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The Avalanche Foundation has announced that a venture capital group led by Polychain and Three Arrows has invested US$230 million to support the development of the DeFi ecosystem and its ever-expanding list of applications that utilize blockchain.
Since its launch in September 2020, Avalanche has had a rapidly growing influence in the DeFi field. Its smart contract platform now provides infrastructure for more than 270 industry projects, including SushiSwap, Chainlink, Circle and The Graph.
The $230 million raised through private sale of its native tokens will be distributed by the foundation to many use cases in its blockchain, including “grants, token purchases, and various forms of investment and technical support.”
Emin Gün Sirer, director of the Avalanche Foundation, shared his views on the platform’s recent progress and future potential:
“Avalanche quickly turned its promises and potential into real-world impact and value creation for DeFi users and developers. The community of builders gathered around the network proved its competitive advantage, and the intersection of Avalanche’s institutions and decentralized finance There is still a lot of potential in this point to be tapped.”
Data from CoinMarketCap show Avalanche’s native cryptocurrency token AVAX soared by 50% this week, and this number is second only to HBAR and CRV in the Top 100. This puts the blockchain project in the 13th position, with a total market capitalization of $14B.
Related: After a $3.2 million attack on the Avalanche blockchain, Zabu token prices are flat
DeFi platform Aave yesterday Announce In the future, the whole community will vote to determine whether “Deploying smart contracts and activating liquidity mining programs in Avalanche C-Chain” is beneficial to the cooperation of the two ecosystems.
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