Avalanche network launches $180m fund to develop DeFi projects

August 25, 2021


Avalanche network launches $180m fund to develop DeFi projects

The Avalanche Foundation, a non-profit organisation, has launched a $180 million fund, the money from which will be used to bring applications and assets from the DeFi- sector to the network.

Experience the power of #Avalanche. Welcome to #AvalancheRush, the $180M liquidity mining incentive program in collaboration with leading DeFi dapps–both on and off Avalanche– starting with @aaveaave and @curvefinance. And, this is just Phase 1!

The first phase of the programme, called Avalanche Rush, has allocated $30 million in AVAX tokens. They will be used to mine liquidity in three projects once they are deployed online - the Aave trading platform, the Curve decentralised exchange and the Stake DAO strategy aggregator.

The organisation will announce the second phase of the programme in the coming months.

"We want to show how Avalanche works as a Tier 1 blockchain for some of the largest protocols," explained Luigi D'Onorio Demeo, director of Ava Labs.

The creators of the project estimate a network throughput of 4,500 TPS, where finality of transactions is achieved "in fractions of a second". Proof-of-Stake-based project founders include bitcoin industry veteran Emin Gun Sirer.

In February, ChainSafe's development team created a "bridge" between the Avalanche and Ethereum blockchains to move the DeFi-project assets of the two ecosystems.

In an interview with The Block, Kyung Sirer said that the "bridge" and the operation of meaningful protocols would be a test of the validity of the Avalanche team's claims that the blockchain meets the requirements of users of the decentralised finance space.

As a reminder, in May, USDT stackcoin issuer Tether announced its support for Avalanche's blockchain.

To help make the job easier, we've gathered the below reviews of the best wallets for sending, receiving and storing Ethereum.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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