IOST sets up $100M fund to push growth of EVM multi-chain ecosystem

Tue, 12 Apr 2022 21:07:09 +0000

The IOST Foundation, the organization behind the IOST blockchain, a gas-efficient proof-of-believability-powered smart contract platform, announced today together with venture capital institutions and ecosystem partners, the launch of a new $100 million USD incentive fund for EVM developers, aiming to incubate projects and propel the growth of IOST’s multi-chain ecosystem.

On March 31, 2022, IOST unveiled Project Entroverse, a roadmap goal to build a growing, interoperable, and interconnected blockchain network.

This newly announced 100 million USD fund under Project Entroverse targets developers around the world, and consists of the “New Ecosystem Fund” and the “Accelerator Fund.”

Big Candle Capital (BCC) Seeks to Fuel IOST and More

The leading investor of the fund is Big Candle Capital. The scope of this exclusive fund is not limited to applicants developing dApps on the IOST chain exclusively; all outstanding projects deployed on other EVM-compatible chains with multi-chain development plans are also welcome to apply for support.

Big Candle Capital is a venture capital firm established in 2017 by the IOST Foundation in conjunction with several investment institutions and ecosystem partner nodes. Big Candle Capital has invested in more than 80 projects, including IOST, LINK, BNB, DOT, UNI, and DYDX, which were highly successful and achieved an overall return of 1000%, with a peak operated asset valuation of over $700M.

BCC is focused on projects at various stages of development in sectors including DeFi, NFT, GameFi, Web3, and Metaverse-based dApps. However, all teams and ideas are welcome. Moreover, BCC also provides auxiliary services such as funding, technology, token model, advertising, community building, and connections with exchanges for the invested projects.

Details of Entroverse Fund

New Ecosystem Fund

  1. Market Analysis: A successful project applicant will be offered market research and in-depth industry research reports developed by the Big Candle Capital (BCC) team who have more than 5 years of experience in blockchain research.
  2. Token Setup: The project team will be assisted by BCC’s professionals who have experience in developing token economic models and assisting in project incubation.
  3. Structure Design: Project teams will be provided with targeted successful case studies such as popular dApps for reference.
  4. Promotion: Teams will receive media support and promotion through BCC’s network of media connections and high-quality communities.

Accelerator Fund

  1. Non-Dilutive Funding: BCC will provide non-dilutive funding for teams building applications on the IOST chain, integrating the IOST mainnet, and with needs to implement IOST tools.
  2. FA: BCC will offer FA support for skilled developer teams with no experience in the industry, allowing new projects to get start-up capital quickly.
  3. Incentive Bonuses: BCC will arrange irregular bonuses to start-ups and teams based on their user base, activity, and TVL.

BCC’s Investment Philosophy & Services for Developers

Investment Philosophy

Advisory Services & Team

BCC provides auxiliary services such as capital, technology, token model, advertising, community building, and connections with exchanges for the invested projects.

Headquartered in Singapore with offices in Barcelona, Tokyo, Seoul, and Madrid, the Big Candle Capital team consists of more than 40 experienced professional investment professionals with first-class business capabilities and rich resources in the blockchain and traditional financial industries.

Connecting with Big Candle Capital

BCC is now openly inviting all interested developers and teams to join the IOST multi-chain ecosystem.

To apply, the BCC team asks those interested to attach the below info in an email to business@bigcandle.capital.

“The cooperation between IOST & BCC, and subsequently the launch of the IOST 100M dollar fund for the EVM developers is a game-changer for the IOST ecosystem. This incentive program offers long-term support for potential developers and projects, adding more killer dApps on the IOST blockchain while strengthening our infuence and the value of IOST for its long-term hodlers.”
– Blake Jeong, IOST CMO

Source: iost.io

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