Avalanche, one of the blockchain industry’s quickest smart contract systems, has announced the $290 million-backed ‘Avalanche Multiverse.’ The new Web3 space will serve as an incentive program aimed at accelerating the acceptance and growth of the company’s Subnet capabilities.
Avalanche Multiverse is held by a wide group of illustrious collaborators, including DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize, as its massive potential investment pool suggests.
Avalanche Multiverse will be separated into at least six phases to optimize support for future participating projects in the program, with a focus on supporting ecosystems such as blockchain-enabled gaming, DeFi, NFTs, and institutional usage. However, as its adaptability suggests, more areas of Web3 may be added to the list in the future.
The program’s overall, macro objective will be to enhance the company’s Subnet capabilities, allowing a rich ecosystem of scalable app-specific blockchains to thrive in an environment where anybody can develop powerful, dependable, and secure networks with bespoke implementations.
The project will also provide additional interesting benefits to its community, such as the inclusion of a special Subnet from DeFi Kingdoms, which will attract a maximum of $15 million in incentives in $AVAX and $CRYSTAL, Avalanche’s new native token to complement DeFi Kingdom’s existing $JEWEL token.
The allocation of such reward schemes, as well as future Avalanche Multiverse projects, will be disclosed in due course.