Kava’s community members recently participated in a vote to allocate a significant portion of money to a new developer incentive program, aiming to aid new projects with a $750 million grant. The move will not only empower projects that are already in development, but it will also attract new developers to the Kava blockchain, and in doing so, speed up the growth of its ecosystem.
A New Growth Strategy
When it comes to the success of Layer-1 blockchains, the most valuable asset is not their cryptocurrency, but high-quality developers who can create reliable and functional projects and protocols on-chain. Ethereum is a good example of this: some of its most successful dApps became a main catalyst in attracting new users, as it pushed ETH development even further.
Kava wishes to achieve a similar effect now, which is why it started a new incentive program called Kava Rise. The program was designed to help with the onboarding of innovative developers from across the crypto industry, including sectors like DeFi, GameFi, NFT, and the metaverse. The goal is to offer financial support totaling $750 million, giving grants to the most innovative and interesting projects.
This will be a unique programmatic on-chain incentive mechanism that will reward developers with unprecedented levels of distributed ownership. According to the proposal, the devs will receive incentives to onboard their projects, as well as to bring a majority of their users and treasury rewards to Kava’s network.
The program is actually quite simple. KAVA tokens emitted by each block will be split in two groups. 62.5% will go directly to developers, while 37.5% will go to stakers. No amount will go to the core team, reserve, or for any other purpose.
When will the Program Start?
In a Medium post, Kava noted that the program will be initiated with the Kava 10 upgrade. The upgrade will launch both Ethereum and Cosmos Co-Chains on mainnet and allow developers to deploy live versions of their dApps that already exist in Ethereum and Cosmos networks.
Following the launch, the program will reward projects on the Ethereum and Cosmos Co-Chains with 200 million KAVA in the next 4 years. Also, the project noted that the incentives will be awarded transparently (on-chain) and that the amounts will be based on usage.
With that said, the structure of the Rise program may be adjusted via additional governance votes over time, when and if there is a need for it.
How to Apply?
The project’s team has released eligibility instructions, noting that developers interested in joining the program have to register their protocols with DeFi Llama and have them deployed on either Ethereum or Cosmos at monthly distribution. Finally, they must have a minimum TVL of $10,000 at the time of distribution in order to be considered.