Cronos has made a bold move to build a strong ecosystem for its next-generation blockchain. On June 7, 2022, Cronos announced the launch of a $100 million fund that will be funnelled via an Accelerator Program, with a focus on developers working to build the ecosystem. The program will last 10 weeks, and developers will have access to the $100 million fund.
Details of the Cronos Accelerator Program
Cronos’ $100 million fund, which will be available to developers within the Cronos ecosystem, is part of an effort to build momentum for its blockchain ecosystem. This program will be useful for blockchain projects that find themselves in a tough spot due to a lack of seed funding and mentorship. Via the Cronos Accelerator Program, project developers working on advanced DeFi protocols, Web3 Gaming & Metaverse, and Infrastructure and Tooling will receive priority.
Projects that qualify for the program will be matched with reputable mentors in relevant sectors. Additionally, they will participate in weekly workshops organized by Cronos Labs, and external subject matter experts.
During the workshops, various topics related to protocol building will be covered. The program will be launched in partnership with top-tier partners who will support the project via investments, mentorship, and workshops. Some of the partners in this program are Spartan Labs, OK Blockchain Capital, AP Capital, Dorahacks, Mechanism Capital, and many others.
- Unique Characteristics of the Cronos Accelerator Program
- The accelerator program has some unique characteristics that include:
- Seed investment opportunities for startups ranging from $100,000 to $300,000
- Additional grant funding for security audits, gas fees, and node services
- Investment opportunities from renowned VC partners
- Marketing support and access to the expanding Cronos users base via social media channels, AMA webinars, and introductions
- Business advice from Cronos Labs and mentors
- Weekly mentorship and networking with industry leaders
- Project fast-tracking with audit partners
- Introduction to Cronos ecosystem
The Cronos Accelerator program will feature 3-4 cohorts each year, with an average of 10 startups per cohort.
What the Leaders Had to Say
Commenting on the launch of the accelerator program, Ken Timsit, the Managing Director at Cronos Labs stated that via the program, Cronos Labs would enhance the potential of projects that want to grow the Cronos ecosystem by offering them support in all areas. According to Timsit, the current environment provided the perfect conditions for the industry participants to put their heads down and begin building aggressively. Timsit noted that Cronos was amongst the top 10 blockchains by Total Locked Value, “and are on track to reach the top 5 by the end of 2022.”
The Cronos VP, Ella Qiang echoed similar sentiments. She stated, “After speaking with many projects in the industry, we realized that while many have high potential, they may not have all the tools they need to stand out and build sustainable tokenomics. We want to provide the necessary support for early-stage projects and accelerate their growth on Cronos.”
What is Cronos?
Cronos is an EVM-compatible layer 1 blockchain built on the Cosmos SDK. Crypto.com, and over 250 app developers and partners back it. It has a mission of making it safe and easy for future crypto users to adopt Web3, with a focus on GameFi, and DeFi.
The Cronos network is now amongst the top 10 blockchain networks by total locked value. It has a user base that is over 800,000 strong and growing at a rate of 20% per month. The blockchain network has a native cryptocurrency called the Cronos ($CRO) coin, which powers an ecosystem of over 50 million users around the world.
Cronos Labs plays the role of the ecosystem investment fund, Web3 startup accelerator, and incubator for projects built on the Cronos network.
