Avalanche launches $290M incentive program to accelerate adoption of DeFi and NFT ‘Subnets’
Avalanche says the incentive program will be up to $290 million.
The Avalanche Foundation has launched a new incentive program under the banner Avalanche Multiverse, according to a press release published on Tuesday.
The launch comes with a $290 million commitment, up to 4 million AVAX tokens, towards plans to accelerate the adoption of ‘subnets’.
Introducing Avalanche Multiverse, an up to $290M incentive program focused on accelerating the adoption and growth of Subnets. Multiverse is focused on supporting new ecosystems, including blockchain-enabled gaming, DeFi, NFTs and institutional use cases. https://t.co/R5euxSV5hx pic.twitter.com/PHpET78P6L
— Avalanche 🔺 (@avalancheavax) March 8, 2022
A “subnet” is a new functionality that will enable app-specific blockchains to launch at scale, with an initial focus on blockchain gaming, decentralised finance (DeFi) and non-fungible token (NFT) adoption. The Multiverse will also help accelerate growth around several other institutional use cases.
“Subnets will be the next growth engine in crypto, enabling novel functionality only possible with network-level control and open experimentation on a scale we haven’t yet seen,” said Emin Gün Sirer, the Director of the Avalanche Foundation.
DeFi Kingdoms is set to be among the first to benefit from the initiative. Per the press release, the Avalanche Multiverse brings a DeFi Kingdoms-specific Subnet, with up to $15 million in incentives. The funds will go into the native AVAX token and DeFi Kingdoms’ new token CRYSTAL.
CRYSTAL is an Avalanche-native token designed to complement the existing JEWEL token.
Apart from DeFi Kingdoms, other cohort collaborators on the Multiverse project are Aave, Golden Tree Asset Management Jump Crypto, Wintermute,Valkyrie and Securitize.