Home » The Avalanche Foundation launches Multiverse, a $290 million programme to develop its ecosystem

The Avalanche Foundation launches Multiverse, a $290 million programme to develop its ecosystem

by Thomas

The Avalanche Foundation has announced the launch of its Multiverse programme. This is a $290 million grant package for projects that want to get involved in developing the ecosystem. The aim is to democratise the use of the famous Subnets

Multiverse: Avalanche’s $290 million program

Multiverse is an incentive programme launched by the Avalanche Foundation, making available 4 million AVAX, or $290 million, to develop the eponymous ecosystem.

Avalanche is mainly known for its C-Chain, a blockchain compatible with the Ethereum Virtual Machine (EVM). It was awarded $180 million last summer as part of the Avalanche Rush, which aims to develop decentralised finance (DeFi) on the network. The Multiverse programme therefore takes up the same fundamentals, but on a broader scale.

But the ecosystem is actually much more complex than that, it is built in such a way that, in the future, it will interconnect a multitude of blockchains called sub-networks or Subnets. And it is on this dimension that the Avalanche Foundation wants to focus its efforts through the Multiverse programme.

Emin Gün Sirer, founder and CEO of Ava Labs, the entity behind the technology, was enthusiastic about the future of the environment he is developing. He calls Subnets the next logical step in the smart-contract revolution:

“Smart contracts have underpinned the incredible innovation in blockchains over the past five years, and no technology is better placed to help continue that tradition than subnets. “

A wide range of sectors will be represented

The first project to be highlighted is DeFi Kingdoms, a play-to-earn game with a medieval feel, built on Harmony (ONE), a sidechain of Ethereum (ETH). The game will have an allocation of up to $15 million to join an Avalanche subnet.

The lending and borrowing platform Aave is also listed as a collaborator with Ava Labs. It is not clear whether the protocol will become a full Subnet, but its role here will be to facilitate institutional adoption of the ecosystem.

Indeed, Aave will work with other names, including Securitize ID, to create an optimised environment for regulated institutions to access DeFi services. This will include native Know Your Customer (KYC) identity verification capabilities.

These examples are just a small sample of what can be created with sub-networks. In theory, any project can become an Avalanche blockchain. Two of the major benefits are increased scalability and reduced transaction costs in the sense that a multitude of protocols do not congest a single network at the same time.

This is one of the strengths of the Avalanche ecosystem, a strength that the parent company, Ava Labs, is determined to develop through its Multiverse programme. So we’re curious to see if this kind of initiative will allow Avalanche to further establish itself in the infrastructure blockchain battle.

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