Core DAO, an organisation responsible for Satoshi Plus infrastructure, has launched a $200 million worth ecosystem fund. It’s believed that the step aims to accelerate growth of decentralised applications (dApps) and protocols based on Core layer-1 blockchain, as stated by Cointelegraph.
According to Cointelegraph, the ecosystem fund, bolstered by Bitget and MEXC, intends to ensure financial backing for early-stage projects. Sources suggest that the support will include different sectors such as research and development, recruitment, marketing, community-building programs, among others.
Based on information by Cointelegraph, the partnership includes Core projects and unveiling of a new Bitget-based Core Trading Zone and its integrated BitKeep wallet. Reportedly, Bitget aims to be a validator of Core Network and back Core staking on the exchange. From what it’s understood, Core DAO’s ecosystem fund doesn’t take into account a grant-based system which requires a project to have financial support to develop a certain protocol.
“Too often, grant programs seem designed to grab headlines and generate short-term momentum rather than incubating projects aligned with the ecosystem’s long-term success. Core DAO has always prioritised creating the highest quality technology in the blockchain industry versus being the ‘first’ or the ‘fastest’ to do something. That’s why our Ecosystem Fund will incentivize projects for their ability to both deliver value and sustain success,” Rich Rines, initial contributor, Core DAO, stated.
(With insights from Cointelegraph)