Quick take:
- EOS Network Ventures is committing $20 million to build games and Dapps on EOS Blockchain.
- The announcement companies ahead of launching the EOS Ethereum Virtual Machine (EVM) on April 14.
- EOS Foundation CEO Yves La Rose tweeted on Monday morning that the investment will encourage more developers to build on EOS EVM.
EOS Network Ventures (ENV) has announced a $20 million commitment for blockchain games and Dapps. The announcement comes just weeks ahead of the company’s launch of EOS EVM on April 14.
Announcing the decision to incentivise developers to build on the EOS blockchain, EOS Foundation CEO, Yves La Rose said the investment is part of an initiative to make “the fastest EVM” compete with rivals after lagging behind as a dApp ecosystem.
According to La Rose, this investment will help EOS scale the capabilities of building on EVM.
“With $20M up for grabs for EVM projects, we expect a massive influx of developers who want to take advantage of the funding opportunities,” he said, adding that EOS EVM is 25x faster and Avax and three times faster than Solana and BNB.
EVMs allow developers to build decentralised apps on other blockchains in the same way they would on the Ethereum network, leveraging the security protocols of the leading dApp ecosystem.
La Rose recognises that developers are looking for more than just the best tech tool when it comes to building on web3. “With $20M up for grabs for EVM projects, we expect a massive influx of developers who want to take advantage of the funding opportunities,” he wrote.
The announcement also comes at a time when builders are struggling to raise funds for their projects amid the market downturn. Web3 funding has declined since the second quarter of 2022.
EOS Network Venture’s $20 million commitment is part of the company’s strategy for making EOS EVM a market leader, he said, adding “we want to attract the industry’s best developers and teams to build on EOS EVM.”
Last October, EOS Network signed an MOU with South Korea’s coastal metropolitan city Busan to invest $100 million in web3 companies. The alliance, which also includes the likes of AlphaNonce, CoinNess, Foresight Ventures, and OKX Blockdream Ventures among others holds $700 million in assets under management.
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