One of the fastest smart contract platforms in the blockchain industry, Avalanche, has launched a $290 million-backed ‘Avalanche Multiverse’. The new Web3 space will function as an incentive program with a focus on accelerating the adoption and growth of the company’s Subnet functionality.
As its huge potential funding pot infers, Avalanche Multiverse is owned by a diverse cohort of illustrious collaborators, which includes the likes of DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize.
To optimise the support of future participating projects in the program, Avalanche Multiverse will be divided into at least six phases, with a focus on supporting ecosystems such as blockchain-enabled gaming, DeFi, NFTs and institutional usage. However as its flexible nature suggests, there is the potential for other areas of Web3 to be added to the list.
The overarching, macro ambition of the heavily funded program will be to expand the company’s Subnet functionality, which enables a rich ecosystem of scalable app-specific blockchains to thrive in, where anyone can create powerful, reliable, and secure networks with custom implementations.
The project will also create other exciting benefits for its community, such as the incorporation of a specific Subnet from DeFi Kingdoms, which will draw in a maximum of $15 million worth of incentives in $AVAX and $CRYSTAL, the new native token of Avalanche to complement DeFi Kingdom’s existing $JEWEL token.
Details surrounding the allocation of such reward schemes, as well as future projects of the Avalanche Multiverse, will be announced in due course.
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