Blockchain network Avalanche has announced the launch of Avalanche Multiverse, an incentive program that will accelerate the adoption of application-specific subnetworks of the blockchain ecosystem.
According to Emin Gün Sirer, director of the Avalanche Foundation, subnets are the next big thing on the blockchain. Gün Sirer said subnets enable functions that can only be achieved with "network-level control and open experimentation." He also mentioned that while smart contracts have innovated in blockchain over the past five years, he sees subnets as the next.
Emin Gün Sirer, Director, Avalanche Foundation Source: cornell.edu
The program will allocate up to 4 million Avalanche (AVAX), worth approximately $290 million, to fund blockchain gaming, decentralized finance (DeFi), NFTs, and institutional use cases.
Key collaborators of Avalanche Multiverse include DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize, among others.
The program will bring a subnet dedicated to DeFi Kingdoms with rewards worth $15 million. According to DeFi Kingdoms executive Frisky Fox, Avalanche’s subnet technology is a perfect fit for their project. “The entire world of DeFi Kingdoms is written into smart contracts, pushing the possibilities of blockchain technology,” Fox said.
Ava Labs, the core developer of Avalanche, will also work with other collaborators to build an integrated blockchain with native know-your-customer (KYC) functionality created specifically for institutional DeFi.
Wes Cowan, managing director of DeFi at Valkyrie Investments, said: "Avalanche's subnet with KYC infrastructure will be a huge step for institutional adoption, and we are proud to support the implementation."
Meanwhile, cryptocurrency trading platform FTX has also created a fund aimed at supporting "massively scalable" projects and providing long-term solutions to humanity. The FTX Future Fund will deploy up to $2 billion for projects in artificial intelligence, biohazard reduction, and efficient altruism.
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