HashKey-Backed L1 Nibiru Chain has unveiled a major funding initiative aimed at bolstering its developer ecosystem. With over $15 million earmarked for grants, the smart contract platform seeks to address key challenges in the Web3 space by fostering a more robust and dynamic developer network.
Founded by Unique Divine, Kevin Yang, and Jonathan Gimeno, veterans with rich backgrounds from Google, Tendermint, IBM, and Sommelier, Nibiru Chain aims to be ‘the first truly mainstream decentralized multichain solution’.
Dubbed the Nibiru Builder Grants, the initiative allocates about 2.5% of its current token supply to support various development projects. This includes a significant $5 million grant specifically targeted at developers in Asia, underscoring the region’s pivotal role in the global tech landscape.
“Ecosystem partners will also gain access to Nibiru’s VCs — including Tribe Capital, ArkStream, NGC Ventures, Master Ventures and others — which may offer venture funding opportunities and support to the most promising projects,” the company said in a statement.
Erick Pinos, Ecosystem Lead at Nibiru, emphasized the company’s commitment to its developers: “The Nibiru ecosystem is keen to empower builders who are eager to drive positive transformation in Web3.”
He added that the initiative would provide essential support such as mentorships, industry expertise, and marketing assistance to enhance project visibility.
In line with its strategic vision, Nibiru is also introducing a Competitive grants program that operates on a performance-based milestone system. This approach ensures that funding aligns with key performance indicators, promoting sustained engagement and project viability within the ecosystem.
The initiative is not limited to financial support. Nibiru is also offering non-monetary benefits like hackathons with prize pools up to $100,000, and accelerator programs for a variety of decentralized applications (dApps), including Real-World Asset tokenization, Web3 gaming, and DeFi sectors.
An innovative aspect of the grants program is a new reward mechanism where developers earn a share of transaction fees each time their smart contracts are executed. This aims to create a positive feedback loop, incentivizing developers to produce high-quality, effective smart contracts.
Nibiru’s proactive approach extends beyond development support. The platform also plans to provide developers with access to a network of auditors, legal firms, accountants, and market makers. This comprehensive support system is designed to take projects from idea to execution, enhancing the chances of success and sustainability.
The initiative also includes the introduction of a Genesis NFT, which not only offers early access to upcoming dApps but also entitles holders to participate in governance through a Decentralized Autonomous Organization.
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