Avalanche Foundation’s ‘Multiverse’ Incentive Program To Invest up to $290M

The program will focus on supporting blockchain-enabled gaming, DeFi, NFTs and institutional use cases


Blockworks exclusive art by axel rangel


key takeaways

  • Avalanche Multiverse’s program and investments will be divided into at least six phases to support new cohorts and projects
  • Up to four million AVAX tokens will fund the program

A non-profit fund for the Avalanche blockchain has rolled out an incentive program with millions of dollars earmarked for the proof-of-stake ecosystem.

Up to four million AVAX tokens, or about $290 million at the time of publication, will fund the program, also known as Avalanche Multiverse.

The initiative will aim to grow its “subnet” functionality, which helps develop application-specific blockchains on Avalanche. Subnets are natively integrated with Avalanche’s broader ecosystem, available in an unlimited supply and allow for custom implementations — or the ability to tack on features from other chains.

Avalanche Multiverse’s program and investments will be divided into at least six phases to support new cohorts and projects but will not be constrained to a specific time period. It’s a non-profit organization that is run separately from Ava Labs.

The first subnet to receive an investment from the program is DeFi Kingdoms, an NFT gaming project. It will get up to $15 million in incentives through AVAX tokens, as well as the game’s new Avalanche-native token CRYSTAL and existing token JEWEL.

Ava Labs, a core developer of Avalanche, will also partner with the Aave Companies, GoldenTree Asset Management, Wintermute, Jump Crypto, Valkyrie, Securitize and other organizations to build the subnet. This will allow regulated institutions that participate to leverage its subnets and access institutional DeFi (decentralized finance) after completing know-your-customer (KYC) checks.

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

In November, Avalanche launched a $200 million fund to support ecosystem growth on its blockchain. It also closed a $230 million token sale, backed by Three Arrows Capital and Polychain, a few months prior. 

Avalanche’s native token, AVAX, had a price of $75.39 as of 1:30 pm ET on Tuesday, according to CoinMarketCap data. The coin’s market capitalization is near $19.9 billion, which ranks the token as the 10th largest cryptocurrency, behind Solana (SOL) and ahead of Binance USD (BUSD), the data show.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.


Upcoming Events

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research



Data publishing costs have historically been a bottleneck for rollups, and as more rollups launch, interoperability will continue to be a major challenge. Avail presents a potential solution to rollup fragmentation through its three products: Avail DA, Nexus, and Fusion, which together aim to unify the web3 experience.


The Bitcoin halving is a spectacle that only comes round once every four years


The SEC alleges that Justin Sun spent nearly 400 days in the US from 2017 to 2019


Short-term “sell the news” reactions could follow new BTC price peaks months from now, industry watchers say — but only if history repeats itself


While crypto fundraising remains well off its bull market highs, Q1 data shows capital is returning to the space


Billed as a better BRC-20 fungible token standard, Bitcoin Runes launches tomorrow


Bitcoin miners need to explore unconventional energy avenues or be buried by the financial realities created by this halving