Avalanche Foundation Unveils Fund to Incentivize Network Development

Avalanche foundation has announced a $290 million program to promote subnets built on the blockchain.  

Avalanche Multiverse seeks to promote the advancement of subnets, blockchains linked to Avalanche, on the network.

Gaming project DeFi Kingdoms is the first subnet to benefit from the initiative with up to $15 million funding. The reward will be in the form of AVAX and DeFi Kingdoms’ coin called CRYSTAL.

The foundation notes that the Multiverse will be split into six phases to cater to the various cohorts of the subnets. Ava Labs collaborates with Jump Crypto, Aave, and Valkyrie in subnets development.

Subnets are protocols linked to Avalanche with shared tools and features that are customizable to various needs of different applications.

The blockchains are siloed to enhance speed and check cost regardless of the network events. Subnets are designed to use their token in place of AVAX.

Ava Labs President John Wu notes that the protocols have all the capabilities of Avalanche despite being application-specific.

Source: The Block

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