After the Avalanche blockchain raised a $230 million financing round led by crypto firms Polychain and Three Arrows Capital, the AVAX token has reached a new all-time high. In less than two months, the asset has increased by 650 percent.
The AVAX token is hotter than ever, with a 24-hour trading volume of over $2 million and a price of $64 at the time of writing. Furthermore, it just soared beyond $68 to set a new all-time high.
On a larger scale, since July 20th, the asset has increased by nearly 650 percent after falling to $9 on that day. The most recent increases occurred shortly after Avalanche revealed the private sale, which occurred in June but was only recently published.
The group is formed by angel investors, family offices, and crypto funds, including Dragonfly, CMS Holdings, Collab+Currency, and Lvna Capital.
The cash will be used to “support and accelerate the rapid expansion of DeFi, enterprise apps, and other use cases on the Avalanche public blockchain,” according to the blog post. Grants, token sales, and other investments and technology support will be used by Avalanche to support projects.
The AVAX token has increased by 65 percent in the last week, beating the market’s top 20 competitors. Avalanche, like Solana, is a DeFi-focused alternative blockchain that focuses on fast throughput and cheap gas prices two issues that PoW (Proof of Work) blockchains such as Ethereum have faced since their inception.
Avalanche, like Ethereum, offers smart contracts, staking, yield farming, and the ability to run dApps (decentralised apps) for a reduced cost. Avalanche is now one of the fastest-growing blockchains in the world, with over 270 projects on the platform. Tether, SushiSwap, Chainlink, and more initiatives are among them.