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

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The Avalanche Foundation has unveiled Blizzard, a foundation that provides incentives of more than $200 million to developers who use the Avalanche Network.

The fund will provide liquidity to early stage projects implementing innovative decentralized financial (DeFi) applications, non-financial tokens (NFT) and other products in the avalanche.

Avalanche is a proof of ownership network that was launched in September 2020. The network boasts compatibility with the Ethereum virtual machine, which allows developers to migrate decentralized applications from Ethereum. The network currently has more than 320 projects currently under construction, including the leading stablecoin issuer Tether, popular decentralized exchange SushiSwap, oracle provider Chainlink and The Graph.

Blizzard members include the Avalanche Foundation, Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital and CMS Holdings, according to an announcement Monday.

Blizzard will prioritize four key growth areas for the Avalanche ecosystem: DeFi, Enterprise Apps, NFT, and Cultural Apps. The funds will be used for equity investments, token acquisitions, partnership efforts, technology and business development.

Builders in the ecosystem will also be offered ongoing support, with Ava Labs President John Woo saying:

“Blizzard joins the Avalanche community at a critical time when this flow of users and activity requires continuous innovation in new applications and use cases on the platform.”
Avalanche is the sixth largest in the chain of proof of ownership with a cap of $14 billion and 56% of current supply.

According to Defi Llama, Avalanche is the fifth largest network with a combined total value (TVL) of $8.5 billion, with TVL growing 2,624% from $312 million in August.

Related Topics: Cointelegraph Consulting: How Avalanche Reimagines DeFi

According to CoinGecko, Avalanche’s proprietary token, AVAX, is down approx. 18% from an all-time high on September 23 to $79.31, with the latest dividend trading at $64.80 at the time of writing.

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