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Bloomberg: Avalanche, Ethereum-killer blockchain, attracts $350 million investment

Bloomberg: Avalanche, Ethereum-killer blockchain, attracts $350 million investment

Avalanche blockchain developer Ava Labs is in the midst of a new funding round. The competitor of Ethereum and Solana plans to raise $350 million at an estimated $5.25 billion.

According to Bloomberg, Ava Labs is undergoing another round of funding, and a new estimate will make it one of the most expensive crypto startups in the world. The Avalanche project offers high-speed transactions with low fees, along with infrastructure for decentralized applications (dApps). Today, there are 250 active applications on this blockchain.

As some analysts point out, if successfully funded, Avalanche will be able to completely "kill" Ethereum. Solana, which is also trying to create its own blockchain for decentralized apps, is at the back of the pack.

Over the past 24 hours, the Avax token gained 4%, reaching $79.8. The altcoin has a capitalization of $21.4 billion and ranks tenth in the list of the major cryptocurrencies. 

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Avalanche

It is a platform for creating and hosting various decentralized financial applications (DeFi). The platform allows the trading of various assets at high transaction speeds. The creators strive to unite the entire cryptocurrency financial system in one blockchain.  

The platform has its own AVAX token, which is used for internal payments such as transaction fees, staking fees, etc. The upper limit for AVAX token issuance is 720 million, and half of those tokens have already been created.

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