The program aims to accelerate the development of decentralized applications and protocols to replace centralized exchanges.
Proof-of-Stake (PoS) blockchain Axelar launched a $60 million seed funding program on Dec. 19 dedicated to accelerating the development of decentralized applications and protocols that can replace centralized exchanges. The initiative is supported by more than 15 blockchain investors.
The initiative, named Axelar Ecosystem Startup Funding Program, was designed to encourage the development of Web3 applications that address global problems that cannot be solved by the centralized Internet. To be eligible, projects must also protect digital sovereignty, security and privacy, and work to easily get the masses on board without unnecessary friction between specific blockchains or tokens, the company noted.
Axelar co-founder and CEO Sergey Gorbunov told Cointelegraph about 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 faith and ability to build truly permissionless systems, the collapse of FTX will only strengthen their resolve. The best Web3 developers are no longer satisfied with handing off gateways to entities running “blockchain” services running on a database. More than ever, they are committed to solving problems of digital sovereignty, privacy, and access that the centralized web cannot solve—and delivering those solutions on an infrastructure that can seamlessly integrate masses.
Funding is tied to the Axelar grant program, which started in 2022 and has funded more than 50 projects, around 33% of which were able to attract seed or pre-seed funding. “Variables like 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 grant program or not – in 2023,” noted Gorbunov .
Stay safe in Web3. Learn more about Web3 Antivirus →
Related: Security and interoperability, the challenges of Web3 mass adoption
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 and Rockaway Blockchain Fund and SCB 10X.
The program aims to bring together investors and developers developing cross-chain dApps. Development partners include Arbitrum, Circle, Osmosis and Polygon.