Kadena (KDA) Launches $100 Million Web 3.0 Grant Fund

Kadena releases $100 million in aid

Kadena (KDA) hybrid blockchain company, which operates on both Layer 1 and Layer 2, has announced that it is in the process of deploying a grant fund to $100 million to help young businesses to grow in its ecosystem.

Cadena, Created by two ex-JP Morgan employees in 2016would like to encourage the development of applications on its operating network by Proof of work consensus (PoW), whether for decentralized finance (DeFi), games, metaverses, or non-fungible tokens (NFTs).

This support fund will be created by Kadeno Ecoa service entirely dedicated to developing the Kadena ecosystem through funding, but also through incubation tools, project acceleration, venture capital and grants.

“Kadena Eco exists to empower developers to create new projects that change the world. To achieve this mission, we are redoubling the efforts of our growing community by deploying our reservoir resources for the long-term sustainability of our ecosystem.”

👉 To go deeper: What is Proof of Work or Proof of Work (PoW)?

What are the eligibility conditions?

Since yesterday, April 22, Applications are open For all development teams who want to develop Kadena. All they have to do is fill out a custom form detailing the project with a technical explanation of how it works.

According to the press release, projects applying for this support fund must adopt Cadena’s philosophy” building in the open ‘, which includes Actively participate in channels Telecommunications Like Discord, Medium, or Stackoverflow to deliver consistently Project progress as well as lessons Explanations for requests.

In return, Kadena Eco will provide a Additional Toolkit for Developers In addition to the financial support provided above to accompany them throughout the development of their projects. Other measures are also expected:

“The grants are just one of many announcements to come, all aimed at supporting the growth of the Kadena ecosystem. By bringing together the best minds, talent, and investors in the industry, Kadena Eco supports the brightest of future developments. […]. »

Development funds proliferate recently, as “Blizzard” witnessed, the fund in $200 million from the Avalanche blockchain (AVAX) published last November, or recently Indexing Protocol graph at $205 million.

The KDA token is currently located in 107th place for cryptocurrency at a current price of $5.10Hence, we notice a decrease of 7.5% over the past 24 hours in a bearish context for Bitcoin (BTC).

👉 To read on the same topic: KuCoin Launches $100 Million Support Fund for Creators of NFTs

Source: Kadena

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About the author: Maximilian Pro

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Passionate about the world of decentralized finance and the novelties that Web 3.0 has brought, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
All articles written by Maximilien Prué.

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