Bitcoin News and Finance
Avalanche Foundation Launches $290 Million ‘Multiverse’ Incentives Program for Subnets Skip to main content

Avalanche Foundation Launches $290 Million ‘Multiverse’ Incentives Program for Subnets

avalanche foundation

The Avalanche Foundation has announced a new incentives program to support the use of subnets. The organization announced that the program, dubbed “Multiverse,” will connect developers with a fund of up to $290 million, approximately 4 million AVAX, to incentivize the growth of subnets, a trait that allows AVAX to spur multiple networks that share common computing resources.

Avalanche ‘Multiverse’ to Incentivize Subnet Usage

The Avalanche Foundation has just announced a new incentives program that seeks to put subnets, a core trait of the Avalanche protocol, in the sights of developers. The organization has agreed to put up to $290 million (4 million AVAX) toward bringing applications to create their own native subnets in the Avalanche ecosystem.

Subnets are deployments that allow developers to define rules that can vary from the rule of the Primary Avalanche blockchain. These are flexible enough to be configured to only be validated by a group of nodes and to follow specific rules, like Polkadot’s Parachains or Cosmos’ Zones.

For this purpose, the Avalanche Foundation is focusing on getting blockchain-enabled gaming, NFTs, and decentralized finance use cases onboarded first. Defi Kingdoms, a blockchain-based game with its own token, will be the first to adopt this technology, bringing its operations and a new token called Crystal to its own subnet, called appchain. The project will receive incentives of up to $15 million in AVAX and CRYSTAL. The institution has yet to define the specifics of this allocation.

On the reasons to use Avalanche subnets, Frisky Fox, executive director of Defi Kingdoms stated:

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.

Decentralized Finance Also a Priority for Avalanche Foundation

Ava Labs, another core company of the Avalanche ecosystem, will partner with a number of decentralized finance protocols including Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize. This collaboration aims to produce a common subnet that includes native KYC functions, that would allow these organizations to share customer data between them.

The native KYC technology will be provided by Securitize, with the promoters of the idea believing it could be a pivotal change to bring institutions to the defi space due to the additional compliance measures. On this, Wes Cowan, managing director of defi at Valkyrie, stated:

Avalanche’s subnet with KYC infrastructure, will be a massive step forward for institutional adoption and we are proud to support the implementation.

The Multiverse program will be divided into six phases to accommodate more participants in the future. The Avalanche Foundation has presented other, similar incentive programs before, like Avalanche Blizzard and Rush, which were focused on bringing new tech into the chain and including several defi blue chips, respectively.

What do you think about the Multiverse Avalanche subnet incentives program? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory