The Avalanche Foundation is raising $230 million to accelerate DeFi growth, and AVAX hits a new high.

An investment round from a venture capital consortium led by Polychain Capital and Three Arrows Capital was announced by the Avalanche Foundation. This $230 million will promote liquidity in the decentralized financial system (DeFi) of the network. As part of its US$180 million incentive program, Kyber Network is now introducing its automated market maker (AMM) on the Avalanche blockchain.

Avalanche concentrates on DeFi's increasing

The Avalanche Foundation claimed that it would utilize the $230 million fund as part of its public blockchain to assist the growth of DeFi and enterprise apps and other use cases.

CMS Holdings and Dragonfly Capital, among others, also participated during the investment round managed by PolyChain Capital and Three Arrows Capital.

For DeFi users and developers, Avalanche is still aiming for value generation. Avalanche's founder Emin Gün Sirer said that "the junction of institutional and decentralized financing in Avalanche" is yet more potentially possible.

Also under the base layer of the $180 billion incentive program, Kyber Network has launched AMM on Avalanche. The network has already initiated its market manufacturer for protocols such as Ethereum, Polygon, and the Binance Smart Chain.

Kyber Network's departure follows a $230 million investment in Avalanche's DeFi ecosystem. According to the blockchain's founder, improving liquidity opportunities will continue to be a key factor in the DeFi ecosystem's growth as it seeks to welcome new participants in the future.

The price of AVAX has reached a new all-time high.

The The price of AVAX has reached the bullish target indicated by the parallel channel chart pattern on the 4-hour chart. A surge above the September 12 high of $64.94 was significant for Avalanche, leading to the recent all-time high of $68.83.

Since late August, the smart contract token has formed a parallel channel, indicating that the coin may go through a period of consolidation. On September 10, the AVAX price finally broke out of its sideways trend, allowing for a 40% increase.

AVAX price has sliced above the target of reaching the upper parallel channel's topside trend line, which currently serves as Avalanche's first line of defense.