In a venture described by the company as the largest joint fund made for any blockchain, Flow has launched a $725 million fund to support the performance and pull of its ecosystem. The fund will primarily focus on building Web3 regions such as gaming, infrastructure, DeFi and content creator products.
To develop these areas of its ecosystem, Flow wish to award $FLOW token supported grants to developers in a scheme it has coined ‘in-kind support’. Overall, an expected 7,500 developers are estimated to benefit from such support, with Flow focusing on both existing developers who are working on proven Flow projects such as NBA Top Shot and UFC Strike, as well as developers who are still deciding on a blockchain to build around.
Here, Flow has stated that it hopes it capitalise on the ever-competitive and costly (in terms of gas fees) Ethereum ecosystem, which developers are inevitably becoming averse to joining.
That being said, and despite all such developer-centric focuses of the fund, Flow CEO Roham Gharegozlou has stated that the majority of the fund will in fact be leveraged as investment capital, rather than grants for developers.
As you may’ve expected, the fund for the Layer 1 blockchain developed by Dapper Labs is backed by an impressive portfolio of 17 prominent Web3 players, including the likes of Andreessen Horowitz of a16z, Coatue, Spartan Group, Union Square Ventures, Greenfield One, Liberty City Ventures, CoinFund, and more.