Fuse blockchain pledges $10M for ecosystem development

Fuse blockchain pledges M for ecosystem development

Grants valuing between $5,000 and $25,000 will be allocated to qualifying project teams.

On May 3, layer-1 blockchain Fuse announced that it would pledge $10 million to "reinvigorate the Fuse ecosystem and drive growth in multiple areas." The program, dubbed "Fuse Ignite," is structured between liquid incentives and grants. As told by developers:

"Teams can apply for grants of between $5,000 and $25,000, depending on the focus of their project or service. DeFi projects can apply for incentives designed to boost liquidity and general user activity when deploying on Fuse Network."

Upon application approval, Fuse Ignite operator grants are issued in Fuse Tokens (FUSE) and USD Coin (USDC). Operators use the Fuse Network blockchain and other tools to power payment services.

Parts of the $10 million budget are also allocated for adoption incentives and community airdrops. To participate, users must hold and stake a minimum balance of Fuse, provide liquidity for supported projects, bridge assets, and transact regularly. The launch of Fuse Ignite also coincides with the upcoming deployment of a launchpad on Voltage Finance that aims to be the preferred to solution for new tokens looking to join the Fuse ecosystem.

Exciting news: we just unveiled our $10M Ignite #DeFi Funding Program!

Receive financial & marketing support, technical assistance, and increased exposure for your projects.

Don't miss out - apply for the Fuse Ignite program today: https://t.co/RZLozXDbxx #grants #DeFi
— Fuse (@Fuse_network) May 3, 2023

Fuse reached a peak market capitalization of nearly $300 million last year, with its total value locked growing to $40 million. Since its inception in 2019, the project claims to have facilitated over 120 million transactions across 1.35 million wallets, with over 100 Web3 projects building on its current ecosystem. In September 2022, Fuse partnered with ChromePay to bring decentralized identifiers to Africa. Fuse has also awarded ChromePay a grant for an undisclosed amount to build out its DeFi and DID services directly on the blockchain.

Magazine: Visa stablecoin plan, debt ceiling’s effect on Bitcoin price

Rari Capital has launched an open interest protocol that supports any asset.

Rari Capital Rolls Out Personalized Lending Pools

Fuse allows users to create a pool, selecting their own assets, interest rate curves, and oracles. Any user can then enter and exit the pools trustlessly without consulting a DAO.

Isolated lending pools are a first for DeFi. Moreover, the ability to lend and borrow any asset is a radical step forward, unlike any other platform in the traditional world. In a Twitter post, Rari Capital CEO Jay Bhavanani said that the implications of such a product are “equally scary and amazing.”

He described Fuse as a tool that “enables anyone to spin up their own Compound.” DeFi protocols like Compound and Aave allow anyone with an Ethereum address to trustlessly enter and exit pools for borrowing and lending, but they currently don’t enable users to create their own.

In a blog post announcing Fuse, Bhavnani said:

“The implications of a product like this are massive and unexplored. I see the product eating up all value in the world.”

Rari Capital is working with Chainlink, DeFi’s most popular decentralized oracle.

The Rari DAO has already launched several pools, including one in which ETH, SOCKS, and DAI can be borrowed or provided as collateral. SOCKS is a cult DeFi token created by the Uniswap team. It was sold on a bonding curve and is redeemable for a physical pair of socks. It currently trades at $87,922.

The ability to provide any asset as collateral means that countless other less conventional assets could appear in Fuse’s pools one day.

According to Bhavnani’s Twitter post, users will be able to create their own pools “soon.”

The announcement post notes that more price feeds will be added for Balancer LP tokens, Uniswap LP tokens, Curve LP tokens, Yearn LP tokens, and Alpha Homora LP tokens in the future.

Fuse’s total value locked is currently just under $2.5 million.

Concluding the note, Bhavnani wrote:

“Enjoy exploring the future of finance. Honestly, even beyond finance. Have fun exploring the future.”

Disclosure: At the time of writing, the author of this feature owned ETH, ALPHA, and AAVE. They also had exposure to UNI, COMP, BAL, and YFI in a cryptocurrency index.

Fuse