- The firm noted that the Avalanche Multiverse Fund is focused on supporting new ecosystems including blockchain-enabled gaming, DeFi, NFTs, and institutional use cases.
- Avalanche has risen to the top ten digital assets by market capitalization in a short period.
Avalanche Foundation, the team behind the blazing-hot smart contract coin AVAX, has announced a $290 million incentive program to enable fast adoption and growth of its novel “subnet” functionality. The fund, which entails 4 million AVAX tokens, is dubbed the Avalanche Multiverse.
Notably, the subnet functionality enables a rich ecosystem of scalable app-specific blockchains. Thereby making Avalanche the go-to blockchain for scalable smart contract-based DeFis.
The firm noted that the Avalanche Multiverse Fund is focused on supporting new ecosystems including blockchain-enabled gaming, DeFi, NFTs, and institutional use cases. The company noted in a Medium post;
Avalanche Multiverse will bring a DeFi Kingdoms specific Subnet or ‘app chain’ with a combined maximum of $15M of incentives for $AVAX and $CRYSTAL, a new Avalanche-native token created by DeFi Kingdoms to complement its existing $JEWEL token,
According to Frisky Fox, Executive Director of DeFi Kingdoms, Avalanche is the ‘perfect fit’ for its scalability feature.
Reportedly, Ava Labs, a core developer of the Avalanche client, 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.
“Avalanche Subnets enable us to create an ideal environment for institutions to migrate on-chain and experience the power of DeFi protocols first-hand as users rather than just as investors,” said Stani Kulechov, Founder and CEO of Aave. “This is a significant leap toward a future where the barriers between traditional and decentralized finance cease to exist.”
AVAX has risen to the top ten digital assets by market capitalization in a short period. The asset traded around $79.14, having recorded a 210 percent surge in the past year. In comparison, Ethereum (ETH) is up approximately 49 percent in the past year while Bitcoin exchanged hands 20 percent down in the same period.
Nonetheless, Solana has recorded tremendous gains, whereby it is up approximately 550 percent in the past year according to our data.
As a top ten crypto asset, AVAX is exposed to a wide variety of investors including both institutional investors and retail traders.
By funding the subnets, Avalanche is far ahead of its competitors by allowing users to choose validators to secure their activities. Emin Gün Sirer, Director of the Avalanche Foundation stated;
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,
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.
Competition in the search for a smart contract hero to dethrone Ethereum continues, thus heating the crypto space up.