Home News Avalanche creates $200-million fund to lure top crypto developers

Avalanche creates $200-million fund to lure top crypto developers

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The Avalanche Foundation has announced “Blizzard,” a $200 million incentive fund for companies that build on the Avalanche network.

In fact, the fund will give liquidity to early-stage businesses on Avalanche that are developing decentralised finance (DeFi) apps, nonfungible tokens (NFTs), and other products.

Avalanche is a proof-of-stake network that began operating in September of 2020. Developers may move decentralised apps from Ethereum to the network thanks to Ethereum Virtual Machine compatibility. Tether, a prominent decentralised exchange, SushiSwap, and oracle providers Chainlink and The Graph are among the more than 320 projects now developing on the network.

Furthermore, Avalanche Foundation, Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital, and CMS Holdings are among the Blizzard donors, according to a Monday release.

DeFi, corporate apps, NFTs, and cultural applications are the four primary areas of development for Blizzard across the Avalanche ecosystem. Thus, the money will go towards stock investments, token purchases, partnership activities, technological development, and company growth.

The ecosystem’s builders will also receive continuing assistance. Ava Labs president John Wu said:

“Blizzard is joining the Avalanche community at a critical juncture. When the increased number of users and activity necessitates continual innovation in new applications and use cases on the platform.”

The sixth-largest proof-of-stake network is Avalanche. With a staked capitalization of $14 billion and 56% of its supply now staked. It is the most valuable cryptocurrency on the market.

Avalanche is the sixth most popular network, according to Defi Llama. It now has a total value locked (TVL) of $8.5 billion, up from $312 million in August.

According to CoinGecko, the foundation’s native token, AVAX, is down nearly 18% from its all-time high of $79.31 on September 23 and is currently trading for $64.80.

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