Avalanche announces the fund shortly after the launch of a $ 180 million program dedicated to powering the DeFi ecosystem.
The Avalanche Foundation has announced another injection of liquidity to foster the growth of the ecosystem of decentralized applications of the network Avalanche.
The organization responsible for supporting and promoting blockchain adoption Avalanche announced this Monday of Blizzard, a new investment fund of USD $ 200 million “dedicated to accelerating development, growth and innovation across the ecosystem” from Avalanche. The program was announced via a press release shared on Twitter:
The Avalanche Foundation has launched Blizzard, a $ 200M + fund dedicated to accelerating development, growth, and innovation across the #Avalanche ecosystem.
Check out the full details below ⬇️https://t.co/AR25D8E2lL
– Avalanche ???? (@avalancheavax) November 1, 2021
The capital of the new fund comes from the own Avalanche Foundation, as well as Ava Labs, an incubator focused on Avalanche, and renowned investors from the crypto space such as Polychain Capital and Three Arrows Capital. Among the contributors were also Dragonfly Capital, CMS Holdings, Republic Capital, R / Crypto Fund, Collab + Currency, Lvna Capital and Finality Capital Partners.
Fund will help Avalanche grow
According to the official statement, the $ 200 million fund will focus on four key growth areas within the ecosystem Avalanche: decentralized finance (DeFi), business applications, tokens non-fungibles (NFT) and cultural platforms.
In addition, it will also search opportunities to support other emerging use cases, such as emissions of tokens security, liquidity providers and sovereign identity. Support for projects Blizzard will include capital investments, purchases of tokens and various forms of technology, business development, and support for ecosystem integration.
Emin Gün Sirer, Director of the Avalanche Foundation, highlighted in the statement that Avalanche has experienced a “incredible growth”Of users and applications that have joined the platform in the last two months. The CEO mentioned that the new fund would be a cornerstone to continue driving growth:
Blizzard will play a key role in further accelerating this growth and cementing Avalanche’s position as the premier home for pioneering projects and individuals in the next era in our space.
Programs to Boost DeFi Grow
The announcement of the new fund to incentivize developers of Avalanche occurs shortly after the release of “Avalanche rush“, A USD $ 180 million incentive program dedicated to powering the DeFi ecosystem of said blockchain. The show, which was announced on August 18, appears to be making a big impact.
According to data from DeFiLlama, the total blocked value (TVL), or funds provided as collateral by users, of decentralized platforms in Avalanche increased from $ 312 million since the announcement in August to more than $ 8 billion at the time of writing. The TVL is a measure of the total amount of locked assets in the various DeFi application smart contracts.
Blizzard is the latest initiative by a team Blockchain to boost their growth. Incentive programs of more than six figures are becoming more prevalent among industry projects; especially among blockchains looking to challenge the dominance of Ethereum in DeFi and NFT.
Binance Smart Chain (BSC), the exchange’s smart contract blockchain Binance, recently joined this trend with the launch of a USD $ 1 billion fund. Also the protocol Near announced last month an $ 800 million grant fund focused primarily on the DeFi expansion area.
In general, sector development funds, which include platforms such as Algorand and Zeal, have allocated more than USD $ 2 billion of capital for the growth of their decentralized ecosystems in recent months, as noted Forbes.
Hannah Estefanía Pérez’s version / DailyBitcoin
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