Non-profit organization Avalanche Foundation has launched a $290 million (4 million AVAX) Multiverse Incentive Program, which aims to develop the functionality of ecosystem subnets.
Avalanche subnets are similar to the L2 solutions for Ethereum and parachains in Polkadot, but with completely isolated blockchain states. This means any user of the platform can create a subnet.
The creators of subnets can include several 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. $15 million were allocated to the developers.
According to DeFi Llama, Avalanche ranks fourth in terms of total value locked (TVL) in smart contracts with $10.72 billion.