Proof-of-work (PoW) blockchain Kadena has launched a $100 million grant program to encourage Web3 improvement on its platform, doubtlessly opening the door to extra use circumstances for the layer-1 protocol.
The grant program is an extension of Kadena Eco, an initiative designed to develop the Kadena ecosystem by way of the event of gaming, metaverse, nonfungible tokens (NFTs), decentralized finance (DeFi) and Web3 tasks.
Stuart Popejoy, Kadena’s founder and CEO, mentioned his agency can be deploying “treasury resources” to strengthen the long-term sustainability of the protocol.
Web3 members want to acknowledge its potential to revolutionize participation in varied fields. https://t.co/pf6seKA2hc
Web3, which has grow to be a type of catch-all phrase for the following iteration of the blockchain-powered web, has obtained appreciable consideration from enterprise capitalists. Cointelegraph not too long ago reported on the launch of two Web3 developer funds from crypto exchanges KuCoin and CoinDCX valued at $100 million and $135 million, respectively.
Meanwhile, decentralized node suppliers are stepping as much as present the infrastructure wanted to advance Web3 functionalities. However, the competitors is steep as legacy Web2 suppliers, together with Amazon Web Services, Azure and Infura, have emerged because the early infrastructure gamers within the Web3 financial system.
Related: Kadena value soars by 40% after new protocol launches and a significant alternate itemizing
To assist Web3 improvement on its platform, Kadena provides scalable structure and good contracts backed by a PoW consensus mechanism referred to as Chainweb. Theoretically, Chainweb helps excessive transaction throughput with out having to deploy layer-2 scaling options.
Kadena’s native cryptocurrency, KDA, is ranked within the high 100 on CoinMarketCap with a complete capitalization of roughly $925 million on the time of writing. KDA rallied sharply earlier this month following the launch of a brand new interoperability protocol and a Binance itemizing.