Avalanche Foundation raises $ 230 million to accelerate DeFi growth, AVAX climbs to new record high

  • The Avalanche Foundation has announced an injection of $ 230 million into their DeFi ecosystem.
  • The public blockchain is designed to accelerate the growth of DeFi and corporate applications on the network.
  • AVAX rose to a new all-time high after the bullish announcement.

The Avalanche Foundation has announced a new round of investments from a venture capital group led by Polychain Capital and Three Arrows Capital. The $ 230 million raised will support the liquidity of the network’s decentralized financial ecosystem (DeFi). Kyber Network is also rolling out its automated market maker (AMM) on the Avalanche blockchain as part of its $ 180 million incentive program.

Avalanche is focused on growing the DeFi ecosystem

The Avalanche Foundation stated that it would use the $ 230 million fund to support and accelerate the growth of DeFi and enterprise applications, as well as other use cases on their public blockchain.

While the financing round was led by PolyChain Capital and Three Arrows Capital, CMS Holdings and Dragonfly Capital, among others, also participated.

Avalanche continues to strive to create value for DeFi users and developers. Avalanche founder Emin Gün Sirer explained that further potential can be expected at the “interface between institutional and decentralized financing of Avalanche”.

Kyber Network is also rolling out its AMM on Avalanche as part of its $ 180 billion base tier incentive program. The network has already introduced its dynamic market maker for protocols like Ethereum, Polygon and Binance Smart Chain.

The move from Kyber Network comes after investing $ 230 million in Avalanche’s DeFi ecosystem. According to the founder of the blockchain, improving liquidity opportunities continues to be a key factor in the growth of the DeFi ecosystem as it aims to welcome new participants to the community in the future.

Avalanche’s native cryptocurrency AVAX has hit a new all-time high amid new announcements about developments in the network.

AVAX price rises to new all-time high

AVAX price has achieved its bullish target given by the parallel channel chart pattern on the 4 hour chart. The rise above the September 12 high of $ 64.94 was a significant move for Avalanche, leading to its recent all-time high of $ 68.83.

The smart contract token has been forming a parallel channel since the end of August and signals that the coin could survive a consolidation phase. The AVAX price finally broke out of the sideways trend on September 10th and opened up the possibility of a 40% movement.

AVAX price is targeting to hit the upper trendline of the upper parallel channel, which currently serves as the first line of defense for Avalanche.

AVAX / USDT 4-hour chart

The next target for AVAX price appears to be at the 127.2% Fibonacci retracement level at $ 74.26 should buyers continue to step in and give Avalanche an incentive to move higher. The Momentum Reversal Indicator (MRI) also suggests that the breakout line is around this level, suggesting that the altcoin could go even higher towards the 161.8% Fibonacci retracement level at $ 91.91 if the cops are able to cross that range.

However, should the bulls miss the target, AVAX price will find support at the September 12th high at $ 64.94 and then the 50-four-hour Simple Moving Average (SMA) at $ 53.17. Additional lines of defense will emerge at the MRI support line near the 78.6% Fibonacci retracement level at $ 49.46 before sliding further towards the 100-four-hour SMA at $ 48.73.

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