The Axelar program aims to accelerate the development of decentralized applications and protocols to replace centralized exchanges.
A $60 million startup funding initiative for the proof-of-stake (PoS) blockchain Axelar was introduced on December 19 with the goal of speeding the creation of decentralized applications and protocols that can take the place of centralized exchanges.
The project has the support of around 15 blockchain investors. The project, known as the Axelar Ecosystem Startup Funding Program, was created to encourage the creation of Web3 apps that address global problems that cannot be resolved by a centralized internet.
According to the business, projects must also protect digital sovereignty, security, and privacy and strive to onboard masses without creating needless friction between particular blockchains or tokens. Co-founder and CEO of Axelar Sergey Gorbunov commented on the development :
“2021-2022 saw an unprecedented influx of new developers into Web3. In 2023, we expect to see less quantity, but more quality. For those who have the conviction and the capability to build truly permissionless systems, the collapse of FTX only fuels their determination. The best developers in Web3 are no longer content to cede onramps to entities that operate “blockchain” services run on a database. They are more committed than ever to solving problems of digital sovereignty, privacy and access that the centralized web can’t solve — and delivering those solutions on infrastructure that can onboard masses, seamlessly.”
The money comes from the Axelar Grant Program, which began in 2022 and awarded grants to more than 50 initiatives, about 33% of which were successful in obtaining seed or pre-seed finance.
“Variables like market conditions may impact deal flow, but the Axelar Ecosystem Funding Program aims to accelerate that rate of funding for projects in the Axelar ecosystem — whether they are in the Grant Program or not — in 2023,” noted Gorbunov.
Blockchange, Chorus One, Collab+Currency, Cygni, dao5, DCVC, Divergence Ventures, Dragonfly Capital, Lemniscap, Morningstar Ventures, Nima Capital, Node Capital, North Island Ventures, Rockaway Blockchain Fund, and SCB 10X are among the blockchain investors who are supporting the program.
The program attempts to link investors and developers who are creating interchain dApps. Partners in development include Polygon, Circle, Osmosis, and Arbitrum.
