A venture capital fund managed by Coinbase, the Base Ecosystem Fund, made public its first six investments in onchain projects built on Base. This strategic move seeks to secure the expanding landscape of onchain innovations and upgrade the global reach of decentralized technologies.
The Base Ecosystem Fund received over 800 applications and, among them, selected six projects to support its first wave of investment, as per the announcement today.
Earlier this year, the Base Ecosystem Fund started investing in new on-chain projects that are being developed on the Base platform. In March, they asked builders to come forward with their ideas for important foundational elements of these projects.
The first six investments selected among 800 applications are Avantis, BSX, Onboard, OpenCover, Paragraph, and Truflation.
- Avantis: Avantis is an oracle-powered synthetic derivatives protocol that enables users to engage in crypto and real-world asset trading with leverage of up to 100x.
- BSX: BSX has developed a decentralized platform where users can trade with leverage, both going long and short on assets.
- OnBoard: Onboard offers a way for users to easily trade cryptocurrencies directly with others while keeping control of their funds through special wallets and smart contracts.
- OpenCover: OpenCover is known as the first L2 platform to team up with insurers like Nexus Mutual. The goal is to offer protection to DeFi users against risks that occur on the blockchain, like smart contract vulnerabilities and issues with oracles.
- Paragraph: The paragraph is a platform for creators that operates on blockchain technology. It assists creators in publishing, sharing, and establishing a business based on their content.
- Truflation: Truflation is like a digital financial expert who works on the blockchain. It constantly gathers data from more than 40 different sources, including 18 million data points, to provide daily updates on inflation rates.
Base expressed this move saying, “We are grateful to work with these exceptional teams to advance the Base ecosystem and bring more builders and users onchain, but the journey doesn’t end here. We are actively seeking more pioneers to join this Based journey.”