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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.
The Validator Program V1 stakes of 300K AVAX & linearly redistributes the yield (minus fees) to $CLY staking contract. In an unprecedented move, rewards from the node are distributed to $CLY stakers without requiring them to stake their own $AVAX, trade it, or provide liquidity. pic.twitter.com/2wXXKf9W2G
— COLONY 🔺 (@Colonylab) November 21, 2023
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
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