Funding Overview
On December 19, 2023, the proof-of-stake blockchain Axelar made headlines by unveiling a massive $60 million funding initiative aimed at propelling the growth of decentralized applications (dApps) and protocols intended to disrupt the centralized exchange model. This program, known as the Axelar Ecosystem Startup Funding Program, is the brainchild of over 15 savvy blockchain investors.
Why the Need for Decentralization?
In a world dominated by centralized platforms, the Axelar initiative is a refreshing breeze advocating for digital sovereignty, privacy, and robust security. The funding specifically targets projects that align with the principles of Web3, which seek to tackle global concerns that traditional internet solutions often scratch their heads at. Developers looking to cash in on the fund must satisfy the criteria that their projects safeguard user privacy and security while minimizing barriers between various blockchains and digital tokens.
Words from the Top: Sergey Gorbunov’s Insights
Sergey Gorbunov, co-founder and CEO of Axelar, expressed optimism about the future of Web3 development. He mentioned the unique atmosphere surrounding developers in 2023, stating,
“We expect to see less quantity, but more quality. The collapse of FTX only fuels the determination of developers to create truly permissionless systems.”
This wave of commitment towards decentralization signifies an exciting shift, as developers are increasingly unwilling to let ‘blockchain services run on databases’ define their work.
Complementary Programs and Success Stories
The Axelar Ecosystem Startup Funding Program is a natural successor to the Axelar Grant Program, which birthed over 50 projects since its launch in 2022. Approximately a third of those projects scored seed or pre-seed funding. Gorbunov noted,
“The program aims to accelerate the funding rate for projects in the Axelar ecosystem in 2023, regardless of their prior association with our Grant Program.”
This move underscores a strong commitment to ensuring that viable projects don’t flounder due to market conditions.
A Network of Support
The program brings together a powerful coalition of blockchain investors, including well-known names like Blockchange and Dragonfly Capital, among others. Additionally, notable partners in development include Arbitrum, Circle, Osmosis, and Polygon. Their collaboration aims to foster a seamless connection between the funds and motivated developers, facilitating the creation of interchain dApps that could redefine digital engagement.
Conclusion
As the Axelar Ecosystem Startup Funding Program gears up to make waves in the blockchain landscape, it highlights a shift towards prioritizing genuine innovation and quality in the decentralized landscape. With a vision firmly planted in addressing the issues that centralized platforms can’t tackle, the future is looking promising for those daring enough to enter the fray of Web3 development.
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