Kadena Protocol, a scalable Layer-1 blockchain network, has announced the launch of a $100 million Web3.0 grant to power the growth of innovative startups looking to build on the network.
According to a blog post shared by Francesco Melpignano, the Chief Executive Officer of Kadena Eco, the application for the grant is now ongoing and the funds will be deployed to fund both small and big projects that are ready to innovate on the Kadena blockchain. Projects looking to build gaming, metaverse, DeFi, and NFT-related solutions are of particular interest to the grant.
“Kadena Eco exists to empower builders to create new projects that transform the world. To realize this mission, we’re doubling down on our growing community by deploying capital towards the long-term sustainability of our ecosystem,” Melpignano said. “Kadena Eco grants will be applied to projects big and small, enabling builders of all backgrounds to succeed on Kadena. With our network of technology experts and strategic partners, we’re here to support builders every step of the way.”
While Kadena’s grant is not different from those of its peers like the ecosystem fund floated by Avalanche and Binance, Melpignano said gaining access to this grant can open more doors to the platform’s incubators and other programs designed to assist young developers to fulfil their potentials.
As unveiled, the selection criteria for the Kadena Web3 grant is hinged on the technical strength of the application, details of the specifications, the experience of the team, and the adjudged usefulness of the project to the Kadena ecosystem.
With the calls for applications out, Melpignano said projects that end up benefiting from the grants will have to work under the “Build in the Open” philosophy. This philosophy mandates developers connected to the Kadena network to contribute content, codes, tutorials and product explainers on relevant channels connected with the protocol.
In all, the Kadena team is open to mentoring the next generation of leaders that will innovate to connect the world with the blockchain ecosystem, and one of the ways it is doing this is through the newly launched grant.
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