The IOST Foundation has announced a $100 million fund for Ethereum Virtual Machine (EVM) developers, who will create projects on the IOST ecosystem with the support of institutional investment partners. Big Candle Capital (BCC), one of the partners of the foundation, made the biggest contribution to the fund.

Allocating $100 million for Ethereum Virtual Machine developers who will produce projects on IOST, the IOST Foundation will finance the fund through institutional investment partners.

Iost

It will be split into two separate funds.

It was stated that the IOST Foundation's $ 100 million fund will be distributed as two separate funds. The first of these funds; The New Ecosystem Fund, which is used to expand IOST's applications and mainnet infrastructure, and the other is called the Accelerator Fund, which aims to provide capital and incentives to development teams.

Big Candle Capital, one of the institutional investment partners of the IOST Foundation, which has the largest participation in the fund, also invests and provides funds to projects in the field of decentralized finance, NFTs, GameFi, Web3 and metaverse companies.

Ethereum Virtual Machine

In the statement made today by the IOST Foundation, the fund; It is stated that it is part of the Entroverse project, which IOST announced at the end of March, which aims to build a rapidly growing, interoperable and interconnected blockchain network.

As it is known, IOST, which is the abbreviation of "Internet of services tokens - internet of services token", aims to create a fast and scalable blockchain capable of 100 thousand transactions per second. EVM, on the other hand, is a software platform that allows developers to create decentralized applications on the Ethereum network and can be accessed from anywhere in the world by participating in Ethereum nodes.

As it will be remembered, Avalanche Foundation announced 290 million dollars, Elrond blockchain 1.29 billion dollars, NEAR Protocol 800 million dollars, Harmony 300 million and Phantom 300 million dollars developer incentive programs.