Smart contract platform Nibiru Chain has recently introduced a $15 million initiative in NIBI tokens to support its developer ecosystem. This proof-of-stake blockchain, supported by HashKey Capital and Kraken Ventures, has set aside $15 million in NIBI tokens for the Nibiru Builder Grants program. This initiative aims to enhance the developer ecosystem and represents approximately 2.5% of the total token supply.

Erick Pinos, the ecosystem lead at Nibiru Chain, mentioned that the grant will provide additional support through partnership opportunities, mentorship, and access to industry experts and experienced developers. Jonathan Chang, the COO of Nibiru, expressed that the goal is to reduce barriers to entry and create opportunities for individuals who may not have access to traditional venture capital funding.

In addition to the grant program, Nibiru Chain plans to organize hackathons with prize pools of up to $100,000 per event. The platform also aims to attract more developers by introducing a reward system that allows blockchain creators to earn a share of transaction fees whenever their smart contracts are executed on the Nibiru Chain network.

Following the announcement of the initiative, the native token of Nibiru, NIBI, experienced a price surge of over 4%, reaching $0.34, as reported by CoinGecko. Since its establishment in 2022, Nibiru Chain has raised significant funding, leading to a valuation of approximately $100 million. The blockchain platform is supported by various investors, including Tribe Capital, Kraken Ventures, HashKey Capital, Republic Capital, NGC Ventures, and Original Capital.

This initiative by Nibiru Chain is expected to further drive the tokenization of real-world assets and support projects like Coded Estate, which focuses on on-chain real estate solutions, and on-chain gaming platforms such as IntoTheVerse and Chess3. With the backing of prominent investors and a strong developer ecosystem, Nibiru Chain is poised for continued growth and innovation in the cryptocurrency space.

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