Avalanche, a blockchain network, announced the launch Avalanche Multiverse. This incentive program will help accelerate the adoption subnets that are specific to app-specific blockchain ecosystems.
Emin Gun Sirer (director of Avalanche Foundation) believes subnets will be the next big thing in blockchain. GunSirer stated that subnets allow functions that can only be achieved with “network level control and open experimentation.” Also, while smart contracts have brought innovations to blockchain over the past five years, he believes that subnets will soon take hold.
The program will provide up to 4 million Avalanche ( AVAX) to fund decentralized finance (DeFi), institutional use cases, and nonfungible tokens.
Many prominent collaborators are featured in the Avalanche Multiverse, including Wintermute and Wintermute, Golden Tree Asset Management (Aave), Wintermute, Jump Crypto and Valkyrie, as well as Securitize.
This program will bring a subnet specific to DeFi Kingdoms, with incentives of $15 million. Frisky Fox, an executive at DeFi Kingdoms, said that Avalanche’s subnet technology was a “perfect fit”, for their project. Fox says that “the entire DeFi Kingdoms universe has been written into smart contracts. This pushes the boundaries of what blockchain technology can do.”
Avalanche’s core development Ava Labs will be working with all the collaborators to create an integrated blockchain with native Know Your Customer functions (KYC), specifically designed for institutional DeFi.
Wes Cowan is the managing director of DeFi at Valkyrie Investments and says that “Avalanche’s subnet with KYC infrastructure will be a huge step forward in institutional adoption. We are proud to support its implementation.”
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