Avalanche Raises $42M in 4.5 Hours for Its Public Sale
The public sale for the Avalanche token is complete. We’re excited to pave the way for a new generation of decentralized protocols and are proud to have an unprecedented amount of community support behind Avalanche.
We’re excited to announce the completion of the Avalanche token sale, which raised $42M through the sale of its native token, AVAX.* The Avalanche Token (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.
Proceeds from the sale will be used solely for the sustained growth and development of the Avalanche network (for more detailed information on token economics, please review the Avalanche Public Sale Info page).
“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 team and its community geared up for a historic event with up to 72M AVAX tokens available for purchase. Leading up to 10:00 AM ET, our team witnessed rapidly growing numbers within the randomized queuing system that ensured fairness to all users.
Promptly at 10:00 AM ET, the queue opened with thousands of people already in the queue, and no signs of demand slowing down. 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; participants from 100 countries and even tokens from Ethereum’s Genesis Block joined in to complete another memorable milestone in the history of Avalanche, and what we believe will mark the beginning of a new era for the broader crypto and digital asset community as a whole.
Frequently Asked Questions Regarding the Public Sale
As the sale rapidly came to a close, we encountered a series of questions from the community that we would like to take a moment to answer:
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!
Welcome to Avalanche
The last few months have been incredible, and we’ve only just scratched the surface for what we’re planning to accomplish with Avalanche. There are still many ways to get involved with Avalanche and earn AVAX tokens; Avalanche-X, our accelerator for developers building decentralized finance applications, and Avalanche Hub, our community growth platform, are always open for participation. Now, let’s move forward and continue on our journey to build the internet of finance. Thank you to everyone for joining us.
(Note: for any outstanding issues relating to the Avalanche public sale, reach out to support@avax.network)
* Total subject to de minimis changes. Each pool was oversubscribed, and we are processing refunds to enforce each option’s cap on participation.
About Avalanche:
Avalanche is an open-source platform for launching decentralized finance applications and enterprise blockchain deployments in one interoperable, highly scalable ecosystem. Developers who build on Avalanche can easily create powerful, reliable, and secure applications and custom blockchain networks with complex rulesets or build on existing private or public subnets.
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