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A new incubation initiative will provide early-stage start-ups on SUI with comprehensive funding, expertise, marketing and community building support.
NAVI Protocol introduces 10 million NAVI tokens ecosystem fund
NAVI Protocol has announced the launch of the NAVI X Ecosystem Fund, a massive community-centric initiative. The team is committing 10 million NAVX tokens to foster the growth and innovation of the SUI blockchain's DeFi and Move-based ecosystem.
The NAVX Utility Megathread 📜
— NAVI Protocol | navi.sui (@navi_protocol) March 26, 2024
Our team actively pursues partnerships within the Sui ecosystem that provide NAVI Protocol and the #NAVX token with increased use cases and utility.
This thread will guide you through the benefits of holding and utilizing NAVX in Sui DeFi.
🧵 👇 pic.twitter.com/4OLfuun3zm
The fund represents an ambitious collaborative effort involving key stakeholders from the DeFi space. It is designed to equip developers with financial, strategic and networking resources necessary for the deployment and growing of innovative projects on the SUI blockchain.
Recognizing the importance of development support, NAVI Protocol's NAVI X Ecosystem Fund aims to foster a nurturing environment for developers. This involves both financial backing and advisory services, networking opportunities, and marketing support to ensure the sustainable growth of projects within the SUI ecosystem.
As covered by U.Today previously, SUI blockchain accomplished a number of solid activity milestones in late Q1, 2024.
Injecting new life into SUI DeFi ecosystem
Per the statement by NAVI Protocol, its upcoming Ecosystem Fund's key activities' scope will include various forms of support that are crucial for Web3 entrepreneurs.
Besides direct funding, NAVI X Ecosystem Fund will deepen liquidity and enhance financial stability within the SUI ecosystem.
Supporting the development of secure and resilient DeFi applications and encouraging the exploration of new use cases and technologies on the SUI blockchain are also featured in the new fund's roadmap.
As a result, the fund is expected to attract leading development teams to the SUI blockchain through targeted grants and incentives.