Ethereum Rival Avalanche (AVAX) Unveils $290,000,000 Program To Turbocharge Growth in Red Hot Crypto Sectors

Avalanche Foundation, the non-profit fund for the smart contract platform Avalanche (AVAX), just launched a $290 million incentive program to support the development of popular sectors in the crypto space.

The Avalanche Multiverse program aims to boost the adoption and growth of the network’s “subnet” functionality, which enables the creation of scalable app-specific blockchains within the Avalanche ecosystem.

Says Avalanche Foundation director Emin Gün Sirer, 

“Subnets will be the next growth engine in crypto, enabling novel functionality only possible with network-level control and open experimentation on a scale we haven’t yet seen. 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.”

The program will initially focus on emerging crypto sectors such as blockchain-enabled gaming, decentralized finance (DeFi), non-fungible tokens (NFTs) and institutional use cases.

An early recipient of the program is the Blockchain-based game DeFi Kingdoms (JEWEL) whose specific subnet will receive up to $15 million of incentives for AVAX and the Avalanche-native token CRYSTAL created to complement’s DeFi Kingdoms’ JEWEL token.

Ava Labs, the technology company behind Avalanche, is also working with Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize and others to create the first horizontally-integrated blockchain with a native know-your-customer functionality for the institutional DeFi market. The Avalanche Multiverse will be rolled out in at least six phases to support more projects joining the program.

Avalanche is up half a percentage point on the day, trading for $75.81 at time of writing.

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