Avalanche will support DeFi and NFT projects with its new millionaire fund! The Avalanche Foundation announced the launch of a fund that will be dedicated to financing and supporting blockchain projects in the Avalanche network, mainly focused on areas that they considered key, among which decentralized finance or DeFi and non-fungible tokens or NFT stand out.
Through the development and adoption of blockchains, areas such as DeFi and NFT are becoming one of the main streams for the crypto and blockchain sector during 2021. The main blockchains, as well as second layer solutions, are adapting Towards the mass adoption and development of more decentralized applications (DApps) and projects, both in the DeFi and NFT area as well as new currents, such as GameFi or other attractive cases based on blockchain.
Avalanche has positioned itself as an attractive blockchain for blockchain projects, with more than 320 developed on it. In the DeFi area, Avalanche has already shown interest in supporting developers who help increase the potential of the blockchain, even dedicating the essence of its latest $230 million financing to the DeFi development at Avalanche.
In this sense, we can see how Avalanche’s DeFi objective has been attracting more users and commercial volumes to the protocols in the blockchain of this sector, since, by mid-September, the total value blocked (TVL) of finances decentralized on the network was nearly $ 2.7 billion, while today that number has risen to $8.8 billion, with AAVE, Trader Joe and Benqi capturing the majority of the funding, according to data from DefiLlama. The decentralized lender, AAVE, officially arrived at Avalanche in early October.
Now, several of the business participants after the latest round of Avalanche funding, are joining the protocol for the formation of ‘Blizzard’, a development fund of 200 million dollars which will focus on supporting and supporting projects focused on key sectors for the network, such as DeFi, NFT, business applications and cultural applications, according to the statement.
Emin Gün Sirer, leader of the Avalanche Foundation, pointed out that “the last two months have shown incredible growth in Avalanche, with users, assets and applications joining the community at record levels”, and highlighted on the new millionaire fund:
Blizzard will play a key role in further accelerating this growth and solidifying Avalanche’s position as the premier home for pioneering projects and individuals in the next era in our space.
In this sense, they will have a multidisciplinary team, which includes specialists in areas such as blockchain research and development, business models, marketing, decentralized finance, community development, who will be in charge of the administration of the fund, focused on supporting the projects chosen in capital investment, integrations with the ecosystem, purchase of tokens, among other initiatives.
In the same way, the four key areas will not be limiting, they explained, since funds could also be allocated to support the development of other use cases based on the Avalanche blockchain, such as security token issuances, liquidity providers and self-sovereign identity.
Avalanche’s AVAX cryptocurrency found a historical maximum price on September 23, when it traded above $79.5, while currently it is around $65, as data from CoinMarketCap.