Avalanche Ecosystem bagged $230M investment from Polychain Capital and Three Arrows Capital
Launched in September 2020, Avalanche has quickly become one of the fastest organically growing ecosystems that now hosts over 270 projects, including some popular Defi projects such as Tether, SushiSwap, Chainlink, Circle, and The Graph.
However, the platform has no plans to stop anytime soon as they recently conducted a private sale of tokens in which all the proceedings will be used to accelerate the rapid growth of the ecosystem. To sweeten the pot, Avalanche Ecosystem recently saw a massive investment of $230 M headed by Polychain Capital and Three Arrows Capital.
“We are pleased to support Avalanche as the platform continues to grow its vibrant community of open source developers,” said Olaf Carlson-Wee, Founder and CEO, Polychain Capital. “We look forward to seeing the next generation of applications launching on the platform.”
“Avalanche has found a product-market fit for what DeFi users want today, while also building for where the space is moving with custom blockchains on the platform,” says Kyle Davies, Chairman, at Three Arrows Capital.
How will the Avalanche Ecosystem utilize the funding?
Avalanche Foundation will smartly use the capital to bring new use cases to the community, including Defi functionalities and enterprise applications. The funds will also be utilized to provide grants, token purchases, and investments to support upcoming projects on the Avalanche Blockchain.
Avalanche has already developed a reputation of being the fastest smart contract platform measured by time-to-finality. Its’ surprisingly quick, cheap, and eco-friendly approach can help all smart-contract enabled applications leave their competition in the dust.
About Avalanche Ecosystem
Avalanche is an open-source, programmable smart contracts platform built for decentralized applications. It is by far the fastest smart contracts platform in the entire blockchain industry, powered by a proof-of-stake consensus algorithm with the most validators.
“Despite being years younger than its peers, Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers,” says Emin Gün Sirer, Director at the Avalanche Foundation. “The community of builders rallying around the network is a testament to its competitive edge, and there is still so much potential yet to be tapped at the intersection of institutional and decentralized finance on Avalanche.”
The ecosystem specialized in building fast (thousands of transactions per second), low costs, and solidity-compatible dApps. Avalanche also offers the ability for Defi projects to develop and deploy their native blockchains to fit individual requirements and dictate its functionalities.