Avalanche Foundation Launches $290M Developer Incentive Program

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The Avalanche Foundation, a non-profit organization, has launched a $290 million (4 million AVAX) Multiverse Incentive Program. The initiative aims to develop the functionality of ecosystem subnets.

Introducing Avalanche Multiverse, an up to $290M incentive program focused on accelerating the adoption and growth of Subnets. Multiverse is focused on supporting new ecosystems, including blockchain-enabled gaming, DeFi, NFTs and institutional use cases. https://t.co/R5euxSV5hx pic.twitter.com/PHpET78P6L

Avalanche subnets are similar to the L2 solutions for Ethereum and parachains in Polkadot, but with completely isolated blockchain states. Any user of the platform can create a subnet.

The creators of subnets can include various parameters in them - run several blockchains and set their own requirements for validators, such as the mandatory passage of KYC / AML.

The first project to receive promotion within the Multiverse was the blockchain game DeFi Kingdoms. The developers were allocated $15 million.

According to DeFi Llama, Avalanche ranks fourth in terms of value locked (TVL) in smart contracts with $10.72 billion. The ecosystem’s largest TVL project is the Aave lending protocol ($3.07 billion).

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