Blockchain

Fuse blockchain pledges $10M for ecosystem development

05/04/2023
Bitcoin Ethereum News

On May 3, layer-1 blockchain Fuse announced that it would pledge $10 million to “reinvigorate the Fuse ecosystem and drive growth in multiple areas.” The program, dubbed “Fuse Ignite,” is structured between liquid incentives and grants. As told by developers:

“Teams can apply for grants of between $5,000 and $25,000, depending on the focus of their project or service. DeFi projects can apply for incentives designed to boost liquidity and general user activity when deploying on Fuse Network.”

Upon application approval, Fuse Ignite operator grants are issued in Fuse Tokens (FUSE) and USD Coin (USDC). Operators use the Fuse Network blockchain and other tools to power payment services. 

Parts of the $10-million budget are also allocated for adoption incentives and community airdrops. To participate, users must hold and stake a minimum balance of Fuse, provide liquidity for supported projects, bridge assets and transact regularly. The launch of Fuse Ignite also coincides with the upcoming deployment of a launchpad on Voltage Finance that aims to be the preferred solution for new tokens looking to join the Fuse ecosystem.

Fuse reached a peak market capitalization of nearly $300 million last year, with its total value locked growing to $40 million. Since its inception in 2019, the project claims to have facilitated over 120 million transactions across 1.35 million wallets, with over 100 Web3 projects building on its current ecosystem. In September 2022, Fuse partnered with ChromePay to bring decentralized identifiers to Africa. Fuse has also awarded ChromePay a grant for an undisclosed amount to build out its decentralized finance and decentralized ID services directly on the blockchain.

Magazine: Visa stablecoin plan, debt ceiling’s effect on Bitcoin price