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AVAX Ecosystem to Get $10M Boost from Avalanche Accelerator Colony Lab
Colony Lab will set up a network validator and invest in an index that tracks prominent Avalanche projects.
Updated Apr 9, 2024, 11:08 p.m. Published Nov 21, 2023, 1:30 p.m.
Colony Lab, an Avalanche ecosystem developer and accelerator, said it will invest $10 million to support the long-term growth of the network.
The company said it has bought more than 500,000 AVAX tokens, worth $8 million, in the past few months and these funds will be used to set up a validators program that benefits AVAX holders.
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A validator is a participant in a proof-of-stake (PoS) blockchain network that helps maintain security and confirms new transactions submitted to the blockchain. Validators do this by staking their tokens, typically earning rewards.
Colony Lab will also invest in the Colony Avalanche Index (CAI), a yield-bearing token index in the Avalanche ecosystem, which includes assets like AVAX and Trader Joe’s JOE. Fees from mints or redemptions will be distributed to Colony Lab’s CLY token stakers.
Rewards from both the initial and upcoming validator programs will be directed to the CLY stakers community.
"As we channel a $10 million investment into the Avalanche ecosystem, we're not just growing Colony Lab – we're fostering the long-term potential of AVAX,” CEO Elie Le Rest said in a message to CoinDesk. “Avalanche understands that real blockchain growth comes from expanding its use cases, and its technology reflects this vision by creating a more inclusive and customizable blockchain landscape. We're thrilled to align with Avalanche's vision, and we're fully dedicated to sharing the rewards of our strategic move with our community."
AVAX token prices are down 3% in the past 24 hours after having rallied 30% last week.
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