1inch Exchange Launches $3 Million Ecosystem Development Fund, Expanding Decentralized Finance (DeFi)

A new program of investment aims to accelerate growth and development, incentivizing developers to build on 1inch protocols.

By
Robert D. Knight
on
July 16, 2021
Category:
BSC News

Taking Steps in Feet Not Inches

1inch has announced a major investment program which will see $3 million invested in the protocol over the course of the next 12 months. The move comes as part of rapid ongoing development of 1inch and the wider DeFi sector. 

The news was reported by CoinTelegraph on July 15th. Now the 1inch Foundation is spearheading an investment round which is designed to further stimulate the development 1inch by distributing cash to developer teams and individuals under the 1inch Grant Program.

Source: Interested parties are invited to apply to the grant program. 


3 Key Areas

Over the next 12 months the 1inch Foundation will look for developers which can forward the protocol in the following sectors: network development, community development, and research and analytics.

Network development will focus on key areas such as product development, integration, interoperability and security. Projects eligible for this category will include aggregation products, Automated Market Makers (AMMs), wallets, integrations with the 1inch API, and layer 2 solutions. 

Grants for community development will focus on educational materials, events and social outlets. Research and analytics will concentrate on advanced data analytics including 1inch network metrics and user behaviour analysis, innovative research, and the simulation of protocol performance and efficiency.

3 Key Areas


The Application Process

Interested parties are invited to make a full application to the 1inch Foundation with as much supporting information as possible, including the details of the proposal itself and the applicant's background and skills.

According to 1inch applications will take around two weeks to process and consider. Following this, those proposals which are deemed of interest will be advanced to the interview stage. Here 1inch will look to collect more specifics on both proposal and applicant.

If successful, applicants will be given a formal grant offer within 10 days of the interview and onboarded thereafter with ongoing support from the 1inch team. 

Applicants will also be expected to adhere to a development timeline and check-in with the 1inch team periodically to ensure that milestones are hit on time.


The First Project

The first beneficiary of the fund is DeNet, a decentralized storage protocol. DeNet has been developing solutions for cloud storage since 2017, offering a decentralized alternative to Amazon, Google, Apple and other major players in this segment. 

It is a project well-known by 1inch co-Founder Anton Bukov, who has been a consultant to the company since its inception.

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Robert D. Knight

Robert D. Knight is an experienced journalist and copywriter who has been working in crypto for 4+ years. His bags are heavy and he also hodls some cryptocurrency.

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