The Avalanche Foundation has launched a new fund dubbed Blizzard, with the sole aim of bolstering its ecosystem growth. According to the foundation, the sum of $200 million has been earmarked for Blizzard, and investments in the entity will focus primarily on Decentralized Finance (DeFi), enterprise applications, Non-Fungible Tokens (NFTs), and culture applications.
The fund will also seek to bankroll the emergence of new use cases including security token issuances, liquidity providers, and self-sovereign identity.
“The last two months have shown incredible growth across Avalanche, with users, assets, and applications joining the community in record-highs,” says Emin Gün Sirer, Director of the Avalanche Foundation. “Blizzard will play a key role in further accelerating this growth, and solidifying Avalanche’s position as the premiere home for projects and people pioneering the next era in our space.”
The contributions into the fund came from Avalanche Foundation as well as other partners including Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital, CMS Holdings, Republic Capital, R/Crypto Fund, Collab+Currency, Lvna Capital, and Finality Capital Partners amongst others.
Fund Administration for Avalanche Blizzard
According to Avalanche, the fund will be administered by a team of “dedicated team of fund managers composed of experts in blockchain and decentralized finance research and development, capital markets and finance, business development and operations, marketing and community development will oversee the deployment of capital and provide post-investment portfolio support.”
The application to access the funds is through direct contact with Ava Labs via a dedicated email.
Blizzard is set to contribute to the massive growth of the Avalanche blockchain which prides itself as a super-fast network in terms of time-to-finality, it is low cost, and is eco-friendly. More than 300 protocols are already building on the Avalanche Blockchain, and these include Tether, SushiSwap, Chainlink, Circle, and The Graph.
Since its official launch in September 2020, Avalanche has recorded about $8.2 billion in total value locked (TVL) according to DeFi Llama, a measure of the total amount of assets locked in the various DeFi applications smart contracts. With the Blizzard Fund, this value is billed to soar in the near future.