Avalanche Foundation has declared the launch of a Multiverse incentive program worth $290 million contributed by about four million tokens to improve the subnets on its network. According to the blockchain network’s blog post, the funds will be used to motivate the growth and spread of subnets on the network.
Subnets are segmented pieces of a network that increases efficiency. They are created for different niche use cases. Most times, large amounts of a subnet are not dependent on the same network nor do they have to compete for resources. This unique feature makes it easier to launch a number of them at the same time.
The subnets can also offer their token independent of the Avalanche token (AVAX). The Avalanche subnets are connected to Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), and gaming (including Play-to-Earn games).
No limit is being placed on the length of time that the incentive program is meant to run as it will be divided into a minimum of 6 phases that will take effect concurrently.
The Avalanche Multiverse is quite different from the Avalanche Rush, a DeFi incentive program that is ongoing. Avalanche Rush is a supporting system to digital assets applications launched on Avalanche’s C-Chain.
Avalanche is Open to Collaboration
Avalanche will not be the first firm to offer such functions, Cosmos and Polkadot are players in the industry with similar initiatives. It will not be out of place to say Avalanche is now a competitor to these firms.
The DeFi Kingdom, a gaming NFT, has received its portion of the incentive program, worth about $15 million. Ava Labs, an offshoot of Avalanche that propels the advancement of the firm has collaborated with Jump Crypto, Aave, Wintermuye, and other investors.
Avalanche blockchain had bonded with Wirex, a digital payment platform based in London to grant access to the Avalanche protocol for over 4.5 million users. Wirex prides itself as a platform that can make cryptocurrencies more accessible and available for all
Based on the report from the Avalanche Foundation, more Multiverse collaborative projects will take place in the future and are open to collaborations from various entities.