PiChain Ghana

Core DAO’s $725,000 Grant Initiative: The Story Behind Ecosystem Growth

CORE
Core DAO’s $725,000 Grant Initiative: The Story Behind Ecosystem Growth

By
Utulu Hope

CORE
Core DAO has funded over 30 projects, looking to create an ecosystem filled with numerous utilities for its user base.

Core DAO made headlines earlier this year by launching multiple grant programs, including the S-Prize, to spur development in its ecosystem.

Within six months, these initiatives have awarded over $725,000 to more than 30 different projects. The accelerated growth of Core’s ecosystem results from multiple factors, from an engaged community to skillful development teams.

Key Drivers Behind Core’s Growth
Active Community Participation
One of the most notable drivers behind Core’s expansion so far is the community. Core DAO has a passionate user base that actively participates in various aspects of the ecosystem, from governance to development.

Talented Development Teams
The talented teams building on Core have been instrumental in its growth. These teams bring innovation and expertise, creating projects that look to add value and attract more users to Core.

Generally, the team has delivered the most important task for the Core DAO ecosystem, which is creating utility for users of the secure, scalable, and decentralized Layer 1 blockchain backed by the Satoshi Plus Cosensus.

S-Prize: Catalyzing Strategic Development
The powerhouse behind the massive ecosystem development, as mentioned earlier, is the S-Prize. It has so far identified and funded 25 recipients with close to $120,000. These recipients are building in one of four strategic areas that are pivotal for Core’s future growth:

– Decentralized Exchanges (Dex).

– Lending and Borrowing Platforms (Lend/Borrow).

– Financial Derivatives.

– Decentralized Finance (DeFi) and Gaming.

Other Grant Programs and Partnerships
Besides the S-Prize, Core has distributed grants to builders within its own ecosystem as well as to external partners. This multi-pronged approach ensures a more robust and diversified platform.

Several noteworthy projects have launched thanks to Core’s grants, including:

– Ice Cream Swap: A decentralized exchange

– Omniverse: A virtual world platform

– Polyhedra: A DeFi solution

Lessons Learned: The Case of Aquarius
While most funded projects have succeeded, there have been bumps. Take, for example, the lending platform Aquarius, which recently faced an incident jeopardizing user funds.

As a result, it is no longer eligible for Core’s grant funding. This serves as a cautionary tale, reminding us of the risks involved in blockchain development.

Nonetheless, Core DAO’s grant initiatives have made a significant impact, pumping over $725,000 into its growing ecosystem in less than half a year. With active community participation and skilled teams at the helm, the future looks promising for Core and its expanding list of funded projects.

What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core looks to display a deep appreciation for the crypto ecosystem’s history and an even greater excitement for Core’s role in its future.

Where to find Core DAO:
Website | Docs | Twitter | Discord

Reference: https://www.bsc.news/post/core-daos-725-000-grant-initiative-the-story-behind-ecosystem-growth

Leave a Comment

Your email address will not be published. Required fields are marked *