HashKey-Backed L1 Nibiru Chain Unveils $15M Funding Initiative to Boost Developer Ecosystem
In a bid to strengthen its developer ecosystem, L1 Nibiru Chain, backed by HashKey, has announced a major funding initiative with over $15 million allocated for grants. The smart contract platform, founded by Unique Divine, Kevin Yang, and Jonathan Gimeno, aims to address key challenges in the Web3 space by nurturing a more vibrant and dynamic developer network.
The Nibiru Builder Grants program, which earmarks about 2.5% of its current token supply for development projects, includes a substantial $5 million grant specifically aimed at developers in Asia. This highlights the region’s significant role in the global tech landscape.
According to a statement from the company, ecosystem partners will have access to Nibiru’s VCs, such as Tribe Capital, ArkStream, NGC Ventures, and Master Ventures, providing potential venture funding opportunities and support for promising projects.
Erick Pinos, Ecosystem Lead at Nibiru, emphasized the company’s dedication to empowering developers, stating, “The Nibiru ecosystem is keen to empower builders who are eager to drive positive transformation in Web3.” The initiative will offer essential support like mentorships, industry expertise, and marketing assistance to enhance project visibility.
In addition to financial backing, Nibiru is introducing a Competitive grants program based on a performance-based milestone system to ensure funding aligns with key performance indicators, promoting sustained engagement and project viability within the ecosystem.
The initiative also includes non-monetary benefits such as hackathons with prize pools up to $100,000 and accelerator programs for various decentralized applications (dApps) in sectors like Real-World Asset tokenization, Web3 gaming, and DeFi.
A unique feature of the grants program is a reward mechanism where developers earn a share of transaction fees each time their smart contracts are executed, incentivizing the production of high-quality, effective smart contracts.
Nibiru’s proactive approach extends beyond development support to provide access to auditors, legal firms, accountants, and market makers for developers. This comprehensive support system aims to guide projects from conception to execution, increasing their chances of success and sustainability.
Furthermore, the initiative introduces the Genesis NFT, offering early access to upcoming dApps and governance participation through a Decentralized Autonomous Organization.
With this funding initiative, L1 Nibiru Chain is poised to make a significant impact on the Web3 space by fostering innovation and collaboration among developers.
