Privacy-focused blockchain network Oasis Foundation has launched a $160 million investment fund. The fund aims to support developers of decentralized applications (dApps) based on the Oasis Network, including decentralized finance (DeFi), non-fungible tokens (NFTs) and metaverses.
The fund will also invest in companies that are engaged in tokenization and data management; develop privacy applications and create projects from the field of collective information ownership (data DAO). Furthermore, it will support both new and existing startups.
Thus, the structure has raised capital from AME Cloud Ventures, Dragonfly Capital Partners, Electric Capital, Draper Dragon Fund, FBG; Kenetic Capital, Jump Capital, Kenetic Capital, NGC Ventures, Pantera Capital and others.
Compatibility with Ethereum Virtual Machine
Moreover, the organization believes that the ParaTime scalability architecture used in the Oasis Network is “ideal for DeFi.”
According to the developers of the project, their network has a high bandwidth, a lower gas cost compared to Ethereum, built-in privacy features and protection against Miner Extractable Value (MEV).
The Oasis Network platform also provides compatibility with Ethereum Virtual Machine (EVM) and Solidity, which makes it easy to create dApps and transfer existing Ethereum applications to the new blockchain.
Supporting the ecosystem growth
Earlier in October 2021, NEAR Protocol offered an $800 million fund to support ecosystem growth.
Recall that previously in November, Avalanche Foundation has announced “Blizzard”; a $200 million incentive fund for companies that build on the Avalanche network. In fact, the fund will give liquidity to early-stage businesses on Avalanche that are developing dApps, NFTs, and other products.
Avalanche is a proof-of-stake network that began operating in September of 2020. Developers may move dApps from Ethereum to the network thanks to EVM compatibility. Tether, a prominent decentralized exchange, SushiSwap, and oracle providers Chainlink and The Graph are among the more than 320 projects now developing on the network.