Avalanche unveils $290M ‘Multiverse’ incentive program to fast-track subnet adoption

Avalanche unveils 0M ‘Multiverse’ incentive program to fast-track subnet adoption

The Avalanche Foundation, a not-for-profit organization that manages the Avalanche protocol, is launching a $290 million incentive program called ‘Avalanche Multiverse.’

The project aims to popularize and promote the development of ‘subnets’ on its network, along with supporting blockchain-enabled gaming, DeFi, NFTs, and other ecosystems. A subnet is a network of several nodes within the avalanche blockchain. Anyone can create a separate app-specific Layer 1 or Layer 2 blockchain within the network and customize it.

Stani Kulechov, Founder and CEO of Aave, commented:

“Avalanche Subnets enable us to create an ideal environment for institutions to migrate on-chain and experience the power of DeFi protocols first-hand as users rather than just as investors. This is a significant leap toward a future where the barriers between traditional and decentralized finance cease to exist.”

For the project, the foundation is allocating up to four million AVAX, worth $290 million at press time, to fast-track subnet adoption. Per the blog post issued Tuesday, the incentive program will be divided into six phases to support future cohorts that are participating in the ‘Multiverse.’ Meanwhile, the phases are not constrained to a specific end date.

The first cohort of the project will see Ava labs collaborating with the Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize, and others, to build a blockchain designed for institutional DeFi with a KYC mechanism.

Play-to-earn blockchain game ‘DeFi Kingdoms’ is the first to participate in the incentive program. It has created its own subnet and a new Avalanche-native token, $CRYSTAL, in addition to its native token $JEWEL. It will receive up to $15 million as part of the incentive program but is yet to decide how the distribution of incentives will work.

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Written by: Gauri Bhatia


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