By
Chimamanda U. Martha
April 25th, 2024
Avalanche ($AVAX) token is up approximately 8.7 percent today and traded around $78.20 at the time of writing.
Avalanche Foundation, a fast-growing smart contract platform that utilizes $AVAX as the native token, has announced the launch of an incentive program dubbed Multiverse. According to the firm through a Medium post, the Multiverse Fund entails 4 million units of AVAX tokens valued at approximately $290 million.
Notably, Avalanche Multiverse will bring a DeFi Kingdoms-specific Subnet with a combined max of $15 million of incentives for $AVAX and $CRYSTAL, a new Avalanche-native token created by DeFi Kingdoms to complement its existing $JEWEL token according to the company.
“The entire DeFi Kingdoms universe is written into smart contracts, pushing the envelope of what is possible with blockchain technology. We began looking very early on for technology that could help us scale and introduce new features like using our native tokens for gas fees, without sacrificing security or decentralization. Avalanche’s revolutionary subnet technology is the perfect fit,” says Frisky Fox, Executive Director of DeFi Kingdoms.
Following the news among other fundamental and speculative aspects, Avalanche ($AVAX) token is up approximately 8.7 percent today and traded around $78.20 at the time of writing according to market data provided by CoinGecko. Notably, AVAX is up approximately 207 percent in the past year, thus one of the best performing digital assets.
Additional Info Regarding the Avalanche Multiverse
The battle and race for the smart contract winner continue with Avalanche among others eyeing the top seat occupied by Ethereum. Notably, Avalanche has climbed to the top ten positions in the past two years, thanks to fast crypto adoption. Additionally, the rise of Avalanche has been significantly attributed to the high transaction fees experienced in the Ethereum ecosystem.
In a bid to keep up with the growing competition in the smart contract market, Avalanche has partnered with many other crypto firms.
“Ava Labs, a core developer of the Avalanche client, will collaborate with the Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize and others to build the first horizontally-integrated blockchain specifically engineered for Institutional DeFi with native KYC functionality,” the company noted in the press release.
The decentralized financial ecosystem is expected to play a significant role in modernizing the traditional financial sector. Institutional investors have found decentralized financial platforms as the best route possible to venture into the crypto market.
“Avalanche Subnets enable us to create an ideal environment for institutions to migrate on-chain and experience the power of DeFi protocols first-hand as users rather than just as investors,” said Stani Kulechov, Founder and CEO of Aave. “This is a significant leap toward a future where the barriers between traditional and decentralized finance cease to exist.”