A decentralized, open-source blockchain with smart contract functionality, the Avalanche Foundation just announced a $290 million fund to develop the Avalanche Multiverse. It is an incentive program focused on developing the “subnet” functionality.
The program will be focused on developing blockchain-enabled gaming, DeFi, NFTs and institutional case use.
Subnets are validators that allow others to establish Layer 1 and Layer 2 blockchains on Avalanche, helping redistribute traffic and avoid congestion.
The subnet functionality enables scalability of app-specific blockchain, as well as features such as “selecting which validators secure their Subnet activity, which token is used for gas fees, custom economic models, and more.”
Avalanche’s blockchain can also be engineered to develop the Know Your Customer(KYC) feature, which explains the collaboration between Ava Labs (a core developer of Avalanche) and Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize and others.
This feature of Avalanche integrates traditional finance with the decentralized network.
The project worth 4 million $AVAX tokens, has already started working with DeFi Kingdoms, a subnet that received up to $15 million in incentive through $AVAX tokens. It became the first project to receive incentives under the Multiverse label.
The NFT gaming project will also receive a new Avalanche-native token CRYSTAL in addition to the existing token JEWEL.
Avalanche Multiverse will be divided into six phases to support future projects participating in the program and has no specific end date mentioned.
Avalanche previously launched a $200 million fund, Blizzard, to support ecosystem growth on its blockchain with participation from PolyChain capital, Ava Labs and Three Arrow Capital among others.
