The $200million fund aims to foster the growth and innovation on Avalanche network. The Avalanche foundation has unveiled “Blizzard" — a fund offering more than $200million in incentives to developers who build on the Avalanche network.
The fund will provide liquidity to those early –stage projects that innovates decentralized finance(DEFi) application, non-fungible tokens(NFT) and other products on Avalanche.
Avalanche is a proof-of- stake network that launch in september 2020. The network boasts Ethereum Virtual Machine compatibility, allowing developers to port decentralized applications over from Ethereum. The network now boasts more than 320 projects that are currently building on it, including top stablecoin issuer. Tether, popular decentralised exchange SushiSwap, and Oracle providers Chainlink and the Graph.
Per a Monday announcement, Blizzard's contributors include the Avalanche Foundation, Ava labs, polychain capital, Three Arrows Capital, Dragonfly capital and CMS holdings.
Blizzards will priorities four key areas of growth across the Avalanche ecosystem – DeFi, enterprise applications, NFTs and culture applications.
The funds will be used for equity investments, token purchases, partnership efforts, technology and business development.
Builders within the ecosystem will also be offered ongoing support with Ava labs president John Wu Stating:
“Blizzard is entering the Avalanche community at a pivotal moment, where this influx of users and activity demands constant innovation in new applications and use cases on the platform."
Avalanche is the sixth- largest- proof of stake network with a $14billion stake capitalisation and 56% of it's supply currently staked.
Per Defi Llama, Avalanche is the fifth-largest network with a total value locked (TVL) of $8.5billion, with it's TVL having surged by 2624% from just $312million in August.
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