The Avalanche Foundation, a non-profit fund for the smart contract platform Avalanche (AVAX), has launched a $ 290 million incentive program to support the development of popular sectors in crypto space.
The Avalanche Multiverse program aims to accelerate the adoption and growth of the “subnet” feature of the network. This allows you to create scalable app-specific blockchains within the Avalanche ecosystem.
To tell Emin Gün Sirer, Director of the Avalanche Foundation,
“Subnets will be the next growth engine for cryptocurrencies, enabling network-level control and new features that are only possible in open experiments on a scale never seen before. Smart contracts are blockchains over the last five years. No other technology can help continue this tradition as much as the subnet, which underpins the amazing innovations of. “
The program will initially focus on new crypto sectors such as blockchain-enabled games, decentralized finance (DeFi), non-fungible tokens (NFT), and organizational use cases.
The initial recipients of the program were the blockchain-based game DeFi Kingdoms (JEWEL), whose particular subnet is the largest for the Avalanche native token CRYSTAL created to complement the AVAX and DeFi Kingdoms JEWEL tokens. Receive an incentive of $ 15 million.
Ava Labs, the technology company behind Avalanche, is working with Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize and others to create a DeFi market for institutional investors. Avalanche Multiverse will be deployed in at least six phases to support more projects participating in the program.
The avalanche rose 0.5 percentage points that day and was trading at $ 75.81 at the time of writing.
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Featured images: Shutterstock / WindAwake / Dom Critelli
