Avalanche raises $42M in 4.5 hours for its public sale

Avalanche Sale was a huge success!

By Billo | Avalanche | 22 Aug 2020


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On July 15, 2020, Avalanche hold a public sale to sell AVAX. In total, 72M AVAX was allocated to sell. Every allocated token was sold and Avalanche collected almost 42 million USD in different cryptocurrencies. After 4 and a half hour all AVAX was sold out. 

 


 

Some historical quotes from AVA Labs team, published on Telegram:

Originally, Avalanche was conducting its sale one week before, on July 8, 2020 but it was canceled because it has been unexpected, huge demand:

 

Kevin Sekniqi on July 8, 2020, when the sale was canceled because of huge demand:

"DEMAND WAS FAR ABOVE WHAT EVEN TOKENSOFT EVER SAW.

WE ARE SEEING RECORD BREAKING REQUESTS. PLEASE BE PATIENT.

REMINDER: SALE HAS NOT STARTED YET. PLEASE BE PATIENT."

 

Emin Gün Sirer on July 8, 2020, explaining how Avalanche planned to proceed:

"Well, that's not how we were hoping this would go.

The AVAX sale saw record-breaking demand. Unfortunately, a coordinated and highly-sophisticated DDOS attack derailed Tokensoft’s systems that were handling the sale. Systems that have succeeded many times in past sales failed today under the weight of demand coupled with attacks.

We're preparing for the rescheduled $AVAX sale for 10 a.m. ET next Wednesday, when we will bring an end to the wait for tokens. We're appreciative of our community’s patience and support."

 


 

So, after Avalanche sale did not happen on July 8, Avalanche decided to move it for one week, to July 15, 2020 and adjust it according to demand.

Avalanche allocated more tokens for sale and improved sale processes:

 

Kevin Sekniqi on July 16, 2020, after Avalanche sold all AVAX just one day before:

"We also built an entire Tokensoft site replacement just in case in 6 days. We will be open sourcing it soon. Our team delivers EXTREMELY fast. "

 

Kevin Sekniqi on July 17, 2020:

"Can't say much, but all I will say is that if queue wasn't there, sale would *not* have lasted 4 hours. Maybe 4 minutes.

I think everyone in crypto, both inside and outside the Avalanche community, has been completely shocked at the demand.

And when I say shocked, I mean it in the full context of the word. Given current global macro market trends with COVID19, many didn't see Wednesday coming at all. I think it's a testament to the Avalanche community."

 


 

It will be interesting to see how Avalanche, which costs were 0.50$ / 0.85$ (depending on locking time) during sale, will perform after mainnet release and exchange listing in late August. 

 


 

Project details:

 

Website: https://avax.network

Whitepaper: https://avalabs.org/whitepapers

Telegram: https://t.me/avalancheavax

GitHub: https://github.com/ava-labs

Documentation: https://docs.avalabs.org

 

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Billo
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Avalanche
Avalanche

Founded by Emin Gun Sirer, Avalanche is an open-source blockchain platform based on a novel consensus protocol called Avalanche using leaderless Byzantine fault tolerance to reach consensus.

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