Avalanche Secures $250M Investment to Drive Avalanche9000 Upgrade and Enhance Blockchain Scalability

Daily Top Performer — Aave (AAVE)

The S&P 500 fell 0.54%, pressured by a hotter-than-expected inflation report and declines in major stocks such as UnitedHealth and Adobe. Coindesk Indices, an index measuring broader cryptocurrency market performance was down by 0.24%, with Bitcoin dropping by 1.45% and Ether rising by 1.00%, in the past 24 hours.

Today's top performer is AAVE, which surged 17.1% following the anticipation of Aave V4, a modular hub-spoke design for enhanced scalability and yield.

Aave (AAVE), founded in 2017, is a decentralized lending platform on Ethereum, allowing users to lend, borrow, and earn interest on 17 cryptocurrencies without intermediaries. It uses smart contracts, requires collateral for loans, and issues interest-accruing aTokens. Aave also offers features like instant loans. Aave V4 introduces a modular "hub-spoke" design, with a central Liquidity Hub and flexible Spokes for diverse collateral types. This streamlines the protocol, enhances scalability, and allows interconnected hubs, enabling higher yields and risk-adjusted borrowing. It’s a leap forward for efficiency and adaptability in DeFi.

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Talk of the Town

Avalanche has secured a $250 million locked-token sale led by Galaxy Digital, Dragonfly, and ParaFi Capital, with over 40 top investment firms participating. This funding follows the launch of the Avalanche9000 testnet, which marks a major milestone ahead of the upcoming mainnet upgrade. The Avalanche9000 upgrade will reduce Layer 1 blockchain deployment costs by 99.9% and transaction costs on the C-Chain by 25X. Additionally, it introduces the $40 million Retro9000 grant program to support developers. The upgrade aims to enhance scalability and innovation, positioning Avalanche as a leader in decentralized finance and blockchain scalability.

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Bitcoin Spot ETF Flows

Yesterday, Bitcoin Spot ETFs recorded a net inflow of $165.9M, driven by $214.3M from non-GBTC sources, partially offset by a $48.4M outflow from GBTC.

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Airdrop to Watch

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