TL;DR: AVA Labs co-founder and Cornel University professor Emin Gün Sirer announced, “Tomorrow is another milestone for the Avalanche project,” after the first attempt last week was aborted. “With that in-mind, we’ve made some final adjustments to best serve our community and the future of [the AVAX token],” Sirer noted.
AVA Labs Avalanche AVAX Token Sale Readies for Second Try
About three weeks ago, AVA revealed having raised $12 million in a private token sale with participation from companies such as Initialized, Galaxy, Bitmain, NGC, and Dragonfly Capital. John Wu, President of AVA Labs explained, “We have purposefully and deliberately established our entire project, structure, and token distribution to deliver fair and open access to the Avalanche network.”
It was in anticipation for its Avalanche Foundation Limited and affiliates to “soon be conducting a public sale pursuant to Reg. D Rule 506(c) of the Securities Act of 1933 as an exempt offering and pursuant to the safe harbor under Regulation S of the Securities Act,” set for a week ago, July 8th, 2020. That was not to be. Whether it was due to a DDoS attack, unanticipated demand, or the failings of AVA Labs partner Tokensoft, not a single AVAX token was distributed that day.
“Over the last 6 days,” Sirer stressed, “we’ve worked extensively with Tokensoft to ensure they take all necessary steps to handle the immense traffic, including several infrastructure upgrades. We’ve also prepared a back-up plan in case we encounter the same issues as last week. Part of the pressure on the infrastructure stemmed from the extreme interest in the tokens. To alleviate some of this pressure, we are planning to increase the supply for the token pool with the longest lockup.”
The official sale, then, will be held from July 15th, 2020 at 10:00 AM ET (UTC-4) until July 29th, 2020 at 10:00 AM ET (UTC-4). “Therefore, to accommodate more users, we are extending option A2 from 5M tokens to 60M, and adding a maximum check size for option A2 of $25K for the first four hours (increases to $2.5M after). These new tokens come from the Avalanche Foundation. As a reminder, Option A2 necessitates a vesting schedule of 1.5 years. Options A1 and B will remain unchanged,” a notice on AVA Labs Medium account insisted.
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