The Avalanche Foundation has unveiled Blizzard, a fund that spends more than $ 200 million on incentives for developers building the Avalanche Network.
The fund will provide liquidity to the early-stage projects that distribute innovative decentralized financial applications (DeFi), non-perishable tokens (NFT) and other products in an avalanche.
Avalanche is a proof of ownership network launched in September 2020. The network boasts compatibility with Ethereum Virtual Machine, which allows developers to port decentralized applications from Ethereum. More than 320 projects are currently being created on the network, including the largest stablecoin issuer Tether, the popular decentralized exchange SushiSwap, the oracle provider Chainlink and The Graph.
In Monday’s announcement, Blizzard’s shareholders are Avalanche Foundation, Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital and CMS Holdings.
Blizzard will prioritize four key growth areas in the Avalanche ecosystem – DeFi, enterprise applications, NFTs and cultural applications. The funds will be used for equity investments, symbolic acquisitions, partnership efforts, technology and business development.
Builders will also be offered ongoing support within the ecosystem. Ava Labs President John Woo said:
“Blizzard is entering the Avalanche community at a key time when this user flow and activity requires constant innovation in new applications and use cases on the platform.”
Avalanche is the sixth largest Proof of Stake network with $ 14 billion in capital and 56% of the supply is currently on hold.
According to Defi Llama, Avalanche is the fifth largest network with a total closed value (TVL) of 8.5 billion dollars, with TVL up 2624% from 312 million dollars in August.
Related: Cointelegraph Consulting: How an Avalanche Reimagining DeFi
Avalanche’s original token, AVAX, is down nearly 18% from its September 23 high to $ 79.31 and was last traded at $ 64.80 at the time of writing, according to CoinGecko.