Avalanche Closes $230M Token Sale Backed by Three Arrows Capital, Polychain

John Wu, President of AVA labs, at BLOCKWORKS DIGITAL ASSET SUMMIT 2021: SOURCE:PHOTO by MIKE LAWRENCE

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Proceeds from $230 million token sale to be used by the foundation to accelerate DeFi activity on the platform.

The investment round was led by Three Arrows Capital and Polychain with participation from R/Crypto Fund, Dragonfly, CMS holdings, Collab +currency and Lvna capital.

When speaking at the Blockworks Digital Asset Summit in New York, John Wu president of AVA labs made the case for layer 1 solutions.

“In the crypto, DeFi world, stickiness for users is an issue…so the competitive advantage for a protocol is going to be how fast can they innovate and how fast their business development team can get the best developers and best projects and decentralized apps onto their chain,” Wu said."

In efforts to incentivize Avalanche, they revealed a $180 million liquidity mining incentive.