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Avalanche Launches $290 Million Incentive Program to Accelerate Growth of Subnets

Summary:
The Avalanche Foundation recently announced “Multiverse” – an up to 0 million (about 4 million AVAX) incentive program to help develop subnets on its network. According to a Medium blog post, the initiative will begin by supporting subnets dedicated to blockchain gaming, DeFi, NFTs, and institutional use-cases. One of the projects will focus on making a horizontally integrated blockchain built for institutional DeFi, with embedded KYC functionality. Ava Labs, Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize will collaborate on its creation. This may seem contradictory, as part of DeFi’s perceived benefit comes from it being anonymous and permissionless. However, Securitize CEO Carlos Domingo believes KYC implementation will

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The Avalanche Foundation recently announced “Multiverse” – an up to $290 million (about 4 million AVAX) incentive program to help develop subnets on its network.

  • According to a Medium blog post, the initiative will begin by supporting subnets dedicated to blockchain gaming, DeFi, NFTs, and institutional use-cases.
  • One of the projects will focus on making a horizontally integrated blockchain built for institutional DeFi, with embedded KYC functionality. Ava Labs, Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize will collaborate on its creation.
  • This may seem contradictory, as part of DeFi’s perceived benefit comes from it being anonymous and permissionless. However, Securitize CEO Carlos Domingo believes KYC implementation will remove a major roadblock to institutional DeFi adoption.
  • “This is a significant leap toward a future where the barriers between traditional and decentralized finance cease to exist,” added Aave CEO Stani Kulechov.
  • Subnets allow for “scalable” and “application-specific” blockchains to be integrated with the broader Avalanche ecosystem, while not competing with each other for network resources.
  • These alternative chains are highly customizable, letting users select which validators secure the chain and which token is used for gas fees, among other things.
  • Multiverse will be divided into six phases for supporting burgeoning subnets at different times in the future.
  • This program is different from the “Avalanche Rush” program that incentivized project development on Avalanche’s default smart contract chain.
  • AVAX is currently trading at $75 and is the 10th largest crypto by market cap.

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