Proof-of-Work blockchain network Kadena on Thursday unveiled a $100 million grant fund that seeks to support early-stage startups working towards Web3 development. The program will fund developers that are building projects on Kadena’s layer 1 protocol.
Kadena has launched the grant fund as part of its ‘Kadena Eco’ initiative that looks to expand its blockchain ecosystem by supporting the development of decentralized finance (DeFi), non-fungible tokens (NFTs), metaverse, gaming, and DAO projects. The initiative supports the projects by offering incubation programs, capital, grants, and more.
Kadena is a high-throughput Proof-of-work blockchain that uses a smart contract language called ‘Pact’. The network, which launched its mainnet in 2019, uses a consensus mechanism called ‘Chainweb’ that offers high transaction throughput without using energy-extensive mining techniques.
The project was founded by Stuart Popejoy and Will Martino, who were previously the lead engineer and executive director of JP Morgan’s open-source blockchain project Juno. Popejoy, who is presently Kadena’s CEO, said the project will deploy “treasury resources” to boost the long-term sustainability of projects.
At press time, Kadena’s native token KDA was trading at $5.20, down by 5.05% from yesterday.