Avalanche Foundation Launches Multiverse, an up to $290M Incentive Program to Accelerate Growth of…
Avalanche Foundation Launches Multiverse, an up to $290M Incentive Program to Accelerate Growth of New Internet of Subnets
“Avalanche Multiverse” headlined by first cohort collaborators: DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Securitize.
The Avalanche Foundation has launched Avalanche Multiverse, an up to $290M (up to 4M AVAX) incentive program focused on accelerating the adoption and growth of its novel “subnet” functionality, which enables a rich ecosystem of scalable app-specific blockchains. Initially, the program is focused on supporting new ecosystems including, but not limited to, blockchain-enabled gaming, DeFi, NFTs and institutional use cases.
Avalanche Multiverse will bring a DeFi Kingdoms specific Subnet or ‘appchain’ with a combined maximum of $15M of incentives for $AVAX and $CRYSTAL, a new Avalanche-native token created by DeFi Kingdoms to complement its existing $JEWEL token. Details surrounding the allocation of rewards will be forthcoming.
“The entire DeFi Kingdoms universe is written into smart contracts, pushing the envelope of what is possible with blockchain technology. We began looking very early on for technology that could help us scale and introduce new features like using our native tokens for gas fees, without sacrificing security or decentralization. Avalanche’s revolutionary subnet technology is the perfect fit,” says Frisky Fox, Executive Director of DeFi Kingdoms.
Additionally, Ava Labs, a core developer of the Avalanche client, will collaborate with the Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize and others to build the first horizontally-integrated blockchain specifically engineered for Institutional DeFi with native KYC functionality. This will enable regulated institutions to leverage the power of Subnets to access DeFi primitives at scale and accelerate the institutional adoption of DeFi.
“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,” said Stani Kulechov, Founder and CEO of Aave. “This is a significant leap toward a future where the barriers between traditional and decentralized finance cease to exist.”
“DeFi will increasingly become the foundation of the global financial system,” said Saurabh Sharma, Partner and 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’s subnet with KYC infrastructure, will be a massive step forward for institutional adoption and we are proud to support the implementation,” said Wes Cowan, Managing Director of DeFi at Valkyrie Investments. “The subnet structure uniquely stays true to our beliefs of how we envision DeFi’s continued development with a decentralized mainnet, in parallel to a permissioned subnet. At Valkyrie we look forward to bringing our institutional partners into the permissioned ecosystem & working within future regulatory frameworks to utilize decentralization ledger technology for both retail and institutional partners alike.”
“There is significant demand by regulated financial institutions to participate in the growth of decentralized finance. The integration of Securitize iD natively into wallets through the Avalanche C-Chain will provide regulatory consistent, direct access to all DeFi apps,” said Carlos Domingo, co-founder and CEO of Securitize. “With Securitize iD providing on-chain identity verification attestations, a major regulatory roadblock to institutional adoption has been removed. The development of an Avalanche variant tailored for institutional DeFi will be another significant step in accelerating adoption.”
Subnets enable anyone to easily create powerful, reliable, and secure permissioned or permissionless networks with custom implementations. This includes features not available on other chains, like selecting which validators secure their Subnet activity, which token is used for gas fees, custom economic models, and more.
Crucially, Subnets remain natively integrated with the broader Avalanche ecosystem, don’t compete with other projects for network resources, and are available in an unlimited supply. This empowers Web3 applications to differentiate on user experience as they never have before with uniform rules underpinning all applications on a smart contract network.
“Subnets will be the next growth engine in crypto, enabling novel functionality only possible with network-level control and open experimentation on a scale we haven’t yet seen,” said Emin Gün Sirer, Director of the Avalanche Foundation. “Smart contracts underpinned the amazing innovation in blockchains over the last five years, and no technology is better positioned to help carry on this tradition than Subnets.”
Avalanche Multiverse intends to be divided into at least six phases to support future cohorts of projects participating in the program, and is not constrained to a defined period of time.
It is a separate initiative from Avalanche Rush, an ongoing DeFi incentive program to support digital assets and applications launched on Avalanche’s default smart contract chain, the ‘C-Chain’.
Avalanche Rush kickstarted the second wave of DeFi growth on Avalanche. Since launching on August 18, 2021 total value locked (“TVL”) on Avalanche has increased from $312M to almost $16B, with unique addresses growing from 137K to 2.2M, and transactions soaring from 4M to 112M.
More Avalanche Multiverse projects will be announced soon. Projects interested in participating in the program should complete the following form https://avalancheavax.typeform.com/to/AHipnhBh.
Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality, and has the most validators securing its activity of any proof-of-stake protocol. Avalanche is blazingly fast, low cost, and green. Any smart contract-enabled application can outperform its competition by deploying on Avalanche. Don’t believe it? Try Avalanche today. https://www.avax.network/
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