Kadena Launches $100M Grant Fund to Support Early-Stage Builders

Blockchain protocol Kadena said Thursday it is launching a $100 million grant fund to support individuals and companies building on the chain.

The protocol’s growth initiative Kadena Eco will focus on supporting developers and entrepreneurs building decentralized autonomous organizations (DAOs), decentralized finance (DeFi) and non-fungible tokens (NFTs) within Kadena.

“We care about the best builders building on Kadena. A lot of them are transitioning into Web 3, and they will help define these use cases,” said Chief Investment and Innovation Officer Paul Hsu.

Kadena is fronting the grant capital, Kadena Eco CEO Francesco Melpignano said over Telegram. It will dole the grants out to idea-stage projects with “no-string-attached.”

“It’s Kadena’s way to pay it forward to our community and blockchain builders moving the needle in the space,” he said.

Kadena’s grant program continues a trend of ecosystem investments by crypto projects. This year alone has seen The Graph launch a $205 million ecosystem fund and privacy-focused Secret announce its own $225 million effort.