Blockchain network Avalanche has announced the launch of the Avalanche Multiverse, an incentive program that will accelerate the adoption of subnets, application-specific ecosystems.
According to Avalanche Foundation Director Emin Gün Sirer, the subnet is the next big thing in the blockchain. GünSirer said that subnetting enables features that are only possible through “network-level control and the open experience”. He also mentioned that while smart contracts have incorporated blockchain innovations over the past five years, he believes the subnet will be next.
Avalanche Foundation Director Emin Gun Sirer. Source: cornell.edu
The program will allocate up to four million Avalanche (AVAX) worth approximately $290 million to fund blockchain games, decentralized finance (DeFi), non-fungible tokens (NFTs), and institutional facilities.
The Avalanche Multiverse is led by several prominent partners including DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Securitize.
The program will offer a DeFi Kingdoms sub-network worth $15 million in incentives. According to Friska Fox, leader of DeFi Kingdoms, Avalanche’s subnet technology is “perfect” for their project. “The entire world of DeFi Kingdoms is written in smart contracts, pushing the boundaries of what is possible with blockchain technology,” Fox says.
Ava Labs, the core developer of Avalanche, will also work with the rest of its partners to create an integrated blockchain with native Know Your Customer (KYC) features designed specifically for enterprise DeFi.
Wes Cowan, CEO of DeFi at Valkyrie Investments, says, “The avalanche subnet with KYC infrastructure will be a huge step forward for institutional adoption and we are proud to support its implementation.”
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Meanwhile, cryptocurrency exchange FTX has also set up a fund that aims to support “scalable scale” projects and provide long-term solutions to humanity. The FTX Future Fund will provide up to $2 billion for projects ranging from artificial intelligence, risk reduction, to effective altruism.