Nibiru Chain, a smart contract platform, has unveiled a significant $15 million initiative in NIBI tokens to bolster its developer ecosystem.
Supported by HashKey Capital and Kraken Ventures, Nibiru Chain, a proof-of-stake blockchain, has earmarked $15 million in NIBI tokens for its Nibiru Builder Grants initiative. This endeavor aims to invigorate the platform’s developer community. According to developers, this allocation represents approximately 2.5% of the total token supply.
Erick Pinos, the ecosystem lead at Nibiru Chain, emphasized that the grant will complement existing support programs by providing partnership opportunities and access to mentors, industry veterans, and skilled developers. Jonathan Chang, COO of Nibiru, highlighted the company’s commitment to democratizing access to funding by lowering barriers to entry.
Chang stated, “We anticipate that Nibiru’s grant program will drive further advancements in tokenization of real-world assets (RWA), including projects such as Coded Estate, which focuses on integrating real estate properties and rentals onto the blockchain, thereby democratizing access to the real estate market. Additionally, Nibiru aims to foster growth in on-chain gaming, with platforms like IntoTheVerse and Chess3 already leveraging the Nibiru platform for development.”
In addition to the grant initiative, Nibiru intends to organize multiple hackathons with prize pools of up to $100,000 per event. Furthermore, the platform plans to attract more developers by introducing a reward mechanism that enables blockchain creators to earn a share of transaction fees each time their smart contracts are executed on the Nibiru Chain network.
Following the announcement of the initiative, Nibiru’s native token, NIBI, experienced a surge of over 4%, reaching $0.34, according to data from CoinGecko.
Established in 2022, Nibiru Chain has garnered significant funding, propelling its valuation to approximately $100 million. The blockchain platform has secured backing from prominent investors, including Tribe Capital, Kraken Ventures, HashKey Capital, Republic Capital, NGC Ventures, and Original Capital, among others.
