THE Avalanche Foundation is launching the multiversea acceleration program of blockchain projects for the creation of subnets in its ecosystem. The program already has some renowned partners and beneficiaries such as AAVE and DeFi Kingdoms; and 4 million AVAX as a support fund (~US$290M).
The Avalanche Foundation multiverse
The announcement was officially made on Tuesday, March 8, on the official Avalanche Foundation profile on twitter.
Introducing Avalanche Multiverse, an up to $290M incentive program focused on accelerating the adoption and growth of Subnets. Multiverse is focused on supporting new ecosystems, including blockchain-enabled gaming, DeFi, NFTs and institutional use cases. https://t.co/R5euxSV5hx pic.twitter.com/PHpET78P6L— Avalanche 🔺 (@avalancheavax) March 8, 2022
the multiverse isaccording to the team, “an incentive program of up to US$ 290 million focused on accelerate the adoption and growth of subnets.””O Multiverse Avalanche is focused on supporting new ecosystems, including blockchain-enabled games, DeFi, NFTs, and institutional use cases.” – continued the ad.
What are subnets and how does Avalanche work?
THE Avalanche (AVAX) aims to solve scalability problems present in its competitor, Ethereum, through an innovative and unique blockchain infrastructure of this project in the entire industry. outside) is the existence of three different blockchains within the same network and subject to similar rules. Alleviating a possible overhead of data transfer, validation and storage, by distributing this effort between 3 blockchains connected to each other.X-Chain: Blockchain for transfers of the native AVAX token, its operation is in DAG (Directed Acyclic Graphs), a technology used in other well-known protocols such as Nano, Fantom and IOTA.C-Chain: Blockchain for smart contracts compatible with EVM (Ethereum Virtual Machine), the most used by protocols that are working with Avalanche such as AAVE, TraderJoe, Benqi, among others.P-Chain: Blockchain for validation of subnets; The validating nodes of this blockchain can create other blockchains that are independent of each other, but dependent on the P-Chain and validate the transactions of all of them.Subnets are not a second layerbut it is something very close at the conceptual level. This is because, in a second layer, transactions in that layer are not fully validated by the main layer, but follow their own rules and then are released and validated in batches, with large blocks that contain transactions. The subnets, on the other hand, can already have full validation of the P-Chain or, if you prefer, work across batches. Each creates its own rules within the limitations imposed by general validators.
4 million AVAX to encourage the creation of subnets in the Multiverse
The foundation has set aside a maximum of 4 million AVAXwhich roughly corresponds to US$ 290 million to invest in promising projects that are interested in creating the first subnets of the ecosystem. For the foundation it is a necessary move, as the great promise of scalability and sustainability of the team is dependent on the proper functioning and adoption of these subnets. Avalanche Multiverse will initially bring a subnet for the protocol DeFi Kingdomsoriginating from harmony (ONE), with a combined maximum of $15 million in incentives for $AVAX and $CRYSTAL, a new smart contract-created token on Avalanche by DeFi Kingdoms to complement their existing $JEWEL token. collaborate with Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie and Securitize, to create the first DeFi blockchain (also in subnet) focused on institutional and with built-in KYC functionality.Which is negative for the privacy of users independent, but at the institutional level it can be interesting, both for financial institutions to comply with current and future regulations (which will require KYC), as well as for the market itself to be able to follow the movement of these large venture capital companies that play with the market and are true financial whales.
Avalanche Rush has already shown positive effects in the past
Since launching on August 18, 2021, the previous acceleration program – Avalanche Rush – did the total amount blocked (TVL) at Avalanche increase from US$312 million to nearly US$16 billion, with unique addresses growing from 137,000 to 2.2 million and the number of transactions rising from 4 million to 112 million. Now with Avalanche Multiverse we can see similar new growth.Read more:Buy and Sell Bitcoin and Other Cryptocurrencies on Coinext
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