Core DAO, an organization committed to the development of the Satoshi Plus ecosystem, has introduced a $200 million Ecosystem Fund aimed at speeding up the development of decentralized applications and protocols built on the Core layer-1 blockchain.
According to two press releases seen by Cointelegraph, one from CoreDAO and one from Bitget, The Ecosystem Fund — which is supported by strategic partners such as cryptocurrency exchanges Bitget and MEXC — aims to provide financial support to early-stage projects. This support will encompass various areas such as research and development, recruitment, marketing, community-building programs and other essential growth initiatives.
In addition to the investment, the partnership also involves the listing of Core projects and the opening of a new Core Trading Zone on Bitget and its integrated BitKeep wallet. Bitget also plans to become one of the validators of the Core network and support Core staking on the exchange. Bitget’s user base of over 8 million can also offer substantial staking capabilities to the Core DAO ecosystem, providing it with essential liquidity.
The Ecosystem Fund of Core DAO claims to distinguish itself from industry peers by not adopting a grant-based system in which a project’s primary requirement to obtain financial support is committing to build on a particular protocol. Instead, the Ecosystem Fund will incentivize each project to achieve pre-agreed customized benchmarks that provide tangible value to the Core community.
Rich Rines, the initial contributor at Core DAO, commented: “Too often, grant programs seem designed to grab headlines and generate short-term momentum rather than incubating projects aligned with the ecosystem’s long-term success.”
“Core DAO has always prioritized creating the highest quality technology in the blockchain industry versus being the ‘first’ or the ‘fastest’ to do something. That’s why our Ecosystem Fund will incentivize projects for their ability to both deliver value and sustain success,” he added
Gracy Chen, the managing director of Bitget, said:
“This investment is another show of proof of our commitment to supporting the blockchain space from various angles. We have to keep in mind that the purpose of blockchain is to link the real world with Web3 space, and that is exactly what we are promoting with this partnership and our support to the ecological fund.”
Related: Umami Labs founder: DAOs aren’t always the answer
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