Avalanche Foundation will invest $290 million in ‘Multiverse’ incentive program for Subnets

The Avalanche Foundation announced on Tuesday a $290 million “Multiverse” incentive program focusing on accelerating the adoption and growth of subnets.

Initially, the program will focus on new ecosystems, including blockchain-enabled gaming, DeFi, NFTs, and institutional use cases. Subnets or Subnetworks are features on Avalanche that let anyone form their own Layer 1 or Layer 2 blockchains on Avalanche. It makes avalanche easier to develop blockchains specific to the applications.

Avalanche promotes Subnets:

Avalanche, a decentralized, open-source blockchain has announced on Twitter that they have launched a $290 million incentive program for the growth and development of Subnets.

According to Avalanche,  the program will initially focus on new ecosystems, including blockchain-enabled gaming, DeFi, NFTs, and institutional use cases and this project will be carried out in six different phases to support various projects.

Emin Gün Sirer, Avalanche director believes that subnets have a bright future, and they are next big thing to revolutionize the crypto and blockchain industry.

This isn’t the first time for  Avalanche as last year, they launched  Avalanche Rush, a $180M liquidity mining incentive program that rocketed $AVAX token up to 113%.

Read more interesting content here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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