Kadena, a proof-of-work (PoW) blockchain, has announced a $100 million grant program to encourage Web3 development on its platform, potentially opening the door to more use cases for the layer-one protocol.
The grant program is an extension of Kadena Eco, an initiative aimed at expanding the Kadena ecosystem by developing gaming, metaverse, nonfungible token (NFT), decentralized finance (DeFi), and Web3 projects.
Kadena’s founder and CEO, Stuart Popejoy, stated that his company will use treasury resources to ensure the protocol’s long-term viability.
Venture capitalists have been paying close attention to Web3, which has become a sort of catch-all phrase for the next iteration of the blockchain-powered internet. It was recently reported that the launch of two Web3 developer funds worth $100 million and $135 million, respectively, from crypto exchanges KuCoin and CoinDCX.
In the meantime, decentralized node providers are stepping up to provide the infrastructure required to advance Web3 functionalities. However, competition is fierce because legacy Web2 providers such as Amazon Web Services, Azure, and Infura have emerged as early infrastructure players in the Web3 economy.
Kadena provides scalable architecture and smart contracts backed by a PoW consensus mechanism called Chainweb to support Web3 development on its platform. In theory, Chainweb is said to support high transaction throughput without the need for layer-two scaling solutions.
KDA, Kadena’s native cryptocurrency, is ranked in the top 100 on CoinMarketCap, with a total capitalization of approximately $925 million at the time of writing. KDA surged two weeks ago having followed the release of a new integration procedure and a Binance listing.