Sunday, May 19, 2024
HomeDeFiAvalanche announces "Multiverse" to boost Subnet usage, invest whopping $290 million

Avalanche announces “Multiverse” to boost Subnet usage, invest whopping $290 million

The Avalanche Foundation has announced the launch of a new reward scheme “Multiverse” to encourage the usage of subnets.

The Avalanche Foundation has now launched a new incentive scheme aimed at attracting developers’ attention to subnets, a key feature of the Avalanche protocol. The organisation has pledged to invest up to $290 million (4 million AVAX) to enable apps to construct their own native subnets inside the Avalanche ecosystem.

Subnets are installations that let developers establish rules that differ from the primary Avalanche blockchain’s regulations. These are flexible enough to be configured and validated only by a subset of nodes and to adhere to specified restrictions, such as Polkadot’s Parachains or Cosmos’ Zones.

The Avalanche Foundation is prioritising blockchain-enabled games, NFTs, and decentralised finance use cases. Defi Kingdoms, a blockchain-based game with its own currency, will be the first to use this technology, moving its operations and a new coin called Crystal to its own subnet known as appchain. The project will receive up to $15 million in AVAX and CRYSTAL incentives. The specifics of this distribution have yet to be determined by the institution.

Frisky Fox, executive director of Defi Kingdoms, stated that the reasons for using Avalanche subnets is to explore different technologies that might help us expand and provide new features, like utilising our native tokens for gas costs, without losing security or decentralisation, very early on. The groundbreaking subnet technology from Avalanche is a great fit. 

Ava Labs, another Avalanche ecosystem key firm, has also collaborated with a variety of decentralised financial protocols, including Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize. This partnership intends to create a common subnet with native KYC functionalities that will allow these firms to exchange consumer data.

Securitize will supply the native KYC technology, with the advocates of the idea believing it might be a game changer in attracting institutions to the defi market owing to the added compliance checks.

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Vaishali Goel
Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.


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