Avalanche accelerator Colony Lab unveils $10M AVAX boost for ecosystem

November 21, 2023 06:57 AM PST | By Invezz
Follow us on Google News:

Colony Lab, an Avalanche ecosystem accelerator, has announced a validator and sustainability program that will be anchored by more than 500,000 AVAX tokens.

The initiatives are meant to support the next growth stage in the Avalanche (AVAX) ecosystem, the platform wrote in a Medium post.

AVAX boost as Colony Lab launches ecosystem initiatives

Colony Lab, which powers early-stage projects and communities via decentralized fundraising and Avalanche (AVAX) rewards, revealed it acquired over 535K AVAX tokens throughout the bear market. These were strategically bought via a DCA investment strategy, with each token purchased at the average price of $16.5.

AVAX price at the time of writing was $21.06, up more than 117% in the past 30 days and 78% up over the past year. At current prices, the total boost is worth over $10 million.

According to an announcement by Colony Lab, the Validator Program will be anchored by 300,000 AVAX, while the Sustainability Program is set to unleash 200,000 AVAX.

With a total of over $14 million in its treasury, Colony also plans to invest in its portfolio Colony Avalanche Index (CAI). The platform will distribute fees generated from this yield-bearing index and the validator program to CLY stakers.

CLY, the native Colony Lab token, traded around $0.162942, up 34% in the past 24 hours and over 112% this past week. The yearly gains for CLY stand at 321% at the time of writing.

The post Avalanche accelerator Colony Lab unveils $10M AVAX boost for ecosystem appeared first on Invezz


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies