The value of the AVAX token has climbed by over1,600% year-to date, giving the foundation more funds to further expand its ecosystem.
The Avalanche blockchain has experienced rapid growth, with the AVAX token increasing by over 1,600% year to far.
The blockchain foundation stated that it has collected $230 million in funding through private token sales to investment firms such as Polychain and Three Arrows Capital.
Crypto Fund, CMS Holdings, Collab+Currency, Dragonfly, and others participated in the token sale, which ended in June.
Avalanche plans to utilise the funding to expand its decentralised finance apps as well as enterprise-level solutions, according to the company.
Polychain Capital‘s Founder and CEO, Olaf Carlson-Wee, expressed his delight at the company’s continued support for Avalanche.
According to John Wu, president of Ava Labs, the blockchain ecosystem has grown organically so far, but with the injection of $230 million, they hope to accelerate development.
Mr. Wu retweeted a thread posted by Emin Gun Sirer on the Microblogging site congratulating and appreciated each and everyone who have joined hand in the fund and the project.
According to Coinmarketcap, Avalanche began in September of last year and is now ranked 13th in terms of market capitalization among all cryptocurrencies.
The AVAX coin has increased by over 65 percent in the last month. Emin Gün Sirer, the director of the Avalanche Foundation, stated that Avalanche has immediately created a real-world impact for DeFi users, and that the chain’s development activities is a sign of its competitive edge.
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