Kadena, a blockchain startup created by Stuart Popejoy and Will Martino, who previously worked at JP Morgan, has announced a $100 million award program for Web3 developers to develop apps on its blockchain.
While Martino was working as JP Morgan’s lead engineer for the company’s open-source blockchain platform, Juno, Popejoy was serving as the company’s executive director of new product development. They parted ways with JP Morgan in 2016 to form Kadena as a team.
Popejoy said in a statement that he wants to see projects established on Kadena that would “change the world.”
He also said, “We’re doubling down on our resolve to make that happen by aggressively and responsibly investing our treasury resources to secure the long-term viability of our ecosystem.”
The grant program is a component of KadenaEco, a bigger development initiative that provides project acceleration, incubation, venture financing, and grants amongst other services.
Previously, Kadena (not KadenaEco) provided technical scholarships to developers worth up to $50,000 each.
Through this new award program, KadenaEco will provide financial and strategic support for early gaming, metaverse, DAO, DeFi, and NFT projects, among other things.
There is virtually no restriction on what may be done in Web3, as long as it is based on Kadena’s proof-of-work blockchain.
That being said, successful grant applications filed through KadenaEco’s website will be required to demonstrate technical expertise, be highly comprehensive, outline a qualified team, and explain why the project is helpful and necessary to the Kadena environment.
Mentors will keep an eye on each project, while the trainees will record their progress on a public forum.
When it comes to blockchain-specific funding, Kadena is joining the ranks of companies such as Solana, Ethereum, Avalanche, Chainlink, and Polygon, all of which have multi-million-dollar grant programs.
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