September 16, 2021 — Polychain and Three Arrows Capital are leading a $230M investment in the Avalanche public blockchain ecosystem.
They are joined by R/Crypto Fund, Dragonfly, CMS Holdings, Collab+Currency, Lvna Capital and a group of angel investors and family offices.
“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.”
The Avalanche Foundation will use the proceeds from the private sale of tokens completed in June 2021, to support and accelerate the rapid growth of decentralized finance (DeFi), enterprise applications, and other use cases on the Avalanche public blockchain. Support for projects will include grants, token purchases, and various forms of investments and technology support.
“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.”
Since launching in September 2020, Avalanche is one of the fastest organically growing ecosystems in blockchain. It now has over 270 projects building on the platform, including top-tier DeFi projects like Tether, SushiSwap, Chainlink, Circle, and The Graph, and over a thousand validator nodes staking tokens.
“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.
“The Avalanche consensus continues to impress both veteran industry leaders and young engineers alike. Whether it’s the budding DeFi community or NFT deployments, it’s clear Avalanche is here to stay,” added Andrew Durgee, Partner, RCrypto Fund. “At Republic we believe there will only be a handful of Layer 1 winners and Avalanche is one of them.”