Harmony becomes the latest blockchain platform to launch an ecosystem growth fund of $300M.
The fund will back start-ups working on applications and protocols on the Harmony Blockchain.
Harmony hopes to deploy $180 million by the end of third quarter, 2022. The entire fund is expected to be distributed over a period of four years.
The layer one blockchain has also set aside $50 million to help fund 100 DAOs and a $30 million for 1000 bounties to find and squash bugs and improve tooling.
Aside from these, Harmony also provided $30 million for 10 partnerships which will involve liquidity mining incentives and acquisition. $10 million has been earmarked for hackathons and other activities.
The blockchain platform hopes to use the fund to transform its ecosystem by attracting projects, developers, innovators amongst others.
“Harmony was purpose-built so that developers who build on Harmony can easily bridge to other chains and thus fulfil the promise of seamless, affordable, and permissionless commerce and interoperability between chains, “Harmony founder Stephen Tse said.
Scope of the Harmony $300 Fund
A spokesperson for Harmony explained that while the fund should have a direct impact on the Harmony ecosystem, it will also support cross chain projects such as NFT.
Harmony is the latest of several blockchains to set up an ecosystem fund. Recently, Fantom announced it’s ecosystem growth fund of 370 million FTM tokens.
Algorand has also announced it will be launching a $300 million fund to boost its ecosystem.
What do you think of this story? Share your comments below.
Latest Episode on Inside Blockchain
Crypto News Update
Blue Chip NFTs: What are they and Why are they Popular?
NFTs came into the global market after the frenzy of cryptocurrencies with earlier projects like CryptoPunk in 2017. By 2021,...
Court Orders Liquidation of Three Arrows Capital
Three Arrows Capital has been ordered to be liquidated by a British Virgin Islands court. The liquidation of Three Arrows...
Iran to Roll Out Test Version of its CBDC; Crypto Rial
The Tehran government set to release crypto rial; Iran’s new digital currency. The test stage is slated to begin within...
The Harmony Horizon’s Bridge Feared Hacked for $100 Million
The Harmony network’s Horizon Bridge has been halted as it is suspected of being hacked for up to $100 million...
Move-to-earn: Get Rewarded For Your Everyday Activity on Actifit
Technology is transforming our daily lives; innovative technological solutions are having an impact on many aspects of life and living....