To accelerate the adoption and growth of subnets, Avalanche Foundation announced an incentive program worth up to $290 million yesterday. Dubbed 'Avalanche Multiverse', the program will initially focus on new ecosystems, including blockchain-based gaming, DeFi, NFTs and institutional use cases.
The company outlined that Avalanche Multiverse will bring a DeFi Kingdoms' specific subnet with an overall maximum sum of $15 million of incentives for AVAX and CRYSTAL. Avalanche Foundation is planning to support future cohorts in different phases.
Decentralized finance, non-fungible tokens and blockchain-based gaming have seen a sharp surge in interest during the past 12 months. Several emerging companies appeared and raised billions of dollars in funding. Stani Kulechov, the Founder and CEO of Aave, said that the recent initiative will reduce the barriers between traditional and decentralized finance.
“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,” Kulechov said.
In January 2022, Huobi launched a $100 million campaign to help users explore possibilities in the Metaverse.
Partnerships
In addition to the incentive program, Avalanche is planning to establish different collaborations to help institutions enter the DeFi ecosystem. According to the company, Ava Labs will partner with Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Ava companies to establish the first horizontally integrated blockchain specifically engineered for Institutional DeFi with native KYC functionality.
“DeFi will increasingly become the foundation of the global financial system,” said Saurabh Sharma, a Partner and the Head of Venture Investments at Jump Crypto. “Working with Ava Labs to create a space for institutions to adopt DeFi at scale aligns perfectly with our objective of helping builders build the blue-chip financial projects of the future.”
Avalanche aims to announce further Avalanche Multiverse projects in the near future.
