Avalanche just announced a major multi-million dollar incentive program for GameFi projects. Who’s first in line to get funded? Covered: The Avalanche Multiverse This GameFi Project Is First In Line As GameFi developers and metaverse platforms build under the hood for another wave of mainstream adoption, the Avalanche blockchain just announced a timely incentive program […] The post Avalanche Is Pouring $290 Million Into GameFi — This Project Is Getting Funded First appeared first on CryptosRus.

Avalanche Is Pouring $290 Million Into GameFi — This Project Is Getting Funded First

Avalanche just announced a major multi-million dollar incentive program for GameFi projects. Who’s first in line to get funded?

Covered:

  • The Avalanche Multiverse
  • This GameFi Project Is First In Line

As GameFi developers and metaverse platforms build under the hood for another wave of mainstream adoption, the Avalanche blockchain just announced a timely incentive program geared at spearheading the development of the protocol’s top blockchain games, and they already have multiple projects lined up to receive funding.

RECOMMENDED: THREE TOP PROJECTS ON AVALANCHE YOU HAVE TO CHECK OUT

The Avalanche Multiverse

According to the blockchain’s announcement, Avalanche’s $290 million funding round (up to 4 million AVAX tokens) will be “focused on accelerating the adoption and growth of its novel ‘subnet’ functionality, which enables a rich ecosystem of scalable app-specific blockchains. Initially, the program is focused on supporting new ecosystems including, but not limited to, blockchain-enabled gaming, DeFi, NFTs, and institutional use cases.”

If you’re asking yourself what a subnet is, it’s basically a sectioned-off group of blockchain validators that are used to validate additional blockchains separate from the mainchain.

Avalanche’s subnets projects section off a group of Avalanche validators and commission them to validate additional blockchains outside of Avalanche’s primary 3 chains (P, X, C chains). allowing other developers to run and manage their own proprietary blockchain.

The Avalanche Multiverse will be divided into at least six phases to support future cohorts of projects participating in the program, but details on the timeline were not specified.

Additionally, Avalanche core developer Ava Labs will collaborate with the Aave Companies, Golden Tree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize and others to build an institutional-tailored blockchain with DeFi and native KYC (know-your-customer) functionality. This will allow regulated institutions to access subnets, accelerating the institutional adoption of DeFi.

“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.”

DeFi Kingdoms Is First In Line

The quickly-grossing GameFi platform DeFi Kingdoms (JEWEL) is Avalanche’s first choice for the launch of its subnet technology, receiving $15 million of incentives, split 50/50 between AVAX and CRYSTAL tokens, the native in-game currency for DeFi Kingdom’s upcoming Crystalvale launch on Avalanche.

Frisky Fox, the anonymous executive director of DeFi Kingdoms, says that Avalanche feels like a perfect fit for the GameFi platform’s future growth.

“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.”

This is big news for DeFi Kingdoms’ 20,000 active users. Not only does the funding round cement a large stamp of approval from one of the top blockchains, but the launch of Crystalvale on Avalanche’s subnet will utilize JEWEL as the gas token for its subnet, which the team has dubbed the “DFK Chain.”

RECOMMENDED: DEFI KINGDOMS IS BRINGING GAME-CHANGING UTILITY TO JEWEL

DeFi Kingdoms is already one of the largest decentralized exchanges on Harmony, and according to DappRadar, facilitated more than $1.6 billion in transactions in January alone, more than three times that of Axie Infinity, despite being a fraction of the size.

By utilizing the Avalanche subnet, DeFi Kingdoms can avoid the hike in fees that typically come with massive transaction volume, further showing off Avalanche’s scalability.

There are more Avalanche GameFi projects to be announced, so stay tuned to hear what other projects will be getting funded for Avalanche’s subnet development.

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