Injective, a layer-1 blockchain protocol founded in 2018, has launched a $150 million ecosystem fund to support developers building on the Cosmos network.
The so-called ecosystem group is backed by a large consortium of venture capital and Web3 firms, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, IDG Capital, Gate Labs and Flow Traders. According to Injective, the consortium is the largest assembled within the broader Cosmos ecosystem.
Developers selected for the fund will receive support through “bespoke token and equity investments,” in addition to mentorship, technical assistance, business development and marketing, Injective said. Projects building decentralized finance (DeFI) and interoperability infrastructure will be given the highest priority. Funds have also been earmarked for projects building trading platforms, scalability solutions and proof-of-stake infrastructure.
When asked how funds would be allocated, Injective Labs’ co-founder and CEO Eric Chen told Cointelegraph, “The ecosystem initiative’s approach to allocating funds is to focus on finding the right fit for each project, rather than being too stringent on a set number for funding.” He added:
Injective, also known as Injective Protocol, is a decentralized smart contracts platform built using Cosmos SDK, a development kit that promotes faster and more cost-effective infrastructure than Ethereum. Chen said Cosmos provides more versatility, customization options and horizontal scalability than other blockchains.
“I don’t think DeFi is meant to attack TradFi. DeFi is supposed to complement TradFi, at least initially," argues @avalabsofficial's @el33th4xor when asked by Cointelegraph's reporter @gazza_jenks at theRead more on cointelegraph.com