The Flow blockchain (FLOW), dedicated to Web 3.0 applications, has just concluded the launch of a $725 million fund. It presents the Flow Ecosystem Fund, which aims to finance the development of the network and the projects that make it up.
Flow raises $725m to create a development fund
Flow is thinking big for the future with a new fund dedicated to the development of its ecosystem. The Flow Ecosystem Fund, backed by names such as a16z and Dapper Ventures, is raising $725 million. :
Today, we’re announcing a $725 Million ecosystem fund to accelerate growth across the entire Flow ecosystem
This is the largest joint fund made for ANY blockchain, available for both existing and future developers onFlow
Meet the Flow Ecosystem Fund: https://t.co/8Y8qaLvccz pic.twitter.com/VBKbnZdQEQ
– Flow (@flow_blockchain) May 10, 2022
The Flow development fund is made up of more than fifteen entities and its mode of operation is original, to say the least. Indeed, rather than pooling the cash flow and decision-making power, it will be up to each of the fund’s members to decide whether or not they wish to allocate a share to a particular project.
According to Mik Naayem, co-founder and commercial director of Dapper Labs, this organisation aims to develop the decentralisation of financing:
“It is a good idea to have a network of people who are willing to work together to develop a project.
It is a pool of resources dedicated to the Flow ecosystem, with each investor deploying their support individually. […] We think that’s important, because rather than one person […] you have groups of people making individual decisions based on their expertise. “
An ecosystem for Web 3.0 applications
The Flow blockchain is a layer 1 originally designed for the CryptoKitties blockchain game. Seen as one of the forerunners in the field, the game launched in 2017 had been so popular, that it had congested the Ethereum network (ETH). Dapper Labs, the founding team, therefore had to consider an alternative solution.
Since then, the blockchain has become decentralised and diversified, hosting several applications within it. For example, there is activity around non-fungible tokens (NFT) and sports, with the Top Shot collection, which lists videos of the best basketball shots, in collaboration with the NBA.
The Zigazoo project, which aims to be a social network dedicated to children, offers them an education around NFTs, which are partly generated on the Flow blockchain. Finally, Flow is also one of those that will be supported for NFTs on Instagram.
While we don’t talk about this network very often, its behind-the-scenes work is nevertheless allowing it to grow little by little, and its multiple partnerships could ensure that it is used extensively in the years to come.
