Nibiru Chain Announces $15 Million Development Grant

HashKey-backed L1 Nibiru Chain has unveiled a major fundraising plan aimed at strengthening its developer ecosystem. With over $15 million allocated in grants, the smart contract platform seeks to address key challenges in the Web3 space by fostering a stronger and more dynamic network of developers.

founded by Unique Divine, Kevin Yang, Jonathan Gimeno, Veterans with Rich Backgrounds Google, Tendermint, IBM, Sommelier, Nibiru Chain aims to: It is ‘the first truly mainstream decentralized multi-chain solution’.

Called Nibiru Builder Grants, the initiative allocates approximately 2.5% of the current token supply to support various development projects. This includes a significant $5 million grant specifically targeting Asian developers, highlighting the region’s pivotal role in the global technology landscape.

“Ecosystem partners also have access to Nibiru’s VCs, including Tribe Capital, ArkStream, NGC Ventures, Master Ventures and others, who can provide venture funding opportunities and support for the most promising projects,” the company said in a statement. It was stated in

Nibiru’s Head of Ecosystem, Erick Pinos, emphasized the company’s commitment to developers. “The Nibiru ecosystem wants to empower developers who want to drive positive change in Web3.”

He added that the initiative will provide essential support including mentorship, industry expertise and marketing support to increase project visibility.

In line with its strategic vision, Nibiru is also introducing a competitive grant program that operates on a performance-based milestone system. This approach ensures funding is aligned with key performance indicators, promoting continued engagement and project viability within the ecosystem.

The scheme is not limited to financial assistance. Nibiru is also offering non-monetary benefits such as hackathons with prizes of up to $100,000 and accelerator programs for a variety of decentralized applications (dApps), including real-asset tokenization, Web3 gaming, and the DeFi sector.

An innovative aspect of the subsidy program is a new rewards mechanism that allows developers to earn a portion of transaction fees each time a smart contract is executed. It aims to create a positive feedback loop to encourage developers to create high-quality and effective smart contracts.

Nibiru’s proactive approach extends beyond development assistance. The platform also plans to give developers access to a network of auditors, law firms, accountants and market makers. This comprehensive support system is designed to take your project from idea to implementation, increasing the likelihood of success and sustainability.

This initiative also includes the introduction of Genesis NFTs, which will provide early access to upcoming dApps as well as empower holders to participate in governance through a decentralized autonomous organization.

Also Read: Zeko Labs Raises $3M in Pre-Seed Funding Led by UOB, Signum, and YBB Capital.