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Kadena has announced the creation of a $100 million grant fund to support the development of Web3 experiences

Kadena, a top-100 cryptocurrency project that uses proof-of-work (PoW) consensus but also allows users to execute smart contracts, has announced a new set of developer incentives in an effort to entice developers to join its network.

The grant program, which will have a total of $100 million accessible to interested teams, is part of the Kadena Eco program, which includes a number of additional efforts aimed at assisting teams, businesses, and entrepreneurs in creating Web3 experiences.

Several more components of the Kadena Eco program will be developed in the near future

An incubator to improve the skills of more developers for various projects, an accelerator to fuel other projects, and even a venture fund to “propel enterprises using or pivoting to Kadena’s blockchain platform to realize their vision” are among the initiatives.

Stuart Popejoy, Kadena’s founder and CEO, says of the full worldwide assistance that Kadena aims to provide builders:

“We’re empowering builders to pioneer new projects that transform the world,”
” and 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.”

Grants and Other Similar Programs

The grant program is currently accepting applications. According to the Kadena team’s news release, each proposal will be evaluated based on several critical factors, including technical strength, specification detail, team experience, and ecosystem utility. Proposals in the fields of gaming, metaverse, NFT, Web3, DeFi, and DAOs will be accepted.

However, beneficiaries of this funding must also follow Kadena’s guidelines and contribute to the ecosystem by creating content aimed at teaching other members of the community how to develop their goods.

Many companies and funds that invest in and provide incentives for builders have turned to Web3 as a focal point. In March, Griffin Gambling Partners unveiled one of the largest Web3 and gaming funds to date, raising $750 million.

Last November, the Avalanche Foundation launched Blizzard, a $200 million fund that aims to invest $200 million in innovations developed on top of Avalanche.

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