The program aims to accelerate the development of decentralized applications and protocols to replace centralized exchanges.

Blockchain Proof-of-Stake (PoS) Axelar on Dec. 19 launched a $60 million seed funding program dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is backed by more than 15 blockchain investors.

Called the Axelar Ecosystem Startup Funding Program, the initiative is designed to encourage the development of Web3 applications that address global issues that cannot be solved by the centralized Internet. To be eligible for funding, projects must also respect digital sovereignty, security and privacy, and easily onboard masses without unnecessary friction between specific blockchains or tokens, the company noted.

Sergey Gorbunov, co-founder and CEO of Axelar, explained to Cointelegraph the development:

“2021-2022 has seen an unprecedented influx of new developers into Web3. In 2023, we expect less quantity but more quality. For those with the belief and ability to build truly permissionless systems, the collapse of FTX only strengthens their resolve. The best Web3 developers no longer just offload onramps to entities running “blockchain” services running on a database. More than ever, they’re committed to solving digital sovereignty, privacy, and access problems that the centralized web can’t solve — and delivering those solutions on an infrastructure that can seamlessly integrate the masses.
The funding is tied to the Axelar grants program, which launched in 2022 and has supported more than 50 projects with grants, of which around 33% were able to raise seed or pre-funding funds. “Variables such as market conditions can impact deal flow, but the Axelar Ecosystem Funding Program aims to accelerate that rate of funding for Axelar Ecosystem projects – whether they are in the funding program or not – in 2023,” Gorbunov noted.

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The program is backed by a group of blockchain investors including Blockchange, Chorus One, Collab+Currency, Cygni, dao5, DCVC, Divergence Ventures, Dragonfly Capital, Lemniscap, Morningstar Ventures, Nima Capital, Node Capital, North Island Ventures, Rockaway Blockchain Fund and SCB 10X.

The program aims to create a connection between investors and developers building Interchain dApps. Development partners include Arbitrum, Circle, Osmosis, and Polygon.

Source: CoinTelegraph

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