TL; DR Breakdown
- Avalanche (AVA) has announced the launch of a $200 million innovators fund targeting developers.
- The Blizzard fund is the second of such initiatives that AVA has launched recently.
- Initial fund the Avalanche Rush fund targeting liquidity provision in decentralized finance (Defi).
Developers pursuing innovations on the Avalanche chain have a reason to smile. This follows the project’s announcement of the launch of its Blizzard fund.
Blizzard is a $200 million kitty targeting innovations in the Blockchain (BC) sector. Blizzard’s support will take different forms.
Besides equity financing and token acquisition, it’ll also support tech and business development.
The fund is made up of contributions from different players. Chief among them is the AVA foundation. Additionally, there are AVA labs and Polychain Capital. There’s also the Three Arrows Capital.
Blizzard targets four areas
Announcing the launch, AVA identified four areas that it’d target. First, it targets Dapps in the decentralized finance (DeFi) sector.
Secondly, Blizzard will pursue applications in the non-fungible tokens (NFTs) and culture space. Again, it’ll support the development of enterprise apps.
Finally, Blizzard will fund developers concentrating on emerging applications of BC tech. Examples are market makers and token offerings.
A panel of professionals will manage the fund. These have expertise not only in BC development but also in capital management.
Additionally, they’re well versed in incubating businesses, marketing and building communities. They’ll oversee the distribution of the fund and offer developers post-investment support.
Avalanche’s Emi G. Sirer holds that Blizzard will be central to developing future BC projects.
He says that it’ll establish the chain as the go-to platform for project development. In it, pioneers will find the support they need to build their creations.
Avalanche is a developer’s favorite
Blizzard is the second of such kind to launch on the Avalanche BC. In August, the platform launched Avalanche Rush, a Defi-centric fund.
Rush has provided Defi protocols with liquidity totaling $180 million. Some of the programs that it has roped in are Circle, SushiSwap and Curve.
The fund has seen a surge of Defi protocols on the chain. According to Defilama, this has pushed the Defi TVL on AVA to an excess of eight billion USD. Before Rush, this figure stood at $312 million.
AVA has grown in strength from its inception in 2020. Currently, it hosts more than 300 projects. These are using the BC’s cutting-edge technology to build their products.
It counts Tether, Chainlink, Circle and SushiSwap among the leading Defi protocols it hosts. Moreover, it supports more than one thousand nodes for validating token staking.
Based on the time to finality metric, AVA is the swiftest smart contract BC available. It’s also cost-efficient and sustainable. These features make it an attractive platform for developing smart contract applications.
From Zero to Web3 Pro: Your 90-Day Career Launch Plan
