IOST Launches $100 Mln Fund for EVM Developers

The IOST Foundation aims to attract Ethereum Virtual Machine (EVM) developers to its ecosystem with a $100 mln incentive fund. The $100 mln is divided into two separate funds: the New Ecosystem Fund, used to expand IOST applications and the mainnet infrastructure, and the Accelerator Fund, designed to provide capital and incentive bonuses to development teams.

IOST is funding this venture through its institutional investment partners, with Big Candle Capital (BCC) leading the fundraising. BCC's main focus is supporting projects in Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), GameFi, Web 3 and the Metaverse.

The fund is part of the wider IOST Entroverse project, unveiled at the end of March, which aims to create a fast growing, interoperable and interconnected blockchain network. IOST stands for Internet Services Token and offers a fast, scalable blockchain with an ambitious goal of 100,000 transactions per second (TPS). Ethereum TPS is currently 12-15.

Image: ProstoCoin