ICYMI: Avalanche Foundation unveils $290 million incentive program to spur on growth of subnets
In its latest announcement, the Avalanche Foundation highlighted two examples of subnet projects that are already under way: DeFi Kingdoms and an institutional DeFi initiative featuring half a dozen big-hitters in crypto.The first subnet to receive incentives through the Multiverse program is NFT gaming project DeFi Kingdoms, for which $15 million in incentives has been set aside.
Another key subnet project focuses on crafting regulatory-compliant access to DeFi for institutional investors. “In this case, a consortium can help govern who is participating in this subnet in order to stay compliant with the rules and regulations,” said Wu.Launched in September 2020, Avalanche is a proof-of-stake protocol that touts its smart contracts platform as the fastest in the blockchain space. In proof-of-stake systems, participants are required to stake tokens for the chance to be randomly selected to validate transactions.
For projects that qualify, the Multiverse initiative could cover that cost. But the program can also dish out rewards to subnet users and liquidity mining incentives, paid out to entities that stake tokens in order to help validate transactions in subnets.