Avalanche has announced the Avalanche Multiverse, a project designed to support blockchain-enabled gaming, DeFi, NFTs, and more.
Avalanche is a speedy blockchain alternative that solves existing problems in legacy networks like Ethereum. Because of its superior performance it has seen solid growth.
In a blog post, Avalanche said it was committing up to $290 million (up to 4M AVAX) for an incentive program focused on accelerating the adoption and growth of its novel “subnet” functionality.
Avalanche Multiverse is said to bring a “DeFi Kingdoms specific Subnet or ‘appchain’ with a combined maximum of $15 million of incentives for $AVAX and $CRYSTAL, a new Avalanche-native token created by DeFi Kingdoms to complement its existing $JEWEL token.”
Frisky Fox, Executive Director of DeFi Kingdoms, said the entire DeFI Kingdoms is written into smart contracts and “pushing the envelope” as to what can be accomplished.
“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.”
Stani Kulechov, Founder and CEO of Aave, said the Avalanche subnets enable them to create an ideal environment for institutions:
“This is a significant leap toward a future where the barriers between traditional and decentralized finance cease to exist.”
“Avalanche’s subnet with KYC infrastructure, will be a massive step forward for institutional adoption and we are proud to support the implementation,” added Wes Cowan, Managing Director of DeFi at Valkyrie Investments.
Carlos Domingo, co-founder and CEO of Securitize, said there is significant demand by regulated financial institutions to participate in DeFi:
“The integration of Securitize iD natively into wallets through the Avalanche C-Chain will provide regulatory consistent, direct access to all DeFi apps. 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.”
Emin Gün Sirer, Director of the Avalanche Foundation, predicted that subnets will be the next engine of growth for crypto:
“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 Rush, an existing DeFi incentive program to support digital assets and applications launched on Avalanche’s smart contract chain, has generated significant traction with total value locked now at $16 billion with unique addresses growing from 137K to 2.2M, and transactions moving from 4M to 112M.
