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How can blockchain projects give each other a helping hand? | Opinion

source-logo  crypto.news 27 April 2024 14:05, UTC

Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial.

If there’s one thing to count on in the blockchain world, it is the support that is never something to count on.

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While it may seem like we’re entering a bull market filled with substantial institutional investment thanks to ETFs and real-world asset (RWA) tokenization, any blockchain veteran would be correct in feeling a tinge of anxiety. After all, it’s easy to remember the corporate exodus from crypto and blockchain as a whole during the last bear market.

That trepidation also extends to corporate equity and venture capital, which saw cash flow grind to a halt as VCs reined in their big-ticket blockchain investments. There has been some slight turnaround recently as institutional investors seem more committed. However, the feeling of the bottom falling out at any moment still lingers.

Looking inward

While external investment in the blockchain ecosystem may seem precarious, it’s not the only avenue for worthwhile projects to find backing and support for their development. In fact, the blockchain industry has a long history of internal support to help give talented developers and innovative projects a platform.

Most often, we can see this kind of internal support happen through smaller investments, grant programs, or big names in crypto acting as catalyst investors in projects building on their network. In some cases, a simple retweet can make a difference in a project’s progress.

Internal investment—whether through capital injections or non-monetary support like accelerator programs or mentorship schemes—succeeds in the blockchain space due to the industry’s inherent community aspect. When slogans like “we’re all gonna make it” and open-source development are ingrained in blockchain and web3 culture, it translates into material support that’s less common in traditional industries.

Likewise, emphasizing internal growth opportunities untethers blockchain development and progress from external capital and interest fluctuations. If progress can happen independently from whether or not VCs are feeling bearish on crypto, it demonstrates how resilient the industry can be when operating on its own terms.

Aside from accelerators in investments, however, you also have larger projects conducting grassroots work to build cooperation, knowledge, and cross-sector collaboration throughout the blockchain ecosystem.

For instance, The Coreum Development Fund recently bulked up its workshop program across universities in North America to encourage students across any discipline to learn about blockchain technology and foster a collaborative atmosphere. This initiative also coincides with the enterprise-focused Layer-1 closing the third edition of its grant program for projects building new solutions and tools on its Coreum blockchain network.

Through its grant program, which includes eight projects spanning a diverse range of sectors and applications using Coreum as a basis, and its higher education initiatives to build bridges between faculties—the network is just one example of how industry power players can foster collaboration and early-stage support for other projects.

If successful blockchain networks continue embodying this mentality towards knowledge-sharing, incubation, and development—there is a well of untapped potential for innovative projects.

It also shows developers that there are alternative pathways to shore up support that don’t rely on external benefactors to keep the industry moving forward. So, although robust institutional interest in blockchain is undoubtedly encouraging, projects should know that it’s not their only opportunity to grow.

Read more: Institutions have forced crypto to grow up, and that’s a good thing | Opinion