Avalanche Foundation, the core organization behind blockchain development Avalanche, has launched a new $220 million fund to support the growth of DeFi enterprise apps, NFTs and culture applications.
The fund is named ‘Blizzard’ and was created to support emerging use cases such as token issuance, liquidity providers and self-sovereign identity. Some of the companies that have come together to raise funds include Ava Labs, Polychain Capital, Three Arrows Capital and Dragonfly Capital.
“The Fund that supports and nurtures innovation on Avalanche is a significant step forward in the development of the Avalanche ecosystem, with investment from a large and highly strategic investor who has a history of creating value within the community,” said John Wu, president. Current Ava Labs Says
The new fund follows Avalanche’s $180 million DeFi incentive program announced in early August of this year. It follows the release of Avalanche Bridge for cross-blockchain asset transfers.
The Avalanche Rush program greatly increases the network. Avalanche’s $AVAX token has tripled since the launch of Avalanche Rush, rising from $21 to $63. Avalanche is still relatively new. It was launched in September last year. But there are more than 320 projects built on the platform. In addition, Avalanche supports DeFi projects such as Chainlink, Tether, SushiSwap, Circle, and The Graph. Avalanche supports more than 1,000 validator nodes to staking tokens.
According to Avalanche, the protocol is said to define new tasks for user activity. With over 500,000 unique addresses and $5.2 billion worth of assets transferred from Ethereum via the Avalanche Bridge, Avalanche’s TVL (total locked value) is worth $8.4 billion. Originally locked in $312 million since August, the protocol token $AVAX is now priced at around $65, with a market cap of approximately $14.3 billion. which is ranked 14th in the crypto world
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