The Avalanche Foundation, a non-profit organization, has unveiled the “Avalanche Multiverse,” a new incentive program worth approximately $290 million (almost four million $AVAX tokens). According to a press release, the new program will be divided into at least six phases, with a focus on the adoption and growth of Avalanche network subnets.
The Avalanche network is intended to provide faster transaction times and lower transaction fees. However, similar with other layer-1 EVM-compatible blockchains, growing network utilization has resulted in higher costs. These subnets are intended to address high-fee issues while still allowing the network to scale.
According to the Foundation, the subnets are native integers of the blockchain and hence have comparable properties. They can, however, be modified to meet the needs of specific apps that run on them.
Commenting on the foundation’s recent relocation Subnets, according to Emin Gün Sirer, Director of the Avalanche Foundation, will be the next growth engine in crypto, providing unique capabilities only conceivable with network-level governance and open experimentation on a never-before-seen scale.
The first set of institutions to engage with the Avalanche Foundation on the current reward program include DeFi Kingdoms, Aave, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, and Securitize.
The latest Multiverse program news follows the debut of Avalanche Rush, an ongoing $180 million initiative that began last year. The initiative, which intends to assist digital assets and applications released on Avalanche’s default smart contract chain, the ‘C-Chain,’ led the $AVAX token price to increase by 113% at the moment.
The new Multiverse initiative may or may not have a similar effect on AVAX in the future. The coin was trading at $74 at the time of writing, signifying a two percent price rise in 24 hours.
Meanwhile, Ava Labs teamed with the big four accounting firm Deloitte last year in another development. The collaboration will allow Deloitte to use the Avalanche blockchain in a new disaster recovery platform called CAYG (Close As You Go).