Avalanche launches fresh $220 million investment fund

advertisement

The Avalanche Foundation has announced another mammoth scheme to bring more developers to the Avalanche blockchain.

The organization has unveiled a new $220 million investment fund, with contributions coming from the Avalanche Foundation itself, as well as Ava Labs — an Avalanche focused incubator — and investors Polychain Capital, Three Arrows Capital, Dragonfly Capital, CMS Holdings, Republic Capital, R/Crypto Fund, Collab+Currency, Lvna Capital and Finality Capital Partners.

Avalanche’s foundation hopes the new investment program, named Blizzard, will attract developers focused on DeFi, enterprise applications, NFTs and culture. The program will assist promising projects with equity investments, token purchases and other kinds of operational support.

The news comes just a few months after Avalanche began touting a $180 million incentive program — a fund that targeted DeFi developers. Half a dozen other blockchains seeking to challenge Ethereum’s dominance have set up developer funds of their own since August.

The schemes have packed a punch. Total value locked (TVL) on Avalanche rose from $312 million on August 18 to $2.6 billion on September 14, according to DeFi Llama.

Emin Gün Sirer, director of the Avalanche Foundation, said in a statement that Avalanche has experienced “incredible growth” in users, assets and applications joining the platform in the past two months.

“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,” he added.

Update: This article has been updated to clarify that the Blizzard initiative is an investment fund, not an incentive fund. 

For more breaking stories like this, make sure to follow The Block on Twitter.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

More