AVAX Hits A New ATH as 3AC and Polychain Lead $230M Investment to Accelerate DeFi on Avalanche
“I consider AVAX to be crucial in turbocharging EVM DeFi for both builders and users,” said Su Zhu, CEO of Three Arrows Capital.
Avalanche blockchain has raised $230 million in a private sale, sending the AVAX token surging.
In response, the $14.2 bln market cap coin AVAX hit a new all-time high on Thursday at $68.34 and, as of writing, is trading around $64.5, up 1,650% YTD
The private sale, which was completed in June, was led by Three Arrows Capital and Polychain. Other participants in the investment included CMS Holdings, Dragonfly, R/Crypto Fund, Collab+Currency, Lvna Capital, and a group of angel investors and family offices.
Emin Gün Sirer, founder and CEO of Ava Labs, described this as the “largest investment” into the Avalanche ecosystem to date.
“I’m thrilled to see so many people realizing the power of Avalanche’s technology and community, and the opportunities for exponential growth.”
Su Zhu, co-founder, and CEO of Three Arrows Capital, shared his excitement to co-lead the $230 million investment in Avalanche, saying,
“I consider AVAX to be crucial in turbocharging EVM DeFi for both builders and users, the Ava Labs team to be incredibly innovative and passionate, and the community to be the fastest-growing.”
The Avalanche Foundation, which is behind the Avalanche blockchain, will be using the proceeds from the token sale to support and accelerate the rapid growth of decentralized finance (DeFi), enterprise applications, and other use cases on the public blockchain.
Focused on speed and low transaction cost, this layer 1 blockchain is an Ethereum competitor much like Solana (SOL) and is also EVM (Ethereum Virtual Machine) compatible.
As we reported recently, to allow the transfer of assets from Ethereum (ETH) to the Avalanche blockchain, the team launched a bridge, and $1.3 billion has already been transferred to Avalanche using this.
It also supports several popular blockchains such as Tether (USDT), USDC, SushiSwap (SUSHI), Chainlink (LINK), and The Graph (GRT).
“Just a year after mainnet launch in Sept. 2020, and Avalanche is still just getting started with countless live projects organically flourishing and Avalanche Rush on the way. There’s no signs of slowing down progress toward fast, low-cost, and easy-to-use DeFi applications.”