Hybrid blockchain company Kadena, which has been rather discreet lately, has announced that it is deploying $100 million to developers so that they can implement their projects on its network. The fund will cover metaverses as well as decentralised finance (DeFi), gaming and non-fungible tokens (NFTs).
Kadena deploys $100 million in aid
The hybrid blockchain Kadena (KDA), which operates on both a layer 1 and a layer 2, has just announced that it is deploying a $100 million grant fund to help startups develop on its ecosystem.
We’re thrilled to announce a $100M grant program to inspire builders to innovate on the @Kadena_io network!
If you’re a builder or developer looking to build on Web3, KadenaEco is ready to empower YOU to create new projects that transform the world!https://t.co/3EL3UKkzog pic.twitter.com/8CjFmv2E7I
– Kadena (@kadena_io) April 21, 2022
Kadena, created by two former JP Morgan bank employees in 2016, wishes to encourage the development of applications on its network that operate through the Proof-of-Work (PoW) consensus, whether for decentralised finance (DeFi), gaming, metaverses or non-fungible tokens (NFTs).
This support fund will be implemented through Kadeno Eco, a service fully dedicated to the development of the Kadena ecosystem through financing, but also through incubation, project acceleration, venture capital and grants.
Kadena Eco exists to enable developers to create new projects that transform the world. To achieve this mission, we are doubling down on our growing community by deploying the resources of our treasury for the long-term sustainability of our ecosystem. “
What are the eligibility requirements?
As of today, April 22, applications are open for all development teams who would like to develop on Kadena. All they have to do is fill in a dedicated form presenting the project in detail with a technical explanation of how it works.
According to the press release, projects applying for this support fund must adopt Kadena’s “build in the open” philosophy, which includes actively participating in communication channels such as Discord, Medium or Stackoverflow in order to continuously present the project’s progress as well as tutorials and explanations about the applications.
In return, Kadena Eco will provide a range of additional tools for developers, in addition to the financial support outlined above, to accompany them throughout the development of their projects. Other measures are also expected:
Grants are just one of many announcements to come, all designed to support the growth of the Kadena ecosystem. By bringing together the best minds, talent and investors in the industry, Kadena Eco supports the brightest developments of tomorrow […]. “
Development funds have been on the rise lately, as evidenced by “Blizzard”, the $200 million Avalanche blockchain (AVAX) fund deployed last November, or more recently that of the indexing protocol The Graph with a $205 million round.
The KDA token is currently in 107th place among cryptocurrencies with a current price of $5.10, observing a 7.5% drop over the last 24 hours in a bearish Bitcoin (BTC) context.
