Nervos to back DeFi projects with $5 million

Nervos launches $5M fund to support the projects in the emerging DeFi sector
  • Nervos blockchain has recently launched $5 million for projects in the emerging DeFi sector
  • The network is ultimately looking for supporting the DeFi development teams
  • The network’s objective is to create a universal public network like the Internet

Nervos, a Chinese blockchain, has recently launched $5 million. It is known that the blockchain network has plans to support the emerging DeFi projects, DeFi protocols, decentralized exchanges, and lending platforms. According to the report of the news-outlet PR Newswire, the blockchain network will be using the funds to provide cash grants and direct support to fintech and blockchain entrepreneurs. However, the funds have been described as in response to backlash and controversy regarding the centralized sector.

Nervos is ultimately looking to support the DeFi teams

Nervos has launched the funds to back the decentralized finance projects. Ultimately, the fund has been launched to support DeFi teams building under trustless, decentralized exchanges, synthetic assets solutions, identify protocols, lending protocols, lending solutions, prioritizing projects seeking interoperability across multiple chains. According to the launch report, all the granted applicants developing on the Nervos blockchain network will also receive hands-on support from the network’s core developers team. 

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According to Terry Tai, co-Founder of Nervos, advancements in the network technology and evolving needs of the businesses and end-users have built the perfect storm for blockchain innovation. Indeed, the network is not on the cusp of decentralization as it is already here. However, the timing of the Nervos mainnet couldn’t be better.

The objective of the blockchain network

Nervos is an open-source, public blockchain-based in China. The network aims to develop a universal public network such as the Internet. The network has recently observed a retail-driven short-squeeze targeting the stock of struggling video game retailers saw many centralized crypto exchanges suspend trade in shares. According to Kevin Wang, the co-founder of the Nervos network, individuals are getting increasingly interested in the technology used in the crypto world because of barriers in traditional finance. However, users need to easily transact on the network for the cryptosphere to grow and scale. On the other hand, the network also emphasized old systems are underpinning legacy trading systems like centralized governance and inefficient settlement processes.

To participate in the ecosystem of Nervos, the miners and developers can utilize the Nervos CKB on the Lina mainnet. The native utility token of the network is CKByte, which can be used for miner incentivization and resource management.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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