In a bid to lure leading crypto developers in the industry, the Avalanche Foundation has unveiled a $200 million fund titled “Blizzard”. The gigantic fund is aimed at fostering growth on the Avalanche Network by incentivizing skilled developers working on building early-stage projects.
The Blizzard incubation fund has not come about from the sole investment of the Avalanche Foundation. In fact, the fund been formed with the contributions of top investment firms like Polychain Capital, CMS Holdings, Three Arrows Capital etc.
The allocation of the investment fund will be overseen by a panel of specialists possessing expertise in capital management and blockchain domain. The purpose behind the launch of Blizzard is to offer liquidity to innovative undertakings involving NFT – Non-Fungible Tokens and Decentralized Finance (DeFi).
The funds will also be used for purposes like business development, enterprise applications and equity investments.
Overview Of The Avalanche Network
Established in 2020, Avalanche is a highly secure and low-cost smart contracts platform that boasts a solid proof-of-stake protocol. Exclusively built for decentralized applications, Avalanche allows developers to deploy personalized blockchains with loads of app-specific features.
As of now, the platform is supported by over 320 projects including The Graph, Polyient Games and Chainlink. The Blizzard investment is sure to play a pivotal role in accelerating growth and development on the Avalanche ecosystem.
At the time of writing, Avalanche’s market capitalization stands at $18.556 billion and it is quite likely to increase even further.