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Avalanche Launches $290M Incentive Program for DeFi and NFT “Subnet” Adoptions


 

Avalanche says the incentive program will be up to $290 million.


The Avalanche Foundation has launched a new incentive program under the Avalanche Multiverse banner, according to a press release issued Tuesday.


The launch comes with a $290 million commitment, up to 4 million AVAX tokens, for plans to accelerate the adoption of “subnets.”



A “subnet” is a new functionality that will allow app-specific blockchains to launch at scale, with an initial focus on blockchain gaming, decentralized finance (DeFi) and the launch of non-fungible tokens (NFT). The multiverse will also help accelerate growth in several other institutional use cases.


" Subnets will be the next engine of growth in crypto, enabling new capabilities that are only possible with network-level control and open experimentation on a scale we haven't seen before, " said Emin Gun Sirer, the director of the Avalanche Foundation.


DeFi Kingdoms is said to be among the first to benefit from the initiative. According to the press release, the Avalanche Multiverse will bring a DeFi Kingdoms-specific subnet with up to $15 million in incentives. Funds will flow into DeFi Kingdoms native AVAX token and new token CRYSTAL.


CRYSTAL is an Avalanche native token designed to complement the existing JEWEL token.


Aside from DeFi Kingdoms, other cohort contributors to the Multiverse project are Aave, Golden Tree Asset Management Jump Crypto, Wintermute, Valkyrie, and Securitize.

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