Nibiru Chain, in a press release shared with crypto.news, announced a grant program allocating a sum equivalent to roughly 2.5% of the token supply. Erick Pinos, Nibiru Chain’s ecosystem lead, stated that the grant will complement ongoing aid in partnership pairings, access to mentors, industry experts, and experienced developers. Jonathan Chang, COO of Nibiru, expressed that the firm aims to reduce barriers to entry and create opportunities for those who may not have access to traditional VC funding. Chang also highlighted the expected impact of Nibiru’s grant program on the tokenization of real-world assets (RWA) by citing projects such as Coded Estate, specializing in bringing homes and rentals on-chain, and on-chain gaming platforms like IntoTheVerse and Chess3.
In addition to the grant program, Nibiru plans to organize multiple hackathons with prize pools of up to $100,000 per event. The company also intends to attract more developers to the ecosystem by introducing a reward mechanism, allowing blockchain creators to earn a portion of transaction fees each time their smart contracts are executed on the Nibiru Chain network. Following the announcement of the initiative, Nibiru’s native token NIBI saw a surge of over 4%, reaching $0.34, based on data from CoinGecko. Established in 2022, Nibiru Chain has secured millions of dollars in funding, leading to a valuation of around $100 million.
The blockchain is backed by prominent firms such as Tribe Capital, Kraken Ventures, HashKey Capital, Republic Capital, NGC Ventures, and Original Capital.