The Avalanche Foundation has unveiled "Blizzard" — a fund offering more $200 million in incentives to developers who build on the Avalanche network.

The fund volition provide liquidity to those early-stage projects that innovate decentralized finance (DeFi) applications, nonfungible tokens (NFT) and other products on Avalanche.

Avalanche is a proof-of-stake network that launched in September 2022. The network boasts Ethereum Virtual Machine compatibility, allowing developers to port decentralized applications over from Ethereum. The network now boasts more than 320 projects that are currently building on information technology, including acme stablecoin issuer Tether, popular decentralized exchange SushiSwap, and oracle providers Chainlink and The Graph.

Per a Monday proclamation, Blizzard'southward contributors include the Barrage Foundation, Ava Labs, Polychain Capital, Three Arrows Capital, Dragonfly Capital and CMS Holdings.

Blizzard will prioritize four key areas of growth across the Avalanche ecosystem — DeFi, enterprise applications, NFTs and culture applications. The funds will exist used for equity investments, token purchases, partnership efforts, engineering and concern evolution.

Builders inside the ecosystem will besides be offered ongoing support, with Ava Labs president John Wu stating:

"Blizzard is entering the Avalanche community at a pivotal moment, where this influx of users and action demands constant innovation in new applications and use cases on the platform."

Avalanche is the sixth-largest proof-of-stake network with a $14-billion staked capitalization and 56% of its supply currently staked.

Per Defi Llama, Barrage is the fifth-largest network with a total value locked (TVL) of $viii.5 billion, with its TVL having surged past ii,624% from just $312 million in August.

Related: Cointelegraph Consulting: How Barrage is reimagining DeFi

Co-ordinate to CoinGecko, Avalanche'due south native token, AVAX, is downward roughly xviii% from its Sept. 23 all-time high of $79.31, last trading hands for $64.80 at the fourth dimension of writing.