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Avalanche is creating a $ 200 million fund to attract top cryptocurrency developers

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Avalanche Network
Avalanche Network. Source: Shutterstock, karnoff

Avalanche protocol is certainly one of the most efficient networks in the DeFi sector. The company is advancing, as evidenced by the creation of a fund worth $ 200 million. The main goal is to get new and top developers.

Avalanche supports innovation

The fund was presented by the foundation Avalanche Foundation. Blizzard, as the fund was named, will bring $ 200 million to the network. The goal is therefore clear, to support growth and innovation in the Avalanche network. Resources will be invested in the initial phase in the development of projects that focus on DeFi applications and NFT tokens.

As already mentioned, AVAX is a quality network that was launched in September 2020. The protocol currently contains up to 320 projects, including the king of stablecoins Tether (USDT), popular DEX SushiSwap and also ChainLink.

The main supporters of the Blizzard fund are companies such as Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly and others.

Ava Labs President John Wu said:

“Blizzard is entering the Avalanche community at a crucial time when this influx of users and activities requires constant innovation in new applications and platform usage.”

Avalanche is the sixth largest proof-of-stake network with a capitalization of $ 14 billion.

Avalanche is also the fifth largest network with a total locked-in value (TVL) of $ 8.5 billion, with its TVL growing by 2,624% from just $ 312 million in August.

What is Avalanche?

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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