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Avalanche Commits $290M in AVAX Tokens As Part Of Multiverse Initiative

The Avalanche Foundation announced a major push to woo top projects with a cache of 4 million AVAX tokens (worth ~$290 million). Specifically, the organization is looking to foster smart-contract blockchain Avalanche’s “subnet” functionality, where application-specific blockchains, be they for Web 3 gaming or decentralized finance, can be spun up at scale.

“This is a significant leap toward a future where the barriers between traditional and decentralized finance cease to exist,” said Stani Kulechov, Founder of Aave.

Early targets of the so-called “Multiverse” initiative include DeFi Kingdoms, a popular game that ported over to Avalanche in December. The effort will create a new Avalanche-native token, CRYSTAL, meant to complement the game’s existing JEWEL token.

The new injection of funding speaks to the continued race among newer base layers competing for the smart-contract mindshare that Ethereum has long commanded. From a technical perspective, projects utilizing their own “subnet” blockchains will eliminate competition for pooled resources, which has become an issue on Ethereum for events like popular NFT drops.

(All information was provided by CoinDesk)

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