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Injective, a layer 1 blockchain protocol established in 2018, launched a $150 million ecosystem fund to help developers build on the cosmos network.
The so-called ecosystem group is supported by an extensive consortium of venture capitalists and web3 companies, including the principal of the Pantera, kraken ventures, jump crypto, KUCOIN ventures, delphi labs, idg capital, door laboratories and marketers in flow. According to Injective, the consortium is the largest assembled within the broader Cosmos ecosystem.
Developers selected for the fund will receive support through 'tailor-made tokens and equity investments,' in addition to mentoring, technical support, business development and marketing, said Injective. Priority will be given to decentralized funding (challenge) and interoperable infrastructure projects. Funds have also been earmarked for projects building trading platforms, scalability solutions and proof-of-stake infrastructure.
When asked how the money is going to be distributed, Eric Chen, co-founder and CEO of Injective Labs, has entrusted Cointelegraph with this project, "The ecosystem-based approach to funding is to find the right person for each project, instead of being too strict about a fixed number of funded projects." He added:
“[I]n terms of stage, the group is primarily targeting early-stage projects (seed to Series B), but follow-on funding can also be considered on a case-by-case basis. Subsequent funding may be considered on a case-by-case basis as well.
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. Mr. Chen said cosmos offers greater versatility, customization and horizontal scalability than other blockchains.
'I don't think the challenge is intended to tackle the traditional. DeFi is supposed to complement TradFi, at least initially," argues @avalabsofficial's @el33th4xor when asked by Cointelegraph's reporter @gazza_jenks at the @wef in Davos.
Are you in agreement with what he thinks of Defi's goal? #CTWEF23 pic.twitter.com/BH2VPV2po2
— Cointelegraph (@Cointelegraph) January 17, 2023
#CTWEF23 pic.twitter.com/BH2VPV2po2— Cointelegraph (@Cointelegraph) January 17, 2023
Related: DeFi problems and opportunities in 2023: Market Talks
DeFi entered public discourse in the summer of 2020, with several prominent projects kicking off the crypto bull market shortly after Bitcoin’s quadrennial halvening. While challenge activity has slowed in the last year, the sector has largely been insulated from the challenges faced by centralized funding platforms.
While the challenge activity has slowed in the past year, the sector has largely been insulated from the challenges faced by central funding platforms, or CeFi.
