The Avalanche Foundation has launched a $200 million fund dubbed Blizzard. This fund will help in expanding its ecosystem in a bid to bolster innovation on the platform. Blizzard's main aim would be to streamline the Avalanche blockchain, making it more efficient for its users as well as developers.
According to the Avalanche Foundation director, Emin Gün Sirer, Blizzard will play a key role in speeding up the ecosystem's growth. It will solidify Avalanche's position as the go-to platform for decentralized finance projects.
The fund has been backed by numerous key players in the DeFi investment scene, including but not limited to Polychain Capital, Three Arrows, CMS Holdings, Ava Labs, and Dragonfly Capital.
Since its launch in September last year, Avalanche has soared in growth, boasting over 320 projects in just under a year. It has its native token, the AVAX, and more than $8 billion in total value locked. This new fund will improve its offering.