Kadena Protocol Launches $100m for Web3 Grants Initiative

Kadena Protocol, a scalable Layer-1 blockchain network, has announced the launch of a $100 million Web3.0 grant to power the growth of innovative startups looking to build on the network.

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According to a blog post shared by Francesco Melpignano, the Chief Executive Officer of Kadena Eco, the application for the grant is now ongoing and the funds will be deployed to fund both small and big projects that are ready to innovate on the Kadena blockchain. Projects looking to build gaming, metaverse, DeFi, and NFT-related solutions are of particular interest to the grant.

“Kadena Eco exists to empower builders to create new projects that transform the world. To realize this mission, we’re doubling down on our growing community by deploying capital towards the long-term sustainability of our ecosystem,” Melpignano said. “Kadena Eco grants will be applied to projects big and small, enabling builders of all backgrounds to succeed on Kadena. With our network of technology experts and strategic partners, we’re here to support builders every step of the way.”

While Kadena’s grant is not different from those of its peers like the ecosystem fund floated by Avalanche and Binance, Melpignano said gaining access to this grant can open more doors to the platform’s incubators and other programs designed to assist young developers to fulfil their potentials.

As unveiled, the selection criteria for the Kadena Web3 grant is hinged on the technical strength of the application, details of the specifications, the experience of the team, and the adjudged usefulness of the project to the Kadena ecosystem.

With the calls for applications out, Melpignano said projects that end up benefiting from the grants will have to work under the “Build in the Open” philosophy. This philosophy mandates developers connected to the Kadena network to contribute content, codes, tutorials and product explainers on relevant channels connected with the protocol. 

In all, the Kadena team is open to mentoring the next generation of leaders that will innovate to connect the world with the blockchain ecosystem, and one of the ways it is doing this is through the newly launched grant.

Image source: Shutterstock


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The British Government Is Funding Stablecoin and CBDC Research

Key Takeaways

  • The U.K. has awarded one of its most prestigious R&D grants to distributed ledger technology company Millicent.
  • Millicent is working on a project centered around stablecoins and CBDCs.
  • The U.K. joins several other nations researching central bank-backed digital currencies.

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The United Kingdom has awarded one of its most competitive research and development grants to Millicent, a stablecoin and central bank digital currency project. It is the first CBDC and stablecoin project funded by the British government.

Government Funds CBDC Project

The British government has awarded a highly sought-after grant to Millicent, a company researching stablecoins and CBDCs. It is the first stablecoin and CBDC project to be awarded funding by government of the U.K.

Millicent is the recipient of the U.K. Research and Innovation (UKRI) Innovate UK SMART Award, a highly-coveted grant sponsored by the Department for Business, Energy and Industrial Strategy (BEIS). Millicent’s project was chosen because, according to its assessors:

“Millicent is a game-changing project that could change the way we bank and spend; [its] impact could be very significant to the U.K., financially, socially, and technically, as it can lead the way for a U.K. system backed by the Bank of England.”

Millicent is the nation’s only government-backed stablecoin and CBDC project. The company’s stated purpose is to help bring digital finance to the masses and claims its network can process 10,000 transactions each second. It is led by a former Wall Street banker, Stella Dyer, who said:

“In today’s system, it’s usually the people with the least money who pay the most for financial services. Millicent is designed to level the playing field for everyone, creating an ‘Internet of Value’ that is open and accessible to all.”

The Bank of England and Her Majesty’s Treasury announced last November next steps in its own CBDC plans that could lead to a rollout later this decade. Many nations have given attention to central bank digital currencies, including the United States, Malaysia, Mexico, South Africa, Singapore, Australia, and Canada, with others like Nigeria, China, and the Bahamas having already launched one.  

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and several other cryptocurrencies. 

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$25M Uniswap Proposal Sparks Another Governance Controversy

Key Takeaways

  • Flipside Crypto has requested a $25 million grant from Uniswap to build a community driven analytics firm.
  • Critics of the proposal have questioned why the Uniswap grant should favor only one actor in the space.
  • Uniswap’s governance process was also criticized last month as a small number of parties can influence votes due to the number of tokens they have been delegated.

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A controversial new governance proposal is up for a vote on Uniswap. The proposal would allocate $25 million worth of UNI tokens to the crypto data analytics firm Flipside Crypto.

More Criticism Over Uniswap Governance

A new Uniswap governance proposal has sparked debate over decentralization and favoritism in the crypto community.

Flipside Crypto, a community-driven data analytics firm focused on crypto, has requested a $25 million grant to finance its activity over the next two years. Competing data analytics firm Dune Analytics took to Twitter to express its discontent at the proposal. “Grants should go to community members, not service providers,” the announcement read.

Until Dune Analytics’ post, votes were in overwhelming favor of the proposal. Dune Analytics argued that Uniswap was effectively picking a single winner out of the many firms interested in crypto analytics. Other leading data analytics firms in the space include Nansen, The Graph, and Token Terminal.

The proposal has since received many competing votes mostly against the proposal. The majority has now shifted to a NO vote, with around 41 million for and 46 million against at the time of writing. Voting ends on Aug. 20.

SIMETRI Research

Of the yes voters, the various university blockchain clubs to whom Andreessen Horowitz distributed most of its UNI tokens represent most of the support for the proposal. Some of the biggest opponents include Dharma, Compound founder Rob Leshner, and vocal crypto advocate DCinvestor.

Composition of Yes and No vote on the Community-Enable Analytics proposal. Source: Sybil.
Source: Sybil

In a tweet addressing the proposal, DCinvestor said that the precedent of projects “using the UNI treasury for large cash grabs to support pet causes often benefitting narrow groups of actors is very bad.”

The Flipside Crypto proposal is the second incident in which Uniswap’s governance process has come under fire in recent weeks. Last month, the DeFi Education Fund was criticized for dumping $10 million worth of UNI for USDC after it received a $20 million grant from the Uniswap treasury. The vote for the proposal passed after some university clubs that Andreessen Horowitz had delegated UNI tokens to voted in favor of the proposal, sparking debate over Uniswap’s degree of decentralization.

At this point, the latest proposal seems very unlikely to pass due to the vocal opposition on Twitter.

Disclaimer: The author held ETH, and several other cryptocurrencies at the time of writing. The author also holds UNI through an index token.

This news was brought to you by ANKR, our preferred DeFi Partner.

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