Ava Labs – the lead developer for the Avalanche (AVAX) blockchain is reportedly underway to finalize a new fundraising round to secure $350 million of capital injection at a valuation of $5.25 billion.

Specifically, the total value locked (TVL) on AVAX at the moment, hovers right on the $14.6 billion benchmarks, per insights from DeFi Llama. DeFi borrowing and lending protocol Aave takes up 33.72% of the market share on the blockchain. 

AVAX has reportedly risen to the level of among the well-known blockchains, exceeding a market cap of $21.3 billion. 

Since the introduction of its main net in September two years ago, the blockchain has developed into an ecosystem of around 450 individual initiatives, removed $118 million equivalent of AVAX from circulation via token burning, as well as reeled in over 1.5 million community members.

In November 2021, the Avalanche Foundation, a primary organization within the Avalanche ecosystem, reportedly introduced a $200 million fund dedicated to the incentivization for engineers to develop on the network. 

Two months before the introduction, the foundation reportedly obtained $230 million of capital injection via a token sale, led by Polychain and Three Arrows Capital, to build on its DeFi ecosystem.

Back then, the blockchain’s TVL stood at $14 billion, while its infrastructure supported about 270 projects.

More recently, organizations behind algorithmic stablecoin blockchain Terra reportedly completed the acquisition of a combined $200 million in AVAX for their strategic Terra USD reserves.

Terra co-founder Do Kwon, regarding the rationale he disclosed for the investment, reportedly mentioned solid growth in the blockchain’s ecosystem and the loyalty of its users.