Avalanche Raises $42M in Public Sale to Support Avalanche Future Growth
We are delighted to inform you that the Avalanche token sale has concluded, raising $42M through the distribution of AVAX, its native token. The Avalanche Token (AVAX) is a utility token for staking, platform fees and acting as a basic unit of account between subnets – which are networks of nodes responsible for validating blockchains on Avalanche.
The proceeds from the sale will be exclusively allocated to fostering ongoing growth and enhancement of the Avalanche network.
“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. 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.”– Emin Gün Sirer, Co-founder and CEO of Ava Labs
“It’s clear that the market was craving a project of this caliber. 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.”– John Wu, President of Ava Labs
July 15, 2020, 10 AM ET
On July 15, the Avalanche community was preparing for a momentous event with up to 72M AVAX tokens ready to be purchased. Just before 10:00 AM ET, our team observed a sharp rise in numbers within the randomized queuing system that ensured fairness to all participants.
At precisely 10:00 AM ET, the line began with thousands of people already in it and there seemed to be no decrease in interest. By 11:11 AM ET, both pools A1 and B had reached capacity, leaving pool A2 and its increased amount as the only choice left.
At 2:33 PM, just four hours and thirty-three minutes after starting, the sale ended with all token pools completely filled; people from 100 nations and even tokens from Ethereum’s Genesis Block took part in order to reach another remarkable milestone in Avalanche’s history, something that we consider will signal the start of a new era for the broader crypto and digital asset world.
FAQ Regarding the Public Sale
Q: How were the rules within the Public Sale Info page enforced
A: Participation was prioritized based on the guidelines set prior to the public sale. Although a handful of people tried to exploit the system, we made sure that every case was examined and dealt with. This means that if check sizes were exceeded by an individual, we made those contributions ineligible for the sale.
Q: When will AVAX tokens be distributed?
A: AVAX tokens will be distributed upon Avalanche mainnet launch. We anticipate mainnet will be live by the end of August.
Q: How was the shared pool of A1/B tokens split?
A: Of the 12M tokens in this pool, approximately 60% were taken by Option A1 and 40% to Option B.
Q: Which exchanges can I trade AVAX?
A: AVAX tokens are not officially listed on any exchanges at the moment. We’ve seen some trading venues launching AVAX futures contracts and IOUs, but these are not officially affiliated with Avalanche or Ava Labs teams. Official exchange partnerships will be announced on Avalanche socials. Stay tuned!