IOST Foundation Starts $100M Fund for EVM Developers
The venture is being funded through IOST's institutional investment partners, with Big Candle Capital (BCC) leading the raise.
The IOST Foundation is looking to entice Ethereum Virtual Machine (EVM) developers to its ecosystem with a $100 million incentive fund.
- The $100 million is split into two separate funds: the New Ecosystem Fund, used to expand IOST's applications and mainnet infrastructure, and the Accelerator Fund, intended to provide capital and incentive bonuses to development teams.
- EVM is a software platform that developers can use to create decentralized applications on the Ethereum network. They can be accessed from anywhere in the world through participating Ethereum nodes.
- The IOST Foundation is funding this venture through its institutional investment partners, with Big Candle Capital (BCC) leading the raise. BCC's focus is on supporting projects in decentralized finance (DeFi), non-fungible tokens (NFT), GameFi, Web 3 and the metaverse.
- The fund forms part of IOST's broader Project Entroverse – unveiled at the end of March – which aims to build a build a rapidly growing, interoperable, and interconnected blockchain network," the IOST Foundation said on Tuesday.
- IOST stands for "internet of services token" and is looking to offer a fast scalable blockchain with the lofty goal of reaching 100,000 transactions per second (TPS). For context, Ethereum's TPS is currently 12-15.
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