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The Avalanche Foundation has raised more than $200 million by floating a new fund Blizzard that seeks to cater to Defi growth on the platform.
On Monday, November 1, the Avalanche Foundation announced its $200-million fund dubbed Blizzard. The fund will focus majorly on the growth of enterprise blockchain applications, decentralized finance (DeFi), culture applications and NFTs across the Avalanche ecosystem.
Blizzard, AVAX-focused venture capital and incubation fund, has contributions from some big players. This includes names like Ava Labs, Three Arrows Capital, Polychain Capital, Republic Capital, CMS Holdings, Dragonfly Capital, etc.
Besides, Blizzard will provide opportunities supporting some emerging use cases like liquidity providers, security token issuances, and self-sovereign identity. It will also support projects across business development, equity investments, token purchases, etc.
A dedicated team of experts in blockchain and DeFi will be overlooking the deployment of capital. The team will further provide post-investment portfolio support. Speaking of the 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.”
A Year of Skyrocketing Growth for DeFi
Launched last year in September 2020, Avalanche has witnessed skyrocketing growth in a short period. So far, over 320 projects have found a home on the avalanche blockchain. It also includes some of the top-tier DeFi projects like SushiSwap, Tether, Circle, Chainlink, and The Graph. Thus, it claims to be the fastest organically growing ecosystem in the entire blockchain space.
Furthermore, the Avalanche blockchain has more than $8 billion in total value locked. When measured by time-to-finality, Avalanche also turns out to be the fastest smart contracts platform as of date. 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.
Avalanche (AVAX) has been one of the top-performing cryptocurrencies in the market this year in 2021. The AVAX price has gained 20x this year gaining a staggering 1900% so far. The Blizzard fund will bolster further development in Avalanche increasing its stronghold in the market.