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Avalanche Multiverse to Invest $290 Million in Subnet Adoption

Avalanche Multiverse to Invest $290 Million in Subnet Adoption

Posted Thursday, March 10, 2022 by
Sophia Cruz • 1 min read

The Avalanche Foundation has announced a new incentive program to support the adoption of subnets. The organization hopes that the program, dubbed “Multiverse,” will connect developers with a fund of up to $290 million – approximately 4 million AVAX – to incentivize the development of subnets. This feature encourages users to build multiple networks that share common computing resources on AVAX.

The foundation will use the AVAX token to bring new members on board. Defi Kingdoms, a blockchain-based game with its own token, will be the first to adopt this technology, bringing its operations and a new token called Crystal to its own subnet, which is called app chain. The project will receive incentives of up to $15 million in AVAX and CRYSTAL. The institution has yet to determine the specifics of this allocation.

Ava Labs, a core constituent of the Avalanche ecosystem, will partner with several decentralized finance protocols, including Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Securitize. This partnership aims to create a common subnet that can exchange customer data between these organizations in a secure environment. The partnerships will also allow regulated entities to make use of subnets, to increase leverage and obtain access to institutional Decentralized Finance (DeFi) solutions, after following the relevant formalities. The result will be a catalyzation of DeFi adoption at the institutional level.

The Avalanche Multiverse program looks like a great way to boost the overall adoption of the Subnet network. Of course, how successful it turns out to be will largely depend on how well participants are rewarded—or whether they are rewarded at all, for that matter. Nonetheless, the potential is there, so it will be interesting to watch things unfold in the coming months and years.

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