The blockchain landscape witnessed a major development on January 16 as Cronos Labs unveiled the third cohort of its esteemed ‘Cronos Accelerator Program’. The initiative, which originated in 2022, is a holistic effort focusing on nurturing early-stage crypto projects within the Cronos ecosystem, a leading Ethereum-compatible layer-1 blockchain network built on the Cosmos SDK. To elaborate, the program specifically targets burgeoning sectors such as DeFi and GameFi, offering selected projects with a unique blend of networking, mentorship, and funding opportunities.
Supported by Crypto.com and a vast network of over 500 app developers and partners, Cronos aims to simplify and secure Web3 adoption for a global user base. Additionally, since the project's 2021 inception, Cronos has consistently been able to secure a place among the top 10 networks in terms of Total Value Locked (TVL) while hosting over 1 million active users.
Program details and the ‘third cohort’
The accelerator's soaring popularity is evidenced by the 57% surge in applications compared to its previous iteration. Out of a vast pool of applicants, five ambitious projects were selected for their groundbreaking technological innovations and robust team dynamics. Each of these projects is set to receive an upfront seed funding of USD $30,000 to jumpstart their journey (as part of the twelve-week program), beginning January 22, 2024.
The selected projects include LILLIUS, a gamified sports training platform powered by AI; Innerworks, focusing on AI and ZK for digital footprints; Reax, a decentralized synthetic assets protocol; Securd, which offers liquidity-backed lending; and Newwit, an AI-powered predict-to-earn GameFi platform.
Focus on AI and blockchain integration
Cronos Labs’ latest cohort marks a groundbreaking venture into the synergy between artificial intelligence (AI) and blockchain technology. The program, in collaboration with giants like AWS and Google Cloud, will provide a rich curriculum centered around large language models.
Participants will gain access to cloud credits, AI workshops, and mentorship, facilitating their innovative endeavors. Moreover, the cohort benefits from direct interaction with over 50 partners and 100 mentors within the Cronos ecosystem, including industry stalwarts like Protocol Labs and GSR, offering insights into tech, marketing, partnerships, and product development. Commenting on the matter, Ken Timsit, Head of Cronos Labs, expressed his enthusiasm, stating:
“The overwhelming response to our third cohort is a clear indicator of the burgeoning confidence in Web3's future. This program is set to be a catalyst for the next wave of innovators, bringing Web3 to the mainstream.”
Similarly, Charlotte Kapoor, Head of Innovation Programs, added: “By merging generative AI with blockchain, this cohort is at the cusp of unleashing transformative applications. Our aim is to empower these startups with the necessary resources to spark growth within the Cronos ecosystem.”
Future prospects and details of the upcoming ‘Demo Day’
Looking ahead, the program is set to culminate in a ‘Demo Day’ which will take place during April 2024. During this time, projects will be able to showcase their creations to several investment partners. Moreover, the event stands to be pivotal for securing further seed funding, with involvement from prominent investors and mentors such as NGC, Fundamental Labs, and Animoca.
Through the launch of its third cohort, Cronos Labs is not only looking to foster innovation within its ecosystem but also significantly contributing to the broader narrative of Web3 evolution. Interesting times ahead!
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.