Following the controversial actions of popular trading apps during the recent boom in GameStop stock prices, Nervos has looked to bolster a shift towards the power of decentralized finance by pledging $5 million to blockchain and fintech entrepreneurs building new solutions for the future of decentralized finance (DeFi).
The power of decentralized group effort was showcased by the collection of individuals who helped short squeeze GameStop to the detriment of legacy hedge funds. However, the effectiveness of this action was curtailed when centralized trading apps stepped in to stop the purchasing of GME, AMC, NOK, and a few others.
Frustrated by this centralized control on an open market, many conversations started turning towards cryptocurrency and the decentralized power of blockchain, as well as the booming DeFi space and how it could help.
Indeed, there is a theoretical solution in the DeFi space that can overcome centralized trading apps, but it is yet to be realized. For this reason, Nervos is looking to empower this shift towards DeFi and away from financial infrastructure built on legacy technology with $5 million in cash grants to teams building better solutions for all aspects of DeFi.
Why Nervos?
At Nervos, we feel our ecosystem is well placed for teams to build applications that can be universal and user friendly. Current blockchain and DeFi solutions live in segregation much like the early days of the internet with poor connectivity and interoperability. But on Nervos, the creation of universal DeFi applications, which have unparalleled user reach, is possible.
With Nervos, users can access any digital asset on any blockchain without the frustration of using multiple wallets, exchanges, and seed phrases. App developers are also positioned to reach all blockchain users with the need to only build once, obtaining true universal application of their DeFi solutions.
Why DeFi?
DeFi, within the cryptocurrency space, is one of the most exciting aspects of blockchain currently. However, it has yet to capture significant market share from the traditional finance industry and remains far from mainstream adoption.
Nervos’ DeFi fund aims to fuel this grassroots movement by empowering entrepreneurs and developers to launch new DeFi solutions catering to a much wider audience.
Nervos’ grant applications are open to any individuals or teams building DeFi projects designed to solve any of the inefficiencies and inequities that currently plague the financial services industry. In light of recent events, anyone building decentralized exchanges (DEXs) that are trustless and censorship-resistant is strongly encouraged to apply, but Nervos is also welcoming ancillary solutions like synthetics, KYC/AML protocols, decentralized lending solutions, and more.
In addition to cash grants, Nervos will provide recipients with direct support as they build on the public blockchain network, which acts as a secure and immutable foundation for all kinds of DeFi applications to launch and scale on. Nervos’ core developer team will provide guidance on technical implementation to ensure participants can easily launch or scale their projects on the Nervos blockchain.
Applications are accepted on a rolling basis and will prioritize applicants with a working product or a strong proof of concept.
For more information about Nervos’ DeFi grants, visit www.nervos.org/developer/grants.
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