Avalanche intends to bring DeFi developers into the network with a new incentive scheme. AVAX, worth $ 30 million, was allocated for three DeFi protocols as part of the first phase of the $ 180 million program.
The Avalanche Foundation behind the development of the Avalanche blockchain,
launched the new DeFi developer incentive program Avalanche Rush. The flagship DeFi protocols Aave and Curve were among the early adopters of the program, along with BENQi, the Avalanche protocol through which the fund recently launched a $ 3M liquidity mining initiative.
As part of the first phase of the program, over three months, the AVAX crypto asset will be used as an incentive to extract liquidity on Aave and Curve. The foundation allocated $ 20 million to AVAX for Aave users and $ 7 million for Curve. Further distributions are planned for the second phase of the program, which will begin in the coming months.
“We want to demonstrate that Avalanche can develop both Layer 1 networking technologies and bring the largest protocols to the network,” said Ava Labs Director Luigi D’Onorio DeMeo.
In February, the ChainSafe development team created a “bridge” between the Avalanche and Ethereum blockchains, giving DeFi users the ability to move cryptoassets between the two networks. But, according to the director of the Avalanche Foundation, Emin Gün Sirer, this bridge did not work very well. It proved to be expensive to use and inconvenient for users “in the days when Ethereum had problems.”
“We have recently created a new bridge. We were waiting for a technology that would be easy to use and cheap to transfer assets, ”said Gün Sirer.
According to the developers, the new gateway to the Ethereum network is five times cheaper than the previous version.
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