Avalanche Announces $290 Million Web3 Incentive Program

Avalanche announced the launch of its Avalanche Multiverse, which is an incentive program that will accelerate the adoption of app-specific subnets. The aim behind this multiverse incentive program is to attract Web3 developers to develop subnetworks on the Avalanche blockchain and to accelerate the overall adoption of subnets.

The program will allocate up to four million coins of Avalanche’s native cryptocurrency, AVAX, which is worth approximately $290 million. This funding will be used to fund blockchain gaming, decentralized finance (DeFi), non-fungible tokens (NFTs), and institutional use cases.

This will be an ongoing initiative with no end date specified by the Avalanche team as of yet. Avalanche also stated that the initiative will be carried out in six phases in order to support various projects.

Avalanche Foundation’s director Emin Gün Sirer believes the subnets are the next big thing to transform the blockchain industry, and wants Avalanche to be a major player in the space.

The Avalanche Multiverse is headlined by several noteworthy collaborators, including DeFi Kingdoms, Aave, Wintermute, JumCrypto, Golden Tree Asset Management Securitize, and Valkyrie.

DeFi Kingdoms, a play-to-earn game built on the Ethereum sidechain, Harmony, has created its own Avalanche subnet as a part of the initiative. It is among the first to benefit from the multi-million-dollar initiative.

Avalanche’s core development team, Ava Labs, will also work with other collaborators to build an integrated blockchain with native Know Your Customer (KYC) functions specifically created for institutional decentralized finance.

This is the second time Avalanche has incentivized developers. Its last $180 million Avalanche Rush program focusing on DeFi projects last year caused the $AVAX token price to surge 113%.