- Blockchain developers have partnered to launch a fund meant to grow the Web 3.0 economy
- Backed by the likes of Solana Foundation and Polygon Ventures, it focuses on new blockchain projects utilizing the Wormhole platform
- Known as the Cross-Chain Ecosystem Fund will stand with projects developing inter-blockchain products
Blockchain developers have partnered to launch a fund to grow the Web 3.0 economy. Known as the Cross-Chain Ecosystem Fund and backed by the likes of Solana Foundation and Polygon Ventures, it focuses on new blockchain companies using the Wormhole protocol to build inter-blockchain products. The fund comes roughly three months after DeFi platforms joined forces to rebuild trust in the Web 3.0 world and a year after the cross-chain bridge suffered a $320 million hack.
Web 3.0’s Future is in Multiple Blockchains
Managed by Borderless Capital and with an initial capital of $50 million, it aims to bring more people into the blockchain world while also showcasing that the future of Web 3.0 is hinged on having multiple blockchains tackling different aspects of users’ pain points.
It’s time to make building in crypto more accessible than ever before.
Introducing the $50m Cross-Chain Ecosystem Fund, powered by Wormhole! 💎 pic.twitter.com/y3VeCsUrSa
— Wormhole🌪 (@wormholecrypto) May 18, 2023
According to Borderless Capital CEO David Garcia, the venture aims to fund developers’ ideas focusing on products that can interact with multiple decentralized platforms which will help harness the full potential of blockchain platforms.
In a Twitter thread, Wormhole noted that the fund will help awaken “the next generation of Web 3.0 applications.” The cross-chain bridge operates as an inter-blockchain communication platform but also allows users to move assets across chains.
Hackers Target DeFi Bridges
Wormhole has attracted several partners including Uniswap and Transfer Protocol to facilitate the movement of funds between Ethereum, BNB Chain and Avalanche.
Despite Wormhole pushing for cross-chain products, hackers have in the past used weaknesses in DeFi bridges like the Ronin Network to steal user funds. However, such occurrences are likely to reduce with Hashi, a new tool by Gnosis meant to secure cross-chain bridges.
With blockchain developers partnering to incubate new Web 3.0 projects, it may reduce the number of malicious projects in the space.
