Avalanche (AVAX) foundation announced a $290 million incentive package to support new projects developing on the Avalanche network.
Within the scope of the incentive program called Avalanche Multiverse, 4 million AVAX will be used for the growth of subnets in the network.
Subnets are blockchains that share similar tools and features associated with Avalanche. These networks can be customized to meet the needs of a particular application.
John Wu, head of Ava Labs, told The Block that he considers subnets as a kind of blockchain service, and that they hold all the power of Avalanche.
AVAX announced a similar incentive program in August last year and distributed $180 million in incentives.
Avalanche’s description is as follows;
“The Avalanche Foundation has launched Avalanche Multiverse, a $290 million (4 million AVAX) incentive program focused on accelerating the adoption and growth of new “subnet” functionality that provides a rich ecosystem of scalable application-specific blockchains.
Subnets allow anyone to easily create powerful, reliable and secure permissioned or unauthorized networks with custom applications. This includes features not found in other chains; for example, choosing which validators secure their subnet activity, which token to use for gas fees, special economic models, and more.
Most importantly, Subnets remain natively integrated with the wider Avalanche ecosystem, do not compete with other projects for network resources, and are available in an unlimited supply. This enables Web3 applications to differentiate in user experience like never before, with uniform rules supporting all applications in the smart contract network.”
Making a statement on the subject, Avalanche Foundation Director Emin Gün Sirer said;
“Subnets will be the next growth engine in crypto, providing new functionality that is only possible with network-level control and open experimentation at a scale we have yet to see.
Smart contracts have fueled incredible innovation in blockchains over the past five years, and there is no better technology than subnets to help continue this tradition.”
The first project to benefit from the latest incentive program was the NFT game project, DeFi Kingdoms. $15 million of the fund was given to this project.