Nervos Is Funding $5M In DeFi Grants Amid Recent Trading Controversybr>
Blockchain startup Nervos has announced a $5 million DeFi fund to provide cash grants to FinTech and blockchain entrepreneurs building solutions to problems plaguing centralized finance, like T+2 settlements and censorship.
Nervos is a network of scaleable and interoperable blockchains built on top of an open network – which the company calls the Common Knowledge Base (CKB). CKB is built as a security anchor for all blockchains in the Nervos Network. It allows any crypto-asset to be stored with the security, immutability, and permissionless nature of Bitcoin while enabling smart contracts and layer 2 scaling. Its unique crypto-economic model is designed to better align the interests of users, developers, and miners as compared to first-generation blockchains.
Nervos said that the fund is in direct response to the recent trading controversy where millions of retail users saw centralized trading platforms like Robinhood limit their trading activity. Through its new DeFi fund, Nervos is investing in the development of new blockchain-based solutions to help make financial services more inclusive and equitable.
“People are becoming increasingly interested in blockchain and crypto because of the barriers in traditional finance, but users need to be able to easily transact on the blockchain for the space to grow and scale,” said Kevin Wang, co-founder of Nervos. “We designed the Nervos architecture to tackle these issues and create a truly universal blockchain that acts as a gateway to the greater blockchain ecosystem.”
DeFi is one of the fastest-growing communities within blockchain, however, it has yet to capture significant market share from the traditional finance industry and remains far from mainstream adoption. Nervos’ DeFi fund aims to fuel this grassroots movement by empowering entrepreneurs and developers to launch new DeFi solutions catering to a much wider audience.
“Nervos’ grant applications are open to any individuals or teams building DeFi projects designed to solve any of the inefficiencies and inequities that currently plague the financial services industry,” the company said. “In light of recent events, anyone building decentralized exchanges (DEXs) that are trustless and censorship-resistant is strongly encouraged to apply, but Nervos is also welcoming ancillary solutions like synthetics, KYC/AML protocols, decentralized lending solutions, and more.”
According to Nervos, it will also provide recipients with direct support as they build on the public blockchain network, which acts as a secure and immutable foundation for all kinds of DeFi applications to launch and scale on. Nervos’ core developer team will provide guidance on technical implementation to ensure participants can easily launch or scale their projects on the Nervos blockchain. Applications are accepted on a rolling basis and will prioritize applicants with a working product or a strong proof of concept.