The Avalanche Foundation has reportedly disclosed details regarding a freshly secured $230M sum via fundraising from a venture capital group, led by Polychain and Three Arrows Capital.

Specifically, the newly acquired investment will reportedly be channeled by the smart contracts platform towards the development of the DeFi ecosystem, as well as their rapid-growing list of applications taking advantage of blockchain features. 

Since its official introduction in September last year, Avalanche has reportedly managed to generate a flourishing impact upon the DeFi scene, with its smart contracts platform now offering the infrastructure for more than 270 industry initiatives – including SushiSwap, Chainlink, Circle, and The Graph, among others.

The $230M capital – secured via the private sale of its native token – will reportedly be divided and distributed by the entity throughout a wide range of use-cases across its blockchain, including “grants, token purchases, and various forms of investments and technology support.”

“Avalanche has quickly turned promise and potential into real-world impact and value creation for DeFi users and developers. 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.” Emin Gün Sirer, director at the Avalanche Foundation, reportedly remarked regarding the development the firm made, as well as future potential. 

Insights generated by CoinMarketCap reportedly revealed that Avalanche’s native cryptocurrency token AVAX has experienced a 50% climb this week, earning it the 13th spot, where only HBAR and CRV displayed better performance in the top 100 list.