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Monday, August 15, 2022

Avalanche Creates Fund Worth $200 Million

The Avalanche Foundation has come up with its new fund- Blizzard- which would be offering around $200 million as incentives. These incentives would be delivered to those developers who would help build on the current network of this altcoin. The fund will also go about providing liquidity to every early-stage project that has been utilized to innovate DeFi applications, NFT, and quite a few other products issued by the company. 

Avalanche Launches New Fund

For the uninformed, Avalanche is simply a proof-of-stake network that was launched in September last year. The network boasts of compatibility which is on similar levels to Ethereum Virtual Machine- which allows developers to bring out their decentralized applications over from the cryptocurrency.

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The network also currently boasts of around 320 projects that seem to be building upon it- which also includes stablecoin issues Tether, SushiSwap- a popular decentralized exchange, and Chainlink- an oracle provider. As per the announcement on Monday, the contributors of Blizzard would also include Ava Labs, Three Arrows Capital, Polychain Capital, CMS Holdings, and Dragonfly Capital. 

Blizzard will look at prioritizing four major areas of growth throughout the ecosystem of Avalanche. These areas of growth would be enterprise applications, DeFi, NFTs, and culture applications. The fund would then be utilized for token purchases, equity investments, partnership efforts, business development, and technology.

The builders employed within the ecosystem would also be providing their support- with John Wu of Ava Labs stating that the fund would definitely be a godsend for the community- as the influx of users keep calling for more applications. 

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Currently, Avalanche is the sixth-largest proof-of-stake network with a market cap of $14 billion, and around 56% of the supply currently getting staked. 

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