Quick take:
- The grant program will operate on a milestone basis measured against key performance indicators.
- The company will also be hosting ongoing hackathons with prize pools of up to $100,000 per event.
- Nibiru is also introducing a reward mechanism that allows developers to earn a portion of the transaction fees.
Nibiru Chain has launched Nibiru Builder Grants, a long-term initiative that will see the security and scalability-focused smart contract platform back developers with more than $15 million.
The company said the grant program is part of an initiative to supercharge ecosystem growth. According to the announcement, Nibiru will dedicate $5 million of the grant money to the Asia region.
The program will operate on a milestone basis measured against key performance indicators, which the company believes will ensure developers’ engagement and sustainability towards the overall chain.
Commenting on the announcement, Erick Pinos, Ecosystem Lead at Nibiru said in a statement: “The Nibiru ecosystem is excited to stand behind the passionate developer community, empowering builders to become catalysts for positive Web3 transformation. The grants initiative will supplement ongoing aid in partnership pairings and access to mentors, industry experts, and experienced developers.”
Commenting on the $5 million allocation to the Asian region, Brandon Suzuki, Head of Growth at Nibiru said “Understanding Asia is a hallmark priority.”
“With KPI-based milestones to provide aligned interest between the broader network and the grant recipients, the grants initiative will further fuel for acceleration,” Suzuki added.
The program also allows ecosystem partners an opportunity to receive additional funding from VCs backing Nibiru, including Tribe Capital, ArkStream, NGC Ventures, Master Ventures and others.
In addition to the grant program, Nibiru will also be hosting ongoing hackathons with prize pools of up to $100,000 per event, offering accelerator opportunities across multiple dApp segments including Real-World Asset (RWA) tokenization, Web3 gaming, DeFi, and SocialFi.
The company’s developer-focused ecosystem will also see it introduce a reward mechanism that allows developers to earn a portion of the transaction fees every time their smart contract is executed. There are also plans to introduce more reward structures based on other metrics like total value locked (TVL), airdrops and bounties for building out requests for protocols (RFPS).
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