{"id":568411,"date":"2022-03-08T19:30:36","date_gmt":"2022-03-08T16:30:36","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=568411"},"modified":"2022-03-08T19:30:36","modified_gmt":"2022-03-08T16:30:36","slug":"avalanche-290m-incentive-program-to-boost-subnets","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/avalanche-290m-incentive-program-to-boost-subnets\/","title":{"rendered":"Avalanche Launches $290M Incentive Program to Boost Growth of Subnets"},"content":{"rendered":"
Quick take:<\/p>\n
The Avalanche Foundation has announced<\/a> the launch of the ‘Avalanche Multiverse’, which is an incentive program worth $290 million (up to 4 million AVAX<\/a>), meant to accelerate the adoption and growth of the project’s ‘subnet’ functionality.<\/p>\n ‘Subnets’ (or Subnetworks) on Avalanche are custom-built blockchains that cater to the various needs of unique projects. With Avalanche as the base layer, subnets are a form of scaling through the creation of separate instances of the same blockchain fully dedicated to a specific application. Subnets thus eliminate the fear that an application might be too large to the point of causing congestion on Avalanche.<\/p>\n The Director of the Avalanche Foundation, Emin G\u00fcn Sirer, expressed optimism that subnets would be the next growth engine in crypto. He said:<\/p>\n 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\u2019t yet seen,.<\/p>\n Smart contracts underpinned the amazing innovation in blockchains over the last five years, and no technology is better positioned to help carry on this tradition than Subnets<\/p><\/blockquote>\n The Avalanche Multiverse incentive program will be divided into at least six phases to support various projects in the program.<\/p>\n To start, the incentive program will focus ‘on supporting new ecosystems including, but not limited to, blockchain-enabled gaming, DeFi, NFTs<\/a> and institutional use cases.’<\/p>\n The Avalanche Foundation will initially collaborate with DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Securitize.<\/p>\n With respect to the DeFi Kingdoms specific subnet, the Avalanche Foundation will provide $15 million worth of incentives in AVAX and CRYSTAL. The latter is a new token on Avalanche created by DeFi Kingdoms to complement its existing JEWEL token.<\/p>\n Furthermore, Ava Labs, will ‘collaborate with the Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize and others to build the first horizontally-integrated blockchain specifically engineered for Institutional DeFi with native KYC functionality’.<\/p>\n