BusinessCryptoInjective Launches $150 Million Ecosystem Fund for Developers Building on Cosmos Network

Injective Launches $150 Million Ecosystem Fund for Developers Building on Cosmos Network

Injective, a layer-1 blockchain protocol founded in 2018, has launched a $150 million ecosystem fund to support developers building on the Cosmos network. The 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.

Ecosystem Fund

The ecosystem fund will provide support through “bespoke token and equity investments”, in addition to mentorship, technical assistance, business development and marketing. Projects building decentralized finance (DeFi) and interoperability infrastructure will be given the highest priority. Funds have also been earmarked for projects building trading platforms, scalability solutions and proof-of-stake infrastructure.

Allocation of Funds

When asked how funds would be allocated, Injective Labs’ co-founder and CEO Eric Chen said 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 that 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 stage and needs of the project, with the goal of providing the right level of support for each project to succeed.

About Injective

Injective, also known as Injective Protocol, is a decentralized smart contracts platform built using Cosmos SDK, a development kit that promotes faster and more cost-effective infrastructure than Ethereum. According to Chen, Cosmos provides more versatility, customization options and horizontal scalability than other blockchains.

Cosmos and DeFi

Cosmos has a market capitalization of roughly $3.7 billion, making it the 20th largest blockchain network, according to CoinMarketCap. DeFi entered public discourse in the summer of 2020, with several prominent projects kicking off the crypto bull market shortly after Bitcoin’s quadrennial halvening. Although DeFi activity has slowed over the past year, the sector has been largely immune from the issues plaguing centralized finance, or CeFi, platforms.

The decentralized nature of DeFi protocols allows for more transparency and true ownership over funds, which will always be a key advantage over centralized finance, Chen further explained. The $150 million ecosystem fund aims to support developers building on the Cosmos network, with a focus on DeFi and interoperability infrastructure projects.

Anjali Arora
Anjali Arora
A journalist with over 3 years of experience in the news industry. I have a deep understanding of the financial markets and a passion for staying up-to-date on the latest developments in the tech industry. In my articles, I expertly cover a wide range of topics, from stock market analysis to groundbreaking technology to general news.


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