• Injective, a layer-1 blockchain protocol, has launched a $150 million ecosystem fund to support developers building on the Cosmos network.
• The fund is backed by a consortium of venture capital and Web3 firms and will prioritize DeFi and interoperability infrastructure projects.
• Developers selected for the fund will receive token and equity investments, mentorship, technical assistance, business development and marketing support.
Injective, a layer-1 blockchain protocol founded in 2018, has recently announced the launch of a $150 million ecosystem fund in order to support developers building on the Cosmos network. This fund is backed by a large consortium of venture capital and Web3 firms, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, IDG Capital, Gate Labs and Flow Traders – the largest consortium ever assembled within the broader Cosmos ecosystem.
The fund will provide developers with token and equity investments, as well as mentorship, technical assistance, business development and marketing support. Those building decentralized finance (DeFi) and interoperability infrastructure will be given the highest priority, with funds also earmarked for projects building trading platforms, scalability solutions, and proof-of-stake infrastructure.
When asked how specifically the funds will be allocated, Injective Labs‘ co-founder and CEO Eric Chen told Cointelegraph that “the ecosystem initiative’s approach to allocating funds is to focus on finding the right fit for each project, rather than being too stringent on a set number for funding.” He added: “In 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. The size of the funding awarded will vary depending on the project, its goals and its potential impact.”
Chen also pointed out that DeFi has proven to be a resilient and reliable option for users in the face of the overarching CeFi collapse in 2022. He went on to say that with this fund, Injective is hoping to “accelerate the growth and adoption of the Cosmos Network and the DeFi ecosystem as a whole.”
The ecosystem fund is the latest in a series of moves from Injective designed to boost the adoption of DeFi and the Cosmos network. The firm has also recently launched its own decentralized exchange, Injective Protocol, which is built on the Cosmos-SDK platform and allows users to trade and access various DeFi protocols.
Injective’s ecosystem fund is a great opportunity for developers to get access to the resources they need in order to create innovative projects within the Cosmos network. It is also likely to further cement the network’s position as a major player in the DeFi space, providing users with a secure and reliable option to access financial services.