Developers of the Everscale (formerly FreeTON) network have announced the rollout of the Everscale Grants program, designed to help launch tech startups and onramp them into the Everscale blockchain.
The Everscale DeFi Alliance has allocated 15,000,000 EVERs, the native token of the Everscale network, to a grant pool to be distributed to applicants that meet the program requirements and stand to add value to the network’s ecosystem.
The rollout of the Grants program comes in the midst of a sea-change for the Everscale ecosystem. Earlier this year, the project announced that it would be rebranding from its original iteration as FreeTON to Everscale.
The rebranding was deemed necessary by the Everscale network and the community due to the significant progress that has been made on the development front. The key technical change underlying the rebranding consists of the network’s shift from its original C++ nodes to its superior inhouse Rust nodes. The implementation of Rust nodes adds considerably to the network’s already robust scaling capabilities. The new identity of the network, as Everscale, reflects the limitless scaling potential of the blockchain.
Along with the rebranding, the Everscale network has recently activated the DAO protocol in its poly-network cross-chain bridge. The DAO Bridge, powered by Everscale network developers Broxus, is the first of its kind in the DeFi industry and represents a significant milestone for the ecosystem, greatly expanding its offerings for users while also cementing its place as a lynchpin in the diverse fabric of the DeFi industry.
Thanks to the scaling capabilities of Everscale and its low-cost transactions, the Bridge allows users of other blockchains to utilize it as a secondary interface where they can transfer their funds across blockchains at higher speeds and much lower costs.
Applying for Everscale Grants
The launch of the Everscale Grants programs is part of the recent wave of network developments. With the aim of expanding the ecosystem and boosting its already formidable list of DeFi products, the Everscale DeFi Alliance is seeking out promising tech startups to help them flourish and make good on their potential.
Assistance to the startups that make the cut will be in the form of the financial resources necessary for them to achieve a significant milestone in their project roadmap as well as a plethora of professional assistance in all relevant aspects of business and technological development.
Applicants looking to take part in the grants program should look to articulate their vision and business plan as clearly as possible prior to sending in their application. DeFi Alliance members are looking for startups that have a lucid idea of both the specific value that their project adds to the space and the steps they need to take in order for their vision to materialize.
The grants pool has been stocked with 15 million EVERs (at pixel time the equivalent of over $4 million) which will be drawn from in accordance with the needs of the individual projects that meet the program requirements. In addition, startups accepted to the program will be able to avail themselves of the vast experience of projects currently active in the Everscale ecosystem for assistance with technical development, marketing and all other relevant fields.
Beyond the material and professional aid, however, the grants program offers applicants a golden ticket to get their projects integrated on the ground level into one of the most promising networks in DeFi. With the expanded capabilities that have been ushered in by virtue of the rebranding and its technical changes, Everscale has elevated itself into the premier tier of DeFi platforms, alongside Near, Solana and Polkadot.
Currently, there are 10 startups already in the onboarding process via the grants program. Of those 10 projects, 7 are active in the GameFi and NFT spaces, and the remainder work in DeFi. The DeFi alliance is still, however, actively looking for new applicants and has urged prospective startups to apply now while space and funds are still available. Those looking to apply can find the complete guidelines and the application form here.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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