The Proof of Believability (PoB) based blockchain network the Internet of Service Token (IOST) Foundation has launched a $100 million “Exclusive Incentive Fund for EVM developers” to attract them to develop and propel the growth of the network’s multi-chain ecosystem.
This fund has a leading investor—Singapore-based blockchain firm Big Candle Capital (BCC) that supports projects at various stages of development on DeFi, NFT, GameFi, Web 3, and Metaverse-based DApps.
The $100 million fund is announced under Project Entroverse which was unveiled last month to build a “rapidly growing, interoperable, and interconnected blockchain network”.
It consists of:
- New Ecosystem Fund – to expand IOST’s applications and mainnet infrastructure. The chosen Ethereum Virtual Machine (EVM) developer applicant will be assisted in the incubation of the project in the initial stages by BCC’s professionals having over 5 years of experience in blockchain research.
- Accelerator Fund – to provide capital, and incentive bonuses to development teams. BCC will provide non-dilutive funding, analytical support, and irregular bonuses to the chosen team of developers.
The investment scope of BCC’s exclusive fund, which ranges from $30,000 to $5,000,000, is not limited to applicants developing exclusive dApps on the network. Projects running on other EVM-compatible chains with multi-chain development plans are also encouraged to apply for it.
Organizations incentivize developers through such funds to achieve the heights of blockchain development. The non-profit organization Ethereum Foundation had launched the “Client Incentive” fund to make sure that client teams have a strong incentive for maintaining the core Ethereum network over the long term.
The open-source decentralized blockchain network Avalanche Foundation also announced a $290 million fund to develop the Avalanche Multiverse focusing on the “subnet” functionality. It is to develop blockchain-enabled gaming, DeFi, NFTs, and institutional case use.
