Avalanche, the so-called “Ethereum killer”, has successfully completed its first public sale.
Blockchain project Avalanche raised $42 million in its first public token sale. The open-source smart contracts platform, previously known as AVA, completed its token sale in less than 4.5 hours last week.
The recently raised funds bring Avalanche to the total amount of $60 million, including the prior private fundraising and initial seed raising back at the beginning of 2019.
Similarly to Ethereum, Avalanche is an open-source blockchain platform designed for building and launching decentralized finance (DeFi) applications or new interoperable blockchains.
As stated in the official blog post of AVA Labs, the rapid sale of its native 72 million AVAX tokens marks the milestone in the history of Avalanche and the broader crypto community as well. According to John Wu, the president 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.
AVAX tokens are the utility tokens and might be used for staking and paying platform fees. Reportedly, the Avalanche tokens will be distributed upon the launch of its mainnet expected by the end of August.
The Ethereum killer
Blockchain project Avalanche is the latest in the list of so-called “Ethereum killers”. With scalability on the Ethereum network still being a big issue and since the long-awaited Ethereum 2.0 protocol update is on its way, projects like Avalanche are speculated to outrun Ethereum blockchain.
In the meantime, Avalanche is an interoperable blockchain platform that has a high speed of transactions and is capable of processing over 4.500 transactions per second, while the Ethereum network simultaneously supports around 14 transactions within the same time.
However, despite being the high-speed smart contracts platform, Avalanche features complete support for the Ethereum Virtual Machine, which means that the platform allows using various Ethereum tools like Truffle Suite, Remix, or MetaMask.
Although with the growing numbers of competitors, Ethereum is still the second-largest network by market capitalization and the leading one in terms of volumes of decentralized applications (dApps) built on top of it. As DailyCoin reported earlier this month, Ethereum network accounts nearly 10 times higher amounts of funds generated through dApps compared to other leading networks.