Ethereum Rival Avalanche (AVAX) Reveals Program To Boost Growth | CryptoGazette
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Despite the volatility that we’re seeing in the market, a lot of projects are revealing exciting programs. Let’s take, for instance, Ethereum’s rival Avalanche (AVAX).
This is a non-profit fund for the smart contract platform Avalanche (AVAX), which launched a $290 million incentive program to support the development of popular sectors in the crypto space.
According to the latest reports, the Avalanche Multiverse program aims to boost the adoption and growth of the network’s “subnet” functionality.
It’s important to note the fact that this enables the creation of scalable app-specific blockchains within the Avalanche ecosystem.
This is what the Avalanche Foundation director Emin Gün Sirer said:
“Subnets will be the next growth engine in crypto, enabling novel functionality only possible with network-level control and open experimentation on a scale we haven’t yet seen.”
He continued and pointed out the following:
“Smart contracts underpinned the amazing innovation in blockchains over the last five years, and no technology is better positioned to help carry on this tradition than Subnets.”
Another issue worth mentioning is that The program will initially focus on emerging crypto sectors such as blockchain-enabled gaming, decentralized finance (DeFi), non-fungible tokens (NFTs), and institutional use cases.
Ethereum in the news
The other day, we revealed that there are significant amounts of institutional money that pour into ETH.
In its latest Digital Asset Fund Flows Weekly report, CoinShares explained that digital asset investment products enjoyed inflows of over $125 million last week.
“Digital asset investment products saw inflows totaling $127 million last week, an uptick on the previous week, suggesting investors remain supportive of digital assets despite recent geopolitical events.”
Ethereum (ETH), Litecoin (LTC), Cardano (ADA), and XRP enjoyed inflows of $25 million, $0.4 million, $0.9 million, and $0.4 million, respectively.
Regarding the price of Ethereum today, at the moment of writing this article, ETH is trading in the red and the coin is priced at $2,595.
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