The three prominent crypto firms have teamed up to open possibilities for new blockchain layer-based liquidity and staking solutions.
Core DAO, which develops the Satoshi Plus ecosystem, announced details of the $200 million Ecosystem through a press release shared to leading crypto news and media organizations. According to the press release, the initiative is aimed at expediting the growth of decentralized applications (dApps) and protocols being built and designed on the Core layer-1 blockchain.
The Satoshi Plus consensus mechanism powers Core, a Turing-complete blockchain that makes use of both the Bitcoin mining hashrate and the Ethereum Virtual Machine (EVM). Satoshi Plus works by applying a protocol-driven validator election mechanism, combining features from both Proof of Work and Delegated Proof of Stake. The Core blockchain runs as an independent Web3 layer.
Core DAO's partnership with Bitget and MEXC entails provisions for supporting early-stage projects in key areas of blockchain research and development. The fund will also support growth initiatives in terms of recruitment, marketing, as well as community-building programs which are all essential to fostering a balanced blockchain-based ecosystem.
“Core DAO has always prioritized creating the highest quality technology in the blockchain industry versus being the ‘first’ or the ‘fastest’ to do something. That's why our Ecosystem Fund will incentivize projects for their ability to both deliver value and sustain success," shares Rich Rines, Initial Contributor at Core DAO.
Bitget, a crypto derivatives exchange and strategic partner of the Ecosystem Fund, has also recently launched a $100 million Web3 fund targeting crypto projects in Asia. The exchange aims to allocate funds to Web3-compatible venture firms and projects worldwide, with a primary focus on experienced Asian teams with clear roadmaps addressing real-world issues.
Gracy Chen, Bitget's managing director, highlighted the rapid evolution of the Web3 landscape during the Web3 fund launch. She emphasized the need to support promising projects that can drive its development and establish it as a global phenomenon akin to Web2.
"We have to keep in mind that the purpose of blockchain is to link the real world with Web3 space, and that is exactly what we are promoting with this partnership and our support to the ecological fund," Chen shared."
Chen underscored that the Bitget Web3 fund's primary goal is to identify projects with the most potential to advance this transformation. Bitget will be listing Core projects. The exchange will also be opening a new Core Trading Zone on Bitget, alongside a proposed (work-in-progress) integration for the BitKeep wallet. Bitget has also disclosed plans of becoming a node validator for the Core network, placing support for Core staking on its crypto exchange platform.
Unlike its industry counterparts that rely on grant-based systems, the Ecosystem Fund by Core DAO incentivizes each project to achieve pre-agreed, customized benchmarks offering tangible value to the Core community. This approach avoids the requirement for projects to commit to building on a specific protocol to receive financial support.
MEXC, the other strategic partner of the Ecosystem Fund of Core DAO, is a cryptocurrency trading platform offering users access to various digital assets and trading features, including spot and margin trading, derivatives trading, and staking services. The MEXC platform has over 10 million users across 170 countries. According to the shared by Core DAO, MEXC will be enhancing Core's accessibility and security, providing a user-focused crypto experience through its native staking services, which will be made available for CORE tokens.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Core DAO has shared the following disclaimer on the legal status of $CORE tokens:
"CORE tokens are only available to persons outside of the United States, Canada, and non-OFAC sanctioned countries. Each recipient shall determine which laws, rules and regulations are applicable and shall undertake all necessary efforts to comply with all such obligations. Core and its affiliates make no representation of the legal status of CORE under any jurisdiction."