- The Avalanche Foundation has announced a $290 million incentive program to support the development of new subnets in the platform’s network.
Avalanche (AVAX)announced the launch of Avalanche Multiverse, an incentive program to accelerate the adoption of platform-specific subnets. This multiverse incentive program will focus on attracting Web3 developers to develop subnets on the Avalanche blockchain and accelerating general adoption of subnets.
Up to four million AVAX tokens (Avalanche’s native cryptocurrency) worth approximately $290 million will be distributed through the program. This fund will be used to fund blockchain games, decentralized finance (DeFi), non-fungible tokens (NFTs), and enterprise use cases.
According to the team, the Avalanche Multiverse initiative will not be limited to a certain period of time and will be implemented in at least six phases to support various projects.
Emin Gün Sirer, director of the Avalanche Foundation, also made a statement on the subject; Saying that he believes subnets are the next big innovation/event that will transform the blockchain industry, Sirer added that he wants Avalanche to be an important player in this field.
It should be noted that Avalanche Multiverse is managed by many notable collaborators, including DeFi Kingdoms, Aave, Wintermute, JumCrypto, Golden Tree Asset Management Securitize and Valkyrie.
As part of this initiative, Avalanche’s core development team, Ava Labs, will also collaborate with other partners to create an integrated blockchain with native Know Your Customer (KYC) functions built specifically for enterprise decentralized finance.
This initiative is Avalanche’s second incentive program. In August last year, the platform announced the $180 million Avalanche Rush program, which focuses on DeFi projects, which caused the price of the AVAX token to rise by 113 percent and the TVL of the protocol to increase significantly.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.