Today, Avalanche, or AVAX, announced that it is entering the Metaverse market, investing $ 290 million in incentives for developers. The announcement has helped clarify Avalanche’s next steps for further growth in the Metaverse market.
Will there be another metaverse?
Avalanche has made a name for itself in the crypto market through its robust growth. His recent announcement about his plans to enter the multiverse underscores his plans to continue his robust growth trajectory. The blockchain network has recently announced an inventive program through which it will spend up to $ 290 million to develop the Avalanche Multiverse.
Blockchain technology involves the use of subnets. According to the company’s statement, subnets will be a major focus area as part of its plan to create a scalable blockchain technology aimed at developing apps. Subnets will reportedly make it easy and efficient for institutions to use the DeFi protocol, while also helping them with on-chain migration. CEO Stani Kulechov says::
Avalanche subnets allow us to create an ideal environment for institutions to migrate to the chain and experience first-hand the power of the DeFi protocols as users and not just as investors.
Avalanche has announced that it has implemented Know Your Customer (KYC) integration into its subnet nodes. The platform is seen as an important step towards the institutional adoption of cryptocurrencies. This integration will also help Avalanche promote the growth of a strong ecosystem.
Will the plans for the Avalanche multiverse generate added value for AVAX?
AVAX must be informed about the latest developments in the field of subnets. The development will increase the value of Avalanche as it provides a utility for AVAX tokens. This is likely to cause the AVAX tokens to grow in the long run.
Affected by the recent bearish market conditions, AVAX is trading at $52.19 after the price fell by 7.08% in the last 24 hours on July 24 and by 10.39% in the last 7 days. The price has fallen by 49% since its peak in April
Although AVAX is currently above the oversold zone, the price could still rise a little. The RSI shows that there is a higher price low, and the Moving Average Convergence Divergence (MCD) line indicates a weak downtrend.
AVAX has announced a new project, which means that it will increase its activity in the coming months. Its development activity metric, which measures activity on Github, has already increased significantly since the beginning of the month, which indicates an increase in the activity of existing developers. The company’s market capitalization yesterday fell to the lowest level in 4 weeks.