Avalanche Foundation unveils $200 million fund for ecosystem development

  • The $200 Million Blizzard fund will focus on key growth areas of DeFi, NFTs, and enterprise applications.
  • The fund will also help Avalanche to unlock new opportunities supporting emerging use cases such as security token issuances.

The Avalanche Foundation is all prepared for the next big move in the crypto space and gearing for a massive ecosystem expansion. On Monday, November 1, Avalanche announced its new $200 million fund Blizzard to boost innovation and growth for the Avalanche ecosystem.

The funding will help in making the Avalanche blockchain more efficient for developers and users. The formation of the Blizzard fund comes with the contribution from some of the top market players. This includes giants like Three Arrows Capital, Ava Labs, Polychain Capital, CMS Holdings, Dragonfly Capital, R/Crypto fund, and others.

Avalanche said that the Blizzard fund will help in focusing on four key areas of growth like enterprise applications, DeFi, NFTs, and culture applications. Besides, the fund will help Avalanche to tap into new opportunities supporting emerging use cases like liquidity providers, self-sovereign identity, and security token issuances.

Blizzard will also support diverse projects including token purchases, equity investments, business development, and much more. Speaking of this development, Emin Gün Sirer, Director of the Avalanche Foundation said:

The last two months have shown incredible growth across Avalanche, with users, assets, and applications joining the community in record-highs. Blizzard will play a key role in further accelerating this growth, and solidifying Avalanche’s position as the premiere home for projects and people pioneering the next era in our space.

The rapid growth of Avalanche and AVAX

Launched last year in September 2020, the Avalanche Foundation has witnessed skyrocketing growth in just a year’s time. As of now, the Avalanche hosts more than 320 projects on the platform. Some of them include top-tier DeFi projects like SushiSwap, Tether, Chainlink, The Graph, and Circle. There are more than 1000 validator nodes running on the avalanche blockchain.

Besides, Avalanche also has more than $8 billion in total value locked in DeFi assets. Avalanche also claims itself to be the smartest smart contracts platform measured by time-to-finality. Apart from being super-fast, Avalanche is extremely eco-friendly and low-cost. As the Avalanche Foundation explains:

Avalanche is also the premier platform for individuals and enterprises to easily create powerful, reliable, and secure private or public networks with complete control over their implementation. These “Subnets” can be the foundation for the creation of new ecosystems of value in asset tokenization and regulated institutional use cases.

AVAX, the native cryptocurrency of the Avalanche platform has delivered a stellar performance so far in 2020. The AVAX cryptocurrency has gained more than 20x since the beginning of the year. As of press time, Avalanche is trading at $66.03 with a market cap of $14.5 billion. It currently grabs a spot among the top twenty cryptocurrencies by market cap.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

Comments are closed.