The Avalanche Foundation has announced the launch of its Multiverse program. It’s a $290 million package of grants for projects that want to get involved in developing the ecosystem. The aim is to democratize the use of the famous Subnets.
Multiverse: Avalanche’s $290 million program
Multiverse is an incentive program launched by the Avalanche Foundation, it provides 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, aimed at developing decentralized finance (DeFi) on the network. The Multiverse program is therefore based on the same fundamentals, but on a larger 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 even Subnets. And it is on this dimension that the Avalanche Foundation wants to focus its efforts through the Multiverse program.
Emin Gün Sirer, founder and CEO of Ava Labs, the entity behind this technology, was enthusiastic about the future of the environment he is developing. He calls Subnets the logical next step in the smart-contract revolution:
“Smart contracts have supported the incredible innovation in blockchains over the past five years, and no technology is better positioned to help continue that tradition than subnets.”
A wide range of sectors will be represented
The first project 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.
Lending and borrowing platform Aave is also listed as a collaborator with Ava Labs. It is not specified whether the protocol will become a full-fledged subnet, but its role here will be to facilitate institutional adoption of the ecosystem.
Indeed, Aave will work in conjunction with other names, including Securitize ID, to create an optimized 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 subnets. For good reason, any project can in theory become an Avalanche blockchain. Two of the major benefits are a gain in scalability and a reduction in 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 program. So we’re curious to see if this kind of initiative will allow Avalanche to further establish itself in the infrastructure blockchain battle.
