The Avalanche Foundation is the main organization that developed the Avalanche Blockchain. It has now launched a $220 million fund to support the growth of decentralized finance and enterprise apps.
The fund was named “Blizzard” and it is designed to support emerging use cases like security token issuances and liquidity providers. The Avalanche Foundation reports that several prominent venture capital firms have teamed up to make the fund possible, including Ava Labs and Polychain Capital. Three Arrows Capital, Dragonfly Capital and Three Arrows Capital are just a few of them.
A fund that supports and fosters innovation on Avalanche is an important step towards the development of the Avalanche ecosystem. It is backed by some of the most prominent, strategic, and experienced investors in this space, who have strong track records of creating value within communities.” John Wu, current president at Ava Labs, shares.
This new fund is the latest in Avalanche’s $180 million DeFi incentive programme, which was first announced in August. It also follows the release its Avalanche Bridge, which allows cross-blockchain asset transfer.
Avalanche Rush has significantly boosted the network, now handling approximately 18.5 million transactions. Avalanche’s $AVAX token has tripled its price since Avalanche Rush was launched, rising from $21 up to $63 on open markets. Although Avalanche was launched in September 2017, it has already attracted over 320 projects to its decentralized platform. Avalanche supports DeFi project such as Chainlink and Tether, SushiSwap Circle, Circle, The Graph, and SushiSwap. Avalanche supports more than 1,000 validator nodes to support token staking modules.
Avalanche, through Blizzard is strategically placed to increase user activity and adoption by supporting its ecosystem with new applications and projects.
“There is still so much potential in the blockchain ecosystem. This includes use cases that aren’t possible with transaction finality in the range between 15 to 60 seconds rather than near instant as seen on Avalanche. Blizzard supports all these projects and is well positioned to enhance the Avalanche user-experience today. Wu also explains that it has the potential to finance the next great culture, or gaming application, which breaks into mainstream gaming.
Avalanche reports that the protocol recently reached new milestones in terms user activity. It now has over 500,000 unique addresses and more than $5.2 billion in assets transferred from Ethereum via the Avalanche Bridge. Avalanche’s TVL, or total value locked, across its decentralized ecosystem now stands at $8.4 Billion. This is up from $312 M that it had in August. The native token of the protocol, $AVAX is currently priced at $65 for spot trading. It has a market capitalization around $14.3 billion and ranks 14th in crypto space.
Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.