The Chinese network Nervos launched a $ 5 million project support fund to build decentralized exchanges, lending platforms, and other DeFi protocols.
The fund will be used to provide cash grants and direct support to fintech and blockchain entrepreneurs, according to Nervos on February 10.
In particular, Nervos expects to support Defi teams that build untrustworthy decentralized exchanges, synthetic asset solutions, identity protocols, lending solutions, and prioritize projects seeking interoperability across multiple blockchain networks.
Grant applicants who use Nervo’s blockchain will also be eligible for practical support from Nervo’s development team.
Nervos is an open source, public Chinese blockchain that provides solutions for Phase II expansion and aims to create a “global public network like the Internet”.
Nervos described the fund as a response to “setbacks and controversy” over the central financial sector. In recent weeks, a short retail press targeting GameStop, Robinhood and other major trading platforms has halted stock trading.
Kevin Wang, founding partner of Nirvus, said:
“People are increasingly interested in blockchain and cryptocurrency due to the barriers in the traditional economy, but users need to be able to easily transact on the blockchain in order for the space to grow and expand.”
Nirvus has also drawn attention to the “legacy” systems that underlie old trading systems, such as centralized management and ineffective settlement processes.
Nervos launched the CKB blockchain in 2019 with a focus on scalability. Focusing on DeFi tokens and activation from the start, the project launched the CKB Fund to support developers working to improve the security, decentralization, and speed of the DeFi ecosystem.
Last year, Nervos focused on interoperability, and in December launched a bridge between Ethereum and the CKB network and a “global scrolling” that allows developers to program multiple threads through a single interface in the same month.
Nervos was also in the first batch of blockchains to be merged with the Chinese blockchain service network last year.