Avalanche’s $200m Fund and Snowtrace Will Support the Development of the Defi Sector.

Avalanche’s $200m Fund and Snowtrace Will Support the Development of the Defi Sector.
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Avalanche Foundation, the platform for smart contracts, has recently launched a fund of more than $200 Million with the aim to accelerate the development across its ecosystem.

The Avalanche Foundation has launched Blizzard, a $200M+ fund dedicated to accelerating development, growth, and innovation across the #Avalanche ecosystem.

~Twitter (@avalancheavax)

Avalanche was launched in September 2020 and had been growing very quickly since the launch. There are more than 320 projects are built on the platform, including Tether, Chainlink, Circle, The Graph and Sushiswap.

The fund is termed "Blizzard", which is contributed by Ava labs, Avalanche foundations, Three arrow capital, Dragonfly Capital, Polychain Capital, Lvna Capital, and CMS Holdings. The value of the fund is expected to fluctuate but is most likely to be more than $200 million, according to the president of Ava labs.

$200 Million fund focuses on four areas across the Avalanche ecosystem:

The fund aims to aid the growth of the Avalanche ecosystem by mainly focusing on four key areas. These include NFTs, enterprise applications, DeFi and culture applications. Apart from this, it is going to focus on the opportunities for supporting the liquidity providers, self-sovereign identity and security token issuance.

Blizzard will support the projects, including token purchases, business development, equity investments, ecosystem integration support and other forms of technologies. 

Additionally, a whole team will oversee the deployment of the capital. The team will be consisting of experts from different sectors, including capital markets, finance, business development, marketing, and DeFi research.

Avalanche is bringing Etherscan to its ecosystem:

Etherscan, Ethereum’s blockchain explorer, helps the users to track and understand the block level activity on the network. It also helps in accessing the advanced features including, transaction history API and smart contract verification.

SnowTrace is an implementation of Etherscan for Avalanche blockchain and is going to replace the existing Avalanche C-Chain Explorer. It will deliver a highly performant and feature-filled experience for the Avalanche community of users and developers. 

Note that the C-Chain explorer will be shut down by the next week, and the users have suggested re-verifying the contracts on SnowTrace before the upcoming shutdown of C-Chain explorer.

Closing thoughts

Avalanche blockchain is growing at a very high pace, and user activity is continuously increasing. The recent upgrades in the ecosystem will undoubtedly be helpful in the development of not only the Avalanche ecosystem but the entire DeFi and NFT sector.