Kraken-backed Nibiru Chain allocates $15m in NIBI tokens to boost developer activity

Smart contract platform Nibiru Chain has unveiled a $15 million initiative in NIBI tokens to fuel its developer ecosystem.

Nibiru Chain, a proof-of-stake blockchain backed by HashKey Capital and Kraken Ventures, has allocated $15 million in NIBI tokens as part of the so-called Nibiru Builder Grants initiative aimed at fueling its developer ecosystem. In a press release shared with crypto.news, the developers said the allocated sum is equivalent to ~2.5% of the token supply.

Erick Pinos, ecosystem lead at Nibiru Chain, says the grant will “supplement ongoing aid in partnership pairings and access to mentors, industry experts, and experienced developers.” Commenting on the initiative, Jonathan Chang, COO of Nibiru, told crypto.news the firm wants to lower barriers to entry and create “opportunities for those who may not have access to traditional VC funding.”

“We’re expecting Nibiru’s grant program to propel further growth in tokenization of real-world assets (RWA) — joining projects like Coded Estate which specialises in bringing homes and rentals on-chain, democratizing access to the real estate system; as well as on-chain gaming, where platforms like IntoTheVerse and Chess3 are already building on Nibiru.” Jonathan Chang

Beyond the initiative, Nibiru also plans to host multiple hackathons with prize pools of up to $100,000 per event. Additionally, Nibiru wants to bring more developers into the ecosystem by introducing a reward mechanism that would allow blockchain creators to earn a portion of transaction fees every time their smart contracts are executed on the Nibiru Chain network.

Following the announcement of the initiative, Nibiru’s native token NIBI surged by over 4%, reaching $0.34, according to data from CoinGecko.

Founded in 2022, Nibiru Chain has secured millions of dollars in funding, propelling its valuation to around $100 million. The blockchain is backed by Tribe Capital, Kraken Ventures, HashKey Capital, Republic Capital, NGC Ventures, and Original Capital, among others.