Fuse pledges $10M for ecosystem growth

Fuse, a layer-1 blockchain, announced on May 3 that it would commit $10 million to “reinvigorate the Fuse ecosystem and drive growth in multiple areas.” The program, named “Fuse Ignite,” is composed of grants and cash incentives.

According to the 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.”

Fuse Ignite operator grants are issued in Fuse Tokens (FUSE) and USD Coin upon application approval. The Fuse Network blockchain and other tools are utilized by operators to enable payment services.

The $10 million budget also includes funds for adoption incentives and community airdrops.

To participate, users must hold and stake a minimum amount of Fuse, provide liquidity for supported projects, bridge assets, and conduct regular transactions.

The launch of Fuse Ignite coincides with the imminent deployment of a launchpad on Voltage Finance, which hopes to be the preferable solution for new tokens seeking to join the Fuse ecosystem.

Last year, Fuse’s market capitalization peaked at nearly $300 million, and its total secured value grew to $40 million.

Since its inception in 2019, the project claims to have facilitated more than 120 million transactions across 1.35 million wallets, with more than 100 Web3 projects building upon its current ecosystem.

Fuse partnered with ChromePay in September 2022 to introduce decentralized identifiers to Africa.

Fuse has also granted ChromePay an undisclosed grant to develop its decentralized finance and decentralized identification services directly on the blockchain.