Avalanche Foundation raises $ 230 million to support the DeFi ecosystem
The Avalanche Foundation has announced a significant investment of $ 230 million from a venture capital group led by Polychain and Three Arrows Capital to support the growth of the DeFi ecosystem and a list of applications.
Since its launch in September 2020, Avalanche has built a growing impact on the DeFi landscape. The innovative contract platform now provides the infrastructure for over 270 industry projects, including SushiSwap, Chainlink, Circle, and The Graph, among others.
The $ 230 million capital raised through a private sale of its native token will be allocated by the fund to various use cases within its blockchain, including “funding, buying token newspapers, and various forms of investment and technology support. “
Emin Gün Sirer, Director of the Avalanche Foundation, shared his thoughts on the platform’s recent advances and future potential:
“Avalanche quickly turned promises and potential into real impact, adding value for DeFi users and developers. The builder community that gathers around the network is evidence of their competitive advantage. There is still a lot of untapped potential at the intersection of institutional and decentralized funding on Avalanche. “
Data from CoinMarketCap shows that Avalanche’s native crypto token AVAX is up 50% this week, a figure only surpassed by HBAR and CRV in the top 100 list of $ 14 billion.
Related: Zabu token price sideways after a $ 3.2 million attack on the Avalanche Foundation blockchain
The DeFi platform Aave yesterday announced a future community-wide vote on whether or not “the implementation of smart contracts in the Avalanche C-chain and the activation of the liquidity mining program” would benefit the cooperation of the two ecosystems.