DeFi protocols and EVM-centric chains are already using the Graph’s mainnet when it launches in December 2020.
Protocol for indexing blockchain data Decentralization-focused growth funds like The Graph’s $205 million ecosystem fund show that venture capital companies are still interested in supporting growth funds focused on decentralized applications.
Digital Currency Group, Multicoin Capital, Reciprocal Ventures, Gumi Cryptos Capital, NCG, and HashKey all contributed to the ecosystem fund’s creation. The Graph’s ecosystem will benefit from the fund’s growth, which is one of the fund’s stated goals.
Deng Chao, the managing director of HashKey Capital, stated that the company will help decentralized application developers and projects gain access to institutional markets by providing resources and expertise. Decentralized finance and the Metaverse will continue to be supported by Digital Currency Group, also known as DCG, which currently serves as a delegator for The Graph.
“An key aspect of the Web3 stack,” as Gumi Cryptos Capital’s Miko Matsumura put it, refers to the network’s focus on application programming interface development for the next generation of the internet.
With the help from the Graph Foundation’s developer network, the organization is expanding its development capabilities. It was reported in December that Semiotic AI would get a $60 million grant from the foundation in order to expand the network’s AI research and development capability. The Guild, an open-source API platform, received $48 million in funding in the same month to expand capabilities of The Graph’s subgraph.
There has been a surge in the amount of venture capital funding for blockchain and cryptocurrency startups this year following their record-breaking performance in 2019. Alchemy and Aleo raised $200 million and Aleo raised $450 million in recent funding rounds announced by Cointelegraph. Phantom received $109 million in investors.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.