The Avalanche (AVAX) price is hovering close to its all-time high as investors reflected on the new investment in the platform. The AVAX token is trading at $62.87, which is slightly below its all-time high level of $69. This brings its total market value to more than $14 billion.
Avalanche ecosystem growth
Avalanche is a blockchain project that is disrupting the dApps industry. It has become one of the biggest Ethereum-killers in the world. Indeed, at a $14 billion valuation, the AVAX token is the 13th biggest crypto platform in the world.
This trend could accelerate after the latest funding in the ecosystem. In a statement, the Avalanche Foundation said that it had received $230 million from a group of investors led by Three Arrows Capital and Polychain. Polychain has also invested in Solana, another Ethereum-killer.
The foundation will use these funds for various purposes, including product development and grants. In the past few months, many blockchain projects have announced large grants to incentivise developers to use their platforms.
The announcement came at a time when Avalanche’s DeFi platform has grown rapidly. Data compiled by DeFi Llama shows that Avalanche has about 29 DeFi projects within its ecosystem. These projects have grown their Total Value Locked (TVL) to more than $2.6 billion, which is remarkable considering that they had a TVL of less than $50 million when the year started.
