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VeChain Foundation Launches $1m Grant to Boost VeChain eNFT Ecosystem

  • VeChain Foundation has launched a $1 million grant to boost its enterprise NFT (eNFT) ecosystem.
  • The blockchain project is seeking to challenge Ethereum for the NFT and DeFi supremacy, luring programmers with incentives and lower gas fees.


The VeChain Foundation has announced a $1 million grant system to boost the adoption of VeChainThor via its eNFT ecosystem.

In an official announcement on 04 28, the company revealed how the grants are targeted at designers and projects adjudged to get potential value to the ecosystem. To this end, the give will provide resources for them to build on the VeChainThor blockchain.

Growing VeChain via creator incentives

Currently, VeChain’ s market cover stands at about $12. 3 or more billion. This is significantly behind DeFi ecosystem leader Ethereum, which currently boasts a marketplace cap of over $318 billion. However , according to data from Nomics, VeChain provides seen rapid growth in the last year as it seeks to someday overhaul the 800-pound Ethereum gorilla.

 

Whilst Ethereum continues to dominate the NFT and wider DeFi space, the VeChain Foundation believes that VeChainThor provides significant upside for developers. This is mainly down to its dual token structure which enables it to offer low and stable gas costs for users, in stark contrast to the Ethereum blockchain.

To this end, the company believes that presenting incentives to attract programmers and projects onto VeChainThor is the first part of creating an Enterprise NFT (eNFT) system. When fully active, this eNFT system, the organization says, will stand in the forefront of blockchain bulk adoption. An excerpt from the grant program announcement reads:

To develop such an ecosystem, we need as much applications and projects as we can get, including NFT marketplaces, token bridges, DeFi programs, open source tools and more. The compounding effect of more tools will exponentially raise the development progress of the eNFT ecosystem.

VeChain Foundation says it has committed $1 million to the grant program with the show intention of incentivizing programmers and projects to choose VeChainThor over competing blockchains. Within a nod to its developing rivalry with Ethereum, the organization also stressed that VeChainThor’ s Base Gas Price was recently reduced specifically for the benefit of developers.

Specifics of the grant system

According to the foundation, developers applying to the finance may indicate their desire for any topic of their option. An excerpt from the statement reads:

Developers may navigate amongst any topic they like, including, but not limited to, NFT marketplaces, NFT-enabled games/ apps, enterprise-level NFT solutions, DeFi applications, token bridges, cross-chain tools, research projects and also other projects that will bring value towards the ecosystem (dev tools plus libraries etc).

A maximum of $30, 500 may be allocated to fund every successful application. The application process itself will be tracked through Github with a publicly noticeable and transparent evaluation plus selection process. Successful candidates holding VeChain X-Nodes will likely get a 50 percent bonus along with their funding amounts.

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