Wormhole is a system for sending messages between different blockchains. It is often used to move assets from one blockchain to another.
An announcement on May 18 said that a $50 million fund had been set up to help companies that use the Wormhole cross-chain messaging protocol. Borderless Capital, a venture capital company, is in charge of managing the new fund. It is backed by over 20 other blockchain development teams and venture capital firms, such as Circle, Polygon Ventures, Solana Foundation, and Jump Crypto.
It's time to make building in crypto more accessible than ever before.
Introducing the $50m Cross-Chain Ecosystem Fund, powered by Wormhole!
— Wormholepic.twitter.com/y3VeCsUrSa
(@wormholecrypto) May 18, 2023
The fund will help startups “innovating cutting-edge apps, infrastructure, or tools that span multiple ecosystems,” according to the application page on the Wormhole website. The page also describes the fund as “anti-maxi,” or promoting the idea that users need more than one blockchain to solve their problems.
David Garcia, CEO and managing partner of Borderless Capital, said that he thought the new fund would help the Web3 economy grow and allow applications to draw more users:
“Our goal is to empower builders to transcend the limitations of individual ecosystems, paving the way for blockchain applications and protocols to realize their full potential.”
Wormhole is a way to send messages between different chains. It lets blockchain networks connect to each other and is often used to move assets from one blockchain network to another. Users could use the wormhole to transfer $1,801 worth of Ether from the Ethereum network to the Solana network. The announcement said that it is linked to more than 20 different networks.
LayerZero, Celer, deBridge, and many others are cross-chain messaging systems.
In the past few months, Wormhole has added more partners to its network. In January, the crypto exchange Uniswap picked it as the official bridging protocol for its cross-chain governance between Ethereum and BNB Network. And on April 26, Wormhole joined Circle’s Cross-Chain Transfer Protocol to make it easier to move $1.00 USD Coin from Ethereum to Avalanche.
But Wormhole’s security has also been a source of debate. In February 2022, its Solana bridge was hacked, which cost it $321 million. Later, developers fixed the flawed code that led to the hack and returned all users’ money.
Solanax: Redefining the DeFi Sector
The DeFi sector has undergone somewhat of a boom over the last years. The advancement in blockchain technology and a global distrust of the traditional banking system, has meant that the Decentralized Finance sector, according to Statista, had more than $80 billion of crypto locked in during May 2021, a…
In "Press Release"
Pushing DeFi to New Heights: Solanax Platform Goes Officially LIVE!
Ever since Decentralized Financed (DeFi) captured the imaginations of finance experts, Solanax has been making great strides to turn their most ambitious dreams into reality. Today, the team is immensely proud to announce itself - today marks the launch of the Solanax DEX, which is already live with swap and…
In "Press Release"
Wormhole, A Tokens Creator on Bitcoin Cash Platform, Now Reality
Wormhole is a sizzling new innovation in the crypto space that allows anyone to create tokens on the Bitcoin cash blockchain. This means that you can initiate an ICO and raise funds to start a world-changing project with the Bitcoin Cash. It is fully featured javascript framework that is powered by…
In "Crypto News"
