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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.
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