The Avalanche Foundation has announced the development of a new award system to encourage the use of subnets. The “Multiverse” programme will connect developers with up to $290 million in funding, or about 4 million AVAX. This will facilitate the expansion of subnets, a property that allows AVAX to construct many networks that share similar computer resources.
With a new incentive programme centred on the Avalanche protocol’s subnets, the Avalanche Foundation is initiating a new round of fundraising. The organisation has promised to invest up to $290 million (4 million AVAX) to enable applications to establish their own native subnets within the Avalanche environment.
It is possible for programmers to design rules that differ from those found in the main Avalanche blockchain by using a subnet, which is a blockchain deployment. Polkadot’s Parachains and Cosmos’ Zones, for example, can be set up to only be validated by a certain group of nodes and meet certain rules.
Consequently, the primary priorities of the Avalanche Foundation are blockchain-enabled games, NFTs, and decentralised financial services. This technology will be used for the first time by Defi Kingdoms, a blockchain-based game with its own currency, which will move its operations and a new coin called Crystal to a subnet known as appchain. AVAX and Crystal will each give up to $15 million in incentives for this effort.
Decentralized financial protocols like Avalanche Labs, Golden Tree Asset Management, Wintermute, Jump Crypto, and Valkyrie and Securitize will join forces with Ava Labs, another core company in the Avalanche eco-system. A shared subnet with native KYC services will be created as a result of this partnership, allowing the participating firms to exchange client data with one another.
The native KYC system will be offered by Securitize, with the promoters of the idea believing it might be a critical change to draw institutions to the DeFi space due to the added compliance checks.
The Multiverse programme will be broken into six phases to facilitate more participants in the future. There have been other comparable incentive programmes from the Avalanche Foundation in the past, such as Avalanche Blizzard and Rush, which both aimed to introduce new technology to the network and included many DeFi blue chips.
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