Avalanche launches a $180 million fund to develop DeFi projects

The nonprofit Avalanche Foundation has created a $180 million fund, whose resources will go toward attracting DeFi applications and assets 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! https://t.co/YGrrVB7Uqc

— Avalanche 🔺 (@avalancheavax) August 18, 2021

The first phase of the program, called Avalanche Rush, earmarks $30 million in AVAX tokens for liquidity mining across three projects after their deployment in the network — the lending platform Aave, the decentralized exchange Curve and the strategy aggregator Stake DAO.

In the coming months, the organisation will announce the second phase of the programme.

“We want to show how Avalanche works as a layer-one blockchain for some of the largest protocols”, — explained Luigi D’Onorio DeMeo, director of Ava Labs.

The project’s founders, estimate the network’s throughput at 4500 TPS, where finality is achieved “in fractions of a second.” Among the founders of the project based on Proof-of-Stake is Emin Gün Sirer, a veteran of the Bitcoin industry.

In February, the ChainSafe group created bridge between the Avalanche and Ethereum blockchains to move assets of DeFi projects across the two ecosystems.

In an interview with The Block, Gün Sirer said that the bridge and the operation of major protocols will test the validity of the Avalanche team’s claims that the blockchain meets the needs of users in the DeFi space.

In May, the stablecoin issuer Tether announced support for the Avalanche blockchain.

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