Avalanche announces over $200 million Blizzard fund to grow the network.
Avalanche is a network operating under the Proof-of-Stake mechanism launched in September 2020. Avalanche compatible with Virtual Machines Ethereum (EVM) allows developers to port decentralized applications (Dapp) are from Ethereum via. There are currently more than 320 projects running on this network including publishers stablecoins Top Tether, DEX SuShiSwap famous and projects oracle Chainlink and The Graph.
According to the November 1 announcement, Blizzard investors include the Avalanche Foundation, Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital, and CMS Holdings.
Blizzard will prioritize four key growth areas in the Avalanche ecosystem: DeFi, enterprise applications, NFT and cultural applications. The funds will be used for equity investment, token purchase, partnership development, technology development and business development.
Builders of the ecosystem will also receive ongoing support. Ava Labs President John Wu said:
“Blizzard joins the Avalance community at a critical moment, when a large number of users and activities demand constant innovation in applications and new applications within the platform.”
Avalanche is the 6th largest Proof-of-Stake network with a market cap of $14 billion and its 56% supply is currently staked.
Follow DefiLlama, Avalanche is the 5th largest network with a TLV of $8.5 billion, up 2,624% from $312 million in August.
According to CoinGecko, AVAX has dropped about 18% from the ATH of $79.31 Aug 23. Current price is around $65.36 at the time of writing.