Nervos Launches $5 Million Fund To Support DeFi Project

China’s Nervos network has launched a $5 million fund to support projects building decentralized exchanges, lending platforms, and other DeFi protocols.

According to a February 10 announcement from Nervos, the funds will be used to provide cash grants and direct support to fintech and blockchain entrepreneurs.

In particular, Nervos wants to support the Defi team in building trustworthy decentralized exchanges, synthetic asset solutions, identity protocols, lending solutions, prioritizing projects striving for interoperability across multiple blockchain networks.

Grant applicants building on the Nervous blockchain will also be eligible to receive direct support from Nervos’ core development team.

Nervos is an open source public blockchain based in China that enables layer two scaling solutions and aims to build a “universal public network like the Internet”.

Nervos described the fund as a response to “reaction and controversy” regarding the centralized financial sector. In recent weeks, retail-driven short-term pressure targeting shares of struggling gaming retailer GameStop led Robinhood and other major trading platforms to suspend trading in the stock.

“People are becoming more and more interested in blockchain and crypto because of the barriers in traditional finance, but users need to be able to easily transact on blockchain for the space to grow and thrive.”

Kevin Wang, co-founder of Nervos

Nervos also emphasizes the “old fashioned” systems that underpin older trading systems, such as centralized governance and inefficient settlement processes.

Nervos launched the CKB blockchain in 2022 with a focus on scalability. The project seeks to target DeFi and asset tokenization from the outset, and launches the CKB foundation to support developers working to improve the security, decentralization, and speed of the DeFi ecosystem.

Last year, Nervos emphasized interoperability, launching a bridge between Ethereum and the CKB network in December, and a “universal passport” that allows developers to program multiple blockchains through a single interface in the same month.

Nervos was also among the initial group of permissionless blockchains to integrate with the China Blockchain Services Network last year.

Leave a Comment