On May 3, layer 1 blockchain Fuse announced that it would commit $10 million to “reinvigorate the Fuse ecosystem and fuel growth in multiple areas.” The program, dubbed “Fuse Ignite”, is structured between liquid incentives and grants. As the developers said:
“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 overall user activity when deploying on the Fuse Network.”
Upon application approval, Fuse Ignite Trader Grants are issued in Fuse Tokens (FUSE) and USD Coin (USDC). Operators use the Fuse Network blockchain and other tools to power payment services.
Part of the $10 million budget also goes toward adoption incentives and community airdrops. To participate, users must maintain and wager a minimum Fuse balance, contribute liquidity to supported projects, establish asset bridges, and make regular transactions. The launch of Fuse Ignite also coincides with the upcoming deployment of a launch pad at Voltage Finance which is intended to be the preferred solution for new tokens looking to join the Fuse ecosystem.
Exciting news: we just unveiled our $10M Ignite #DeFi Funding Program!
Receive financial & marketing support, technical assistance, and increased exposure for your projects.
Don’t miss out – apply for the Fuse Ignite program today: https://t.co/RZLozXDbxx #grants #DeFi
—Fuse (@Fuse_network) May 3, 2023
Fuse reached a peak market capitalization of nearly $300 million last year, with its total value locked growing to $40 million. Since its inception in 2019, the project claims to have facilitated over 120 million transactions through 1.35 million wallets, with over 100 Web3 projects building on its current ecosystem. In September 2022, Fuse partnered with ChromePay to bring decentralized identifiers to Africa. Fuse has also awarded ChromePay a grant of an undisclosed amount to build its decentralized finance and decentralized ID services directly on the blockchain.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.