The Avalanche consensus protocol was first described in 2018 in a paper circulated via the
InterPlanetary File System (IPFS) by a pseudonymous group known as "Team Rocket". After the initial release phase, the researchers founded a
startup technology company to develop a blockchain network that would meet finance industry requirements. In September 2021, the Avalanche Foundation secured a $230 million investment from a consortium including
Polychain Capital and
Three Arrows Capital through the purchase of the AVAX cryptocurrency. On March 17, 2026, the
SEC and the
CFTC issued a joint press release that classified 16 cryptocurrencies, including AVAX,
bitcoin,
Ethereum, and others, as "digital commodities" and not as
securities. == References ==