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Nibiru is also planning to introduce other exciting activities to increase its platform visibility and attract more attention as part of its efforts to grow the ecosystem.
Nibiru Chain, a Proof-of-Stake (PoS) network, has launched a $15 million developer fund to foster ecosystem growth. According to a press release published on Thursday, the newly launched fund, known as the Nibiru Builder Grants, is part of Nibiru’s developer program, designed to tackle various challenges within the blockchain industry and enhance the network’s capabilities.
Nibiru Allocates $5 Million to Asian Builders
The protocol is built using Cosmos SDK, a toolkit framework that enables developers to create independent protocols without continuous expense. The platform is backed by prominent companies in the industry, including HashKey, Kraken Ventures, and Tribe Capital.
Nibiru said the $15 million grant will be shared among developers building innovative projects in the ecosystem in the form of tokens. Nibiru plans to distribute approximately 2.5% of its native crypto (NIBI) to the selected projects.
To encourage diversity, the company has dedicated $5 million of the funds to projects outside the Asia Pacific region. “We’re thrilled to unveil the long-term initiative to bolster the developer ecosystem with a $5 million sleeve specifically for the Asia region,” said Nibiru’s head of growth, Brandon Suzuki.
Interested parties must apply to qualify for the grant through the protocol’s official website. Each of the selected applicants will receive a grant of $5,000 to $50,000 in NIBI.
Mentorship Opportunities
In addition to the financial support, the protocol said that qualified projects will receive mentorship on scaling their businesses from Nibiru’s VCs, which include Tribe Capital, NGC Ventures, ArkStream, and others.
“The grant initiative will supplement ongoing aid in partnership pairings and access to mentors, industry experts, and experienced developers. This initiative also allows Nibiru to actively elevate the visibility of ecosystem projects through dedicated marketing support,” said Erick Pinos, one of the executives at Nibiru.
The protocol also disclosed that it may release additional funds to support lopers. However, that depends on the outcome of the grant program.
Nibiru to Host Hackathons for Developers
Nibiru is also planning to introduce other exciting activities to increase its platform visibility and attract more attention as part of its efforts to grow the ecosystem.
The network said it would host regular hackathons with impressive prize pools of up to $100,000, targeting various decentralized finance (DeFi) sectors such as tokenization of real-world assets (RWAs), Web3 gaming (GameFi), and SocialFi.
The planned hackathons aim to stimulate creativity and encourage developers to explore new possibilities in decentralized applications (dApps).
Furthermore, Nibiru is rolling out a novel reward mechanism enabling developers to earn a portion of transaction fees whenever their smart contracts are executed.
The network also plans to explore the world of non-fungible tokens (NFT), granting holders early access to upcoming decentralized applications (dApps) within the Nibiru ecosystem. Holders of the digital artworks will have the opposite to participate in governance decisions through a Decentralized Autonomous Organization (DAO).
Lastly, Nibiru intends to introduce a bounty system to incentivize developers who successfully fulfill protocol requests for proposals (RFPs) in the future.
