TechFlow News — On March 8, the Avalanche Foundation announced the launch of its "Avalanche Multiverse" initiative to incentivize novel development on the Avalanche blockchain. The foundation will allocate 4 million AVAX tokens (worth approximately $290 million at current prices) to fund the program, aiming to encourage the growth of subnets on its network.
These subnets are blockchains connected to Avalanche that share similar tools and functionalities but can be customized according to the specific needs of individual applications. Their speed and costs are unaffected by other events occurring on the main Avalanche blockchain—such as a popular NFT drop. Subnets may also utilize their own designed tokens instead of AVAX.
In its latest announcement, the Avalanche Foundation highlighted two ongoing subnet projects: DeFi Kingdoms and an institutional-grade DeFi initiative involving six major companies in the crypto space.
Specifically, the NFT gaming project DeFi Kingdoms is the first subnet to receive funding through the Avalanche Multiverse program, having been granted $15 million. These rewards will be distributed in AVAX and CRYSTAL, DeFi Kingdoms' new native token.
