​​Avalanche Commits 4M AVAX to Attract Gaming, DeFi and NFT ‘Subnets’

​​Avalanche Commits 4M AVAX to Attract Gaming, DeFi and NFT ‘Subnets’
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​​Avalanche Commits 4M AVAX to Attract Gaming, DeFi and NFT ‘Subnets’

The Avalanche Foundation announced Tuesday a major push to woo top projects with a cache of 4 million AVAX tokens (worth $290 million at today’s prices).

Specifically, the effort looks to foster Avalanche’s “subnet” functionality, where application-specific blockchains – be they for Web 3 gaming or decentralized finance (DeFi) – can be spun up at scale.

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, according to Tuesday’s press release.

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.

This is a developing story and will be updated.

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