The Avalanche Foundation has just unveiled "Blizzard." This is the Foundation's way of incentivizing developers who choose to build on the Avalanche network. The Avalanche Foundation is now planning to offer over $200 million as incentives to developers.
Avalanche Proof-of-Stake Network
According to the story by CoinTelegraph, the fund will be providing liquidity to those particular early-stage projects that innovate decentralized finance (DeFi) applications. These also include nonfungible tokens or NFTs as well as other products on Avalanche.
Avalanche is known as a proof-of-stake network that was previously launched in September 2020. The network reportedly boasts Ethereum Virtual Machine compatibility. This would reportedly allow developers to be able to port decentralized applications overcoming from Ethereum.
320 Projects Built on the Network
It was stated that the network currently boasts over 320 projects that are all currently building on it. This would include the top stablecoin issuer, Tether as well as the popular decentralized exchange SushiSwap. Aside from the two, Chainlink and The Graph, the oracle providers are also building on the network.
As per the recent announcement, it was stated that Blizzard's contributors also include the Avalanche Foundation, Polychain Capital, Ava Labs, Dragonfly Capital, Three Arrows Capital, and even CMS Holdings.
Blizzard Prioritizes Four Key Areas of Growth
It was stated that Blizzard will be prioritizing four different key areas of growth across the whole Avalanche ecosystem, including enterprise applications, NFTs, DeFi, and culture applications. It was stated that the funds will be used for equity investments, partnership efforts, token purchases, and even technology and business development.
Builders that are within the ecosystem will also reportedly be offered ongoing support. The president of Ava Labs, John Wu, gave a statement noting that Blizzard is going to enter the Avalanche community at a, particularly pivotal moment. Avalanche, however, hasn't always been met with positive news as Vee Finance, a DeFi lending platform, suffered from $35 million in losses when a cyberattack hit it after its mainnet launch on Avalanche.
$14 Billion Staked
This is where the particular influx of users and activity demands constant innovation in other new applications and use cases on the said platform. Avalanche is currently known as the sixth-largest proof-of-stake network that has a whopping $14 billion staked capitalization with 56% of its own supply staked at the moment.
As per the Defi Llama, Avalanche is the fifth-largest network with a total value locked or TVL of $8.5 billion. This is with its TVL surging by a whopping 2,624% from just a smaller $312 million back in August 2021. As of the moment, SHIB surpassed AVAX and Ethereum on Twitter.
As per CoinGecko, the native token of Avalanche, AVAX, is currently down by roughly 18% from its previous all-time high of $79.31. The all-time high for AVAX reportedly happened on Sept. 23. During the time of the writing, the price of AVAX was $64.80.
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Written by Urian B.
