- Kadena has announced a $100 million grant for Web3 developers.
- The blockchain investment firm wants to help projects that will transform the world through the latest iteration of the internet.
- Kadena was by JP Morgan blockchain alumni Stuart Popejoy and Will Martino.
Stuart Popejoy and Will Martino’s Kadena on Thursday launched a $100 million grant program for Web3 developers. The blockchain investment startup is targeting developers interested in building projects that will transform the world.
Both Martino and Popejoy previously worked at JP Morgan. Martino was the lead engineer for the bank’s open-source blockchain product, while Poejoys was an executive director of new products, respectively.
Commenting on Kadena’s new financing project for startups looking to build on its blockchain, Popejoy said “We’re doubling down on our promise to make that happen by actively and responsibly deploying our treasury resources to ensure long-term sustainability of our ecosystem.”
The grant program is part of Kadena’s broader mission to offer project acceleration, incubation, venture capital, and grants through KadenaEco. The program is targeting startups involved in blockchain gaming, the metaverse, DAO, DeFi, and NFT projects.
Like Ethereum, Kadena uses a proof-of-work blockchain mechanism. Therefore, all types of decentralised apps can be built on the platform, which increases competition for applicants.
KadenaEco has emphasized that for a project to be approved for the grant program, they will have to demonstrate their technical know-how, providing clear details and qualifications of the team behind the project.
Moreover, projects will be required to justify how their inclusion fits into Kadena’s ecosystem.
Kadena is joining a growing list of blockchain networks including Solana, Ethereum, Avalanche, Chainlink, and Polygon, which have launched multi-million grant programs to drive their ecosystem growth.
However, like Ethereum, it may require the help of scaling solutions in order to compete with the likes of Solana and Tezos, which use proof-of-stake, or hybrid blockchain mechanisms, thus providing high-speed transactions whilst consuming less energy.
However, Kadena founders also bring with them a unique advantage having worked in the mainstream financial sector for several years before moving on in 2016 to start the new venture.
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