Avalanche Launches $290 Million Multiverse

In the initialization race blockchain Fastest, most fully featured, few major platforms came out in 2019-2020. Of these, Avalanche – an open source platform for new and decentralized financial applications – emerged as one of the frontrunners.

Avalanche The Foundation recently announced “Multiverse” – an incentive program worth $290 million (approximately 4 million AVAX) to support the development of the subnet on its network.

Avalanche breaks the barrier between Cefi and Defi

According to a post on the blog, this initiative will start by supporting game-specific subnets blockchain, DeFi, NFT and organizational use cases.

One of the projects will focus on creating a horizontally integrated blockchain built for DeFi organization, with embedded KYC functionality. Ava Labs, Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Securifying teamed up to create it.

This may seem contradictory, as part of DeFi's benefits come from the fact that it's anonymous and permissionless. However, Securifying CEO Carlos Domingo believes that implementing KYC will remove a major barrier to institutional DeFi adoption.

“This is a significant leap towards a future where the barriers between traditional and decentralized finance no longer exist,” said CEO. Aave Stani Kulechov added.

The subnet allows “scalable” and “application-specific” blockchains to be integrated with the ecosystem. Avalanche larger scale, and at the same time do not compete with each other for network resources.

These alternative chains are highly customizable, allowing users to choose which validators secure the chain and which tokens are used for gas fees, among other things.

Multiverse will be split into six phases to support growing subnets at different times in the future.

This program is different from the “Avalanche Rush” program that encourages project development on Avalanche’s default smart contract chain.

AVAX currently trading at $76.5 and is the 10th largest cryptocurrency by market capitalization.

Source: TradingView