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Nervos launches a $ 5 million fund to support DeFi projects

The Chinese network annoy has launched one $ 5 million fund to support projects building decentralized exchanges, credit platforms, and other DeFi protocols.

According to an announcement by Nervos on February 10th The fund will be used to provide cash grants and direct support for fintech and blockchain entrepreneurs.

Specifically, Nervos aims to support defi teams in building trustworthy decentralized exchanges, synthetic asset solutions, identity protocols and credit solutions, Give priority Projects aiming for interoperability across multiple blockchain networks.

Nervos launches a $ 5 million fund to support DeFi projects
Nervos launches a $ 5 million fund to support DeFi projects

Applicants building on the Nervos blockchain can also get hands-on support from the Nervos core development team..

Nervos is an open source public blockchain based in China, that allows Layer two scaling solutions and aims touniversal public network similar to the internet“.

Nervos described the fund as an answer to the “backlash and controversy” regarding the centralized financial sector. In the past few weeks, Robinhood and other major trading platforms have stopped trading stocks due to the short-term sale of stocks in struggling game retailer GameStop.

Kevin Wang, Co-Founder of Nervos, said:

“Because of the barriers to traditional funding, people are becoming more interested in blockchain and cryptocurrencies, but users need to be able to easily trade the blockchain in order for the space to grow and expand.”

Nervous too stressed the “obsolete” systems that underpin traditional trading systemslike centralized governance and inefficient payment processes.

Nervos launched its CKB blockchain in 2019 with a focus on scalability. Wanted the project Aim for DeFi and asset tokenization early on and start the CKB Foundation to support developers Working to improve the security, decentralization and speed of the DeFi ecosystem.

Last year, Nervos emphasized interoperabilityIn December, a bridge was launched between Ethereum and the CKB network and a “universal passport” that allows developers to program for multiple blockchains in the same month via a single interface.

Nervos was also part of the first cohort of permissionless blockchains to be integrated into the China Blockchain Service Network.

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