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Avalanche Foundation launches multiverse with $290 million funding to stimulate new development

avalanche multiverse

The Avalanche Foundation introduces a $290 million inducement program to facilitate the growth of its novel ‘subnet’ functionality. The blockchain aims to create Avalanche Multiverse that permits a rich ecosystem to scale in the particularly app-based blockchain. The program peculiarly supports new opportunities including blockchain-based gaming, DeFi, and NFTs.

The Multiverse project has six phases to support future projects participating in the program. Also, probably that’s why it is not constrained to a definite time period. Moreover, the DeFi initiative program supports digital assets and apps constructed on Avalanche’s smart contract chain, the ‘C-Chain’.

Earlier in August 2021, a $180 million program was introduced naming ‘Avalanche Rush’ to attract DeFi developers towards the blockchain. The kickstart of the program gave new opportunities to Defi. The platform saw an enormous locked value of $16 billion from $312 million. Many unique customers joined the platform and the addresses grew to 2.2 million from 137k users. The transaction also soared from $4 million to $112 million.

Source: Avalanche

More on Defi Kingdoms

Similarly, in the recent announcement, DeFi Kingdoms and institutional DeFi initiatives are subnet projects that are to be launched by the blockchain. It is anticipated that DeFi Kingdoms will create two new Avalanche-based tokens namely $AVAX and $CRYSTAL playing simultaneously alongside the existing token $JEWEL.

Also, the Avalanche is working towards a key subnet project which focuses on shaping regulatory compliant access to DeFi for institutional investors.

In Avalanche, the subnets are blockchains linked to the system where they share similar tools and can be customized as desired by the application. The subnets are highly speedy and less costly and “retain all the power of Avalanche”. Also, the subnet can use tokens of their choice other than Avalanche’s native token AVAX.

Currently, the DeFi Kingdom’s native token JEWEL is running at $4.26 with a total market capitalization of more than $2.6 billion. Whereas, the native token of Avalanche AVAX is $74.89 in the market with a complete market capitalization of $19 billion.

Source: CoinMarketCap

Also, read – Cardano to update its blockchain coding for 2022 “To Grow Even More”

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