Avalanche Launches Evergreen Subnet for Financial Institutions
The Avalanche blockchain platform is developing a new subnet specifically for financial institutions, named Evergreen.
Avalanche Launches Evergreen Subnet for Financial Institutions
In a recent press release, Ava Labs, the development team behind Avalanche, confirmed that it is creating a dedicated subnet called "Evergreen" for financial organizations.
According to the announcement, the Evergreen subnet will include a suite of tools and features designed to meet the specialized needs of financial companies. Initially, Avalanche will research and launch Evergreen as a testnet to evaluate its practicality and demand in real-world scenarios.
Introducing Avalanche Evergreen Subnets 🌲
— Avalanche 🔺 (@avax) April 6, 2023
Institutions want to leverage the power of public blockchain development, interoperability and composability while enabling features historically only possible with enterprise blockchains.
Evergreen gives them the best of both worlds👇 pic.twitter.com/EbziGmGrYY
The project stated:
“Financial institutions can design their blockchain strategies within their own subnets, allowing other partners to access and approve them. At the same time, it will maintain interoperability with other subnets through Avalanche’s Warp Messaging (AWM) protocol.”
AWM enables users to transmit data, communicate, and exchange assets without relying on third-party intermediaries, the project further explained.
Developing sidechains is becoming a popular model among major blockchains seeking to address scalability and network expansion issues. Avalanche currently has several EVM-compatible subnets, including the IntainMarket subnet for investment and asset management, and the Deloitte DEX subnet, where liquidity remains suboptimal.
