, both pools A1 and B were filled, leaving pool A2 and its newly expanded allocation as the remaining option. At 2:33 PM, just 4 hours and 33 minutes after beginning, the sale concluded with all token pools completely filled.
The company said that the proceeds from the sale will be used solely for the sustained growth and development of the Avalanche network.
“It’s clear that the market was craving a project of this caliber,” said John Wu, President of Ava Labs. “The success and velocity of the Avalanche sale is a testament to the quality of our project, and the impact it can have on both institutional and decentralized finance.”
“Last week’s sale is significant validation for the technology, team, and vision behind Avalanche, and just the latest of many milestones to come for the project,” said Emin Gün Sirer, Co-founder and CEO of Ava Labs.” Thank you to everyone who has contributed to its success thus far, and we look forward to welcoming the next waves of people into the Avalanche community.”
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