Ava Labs Launches Grant Program for Developers

Emin Gün Sirer's project Ava Labs plans to issue grants "worth millions of dollars" to developers creatingAva Network based applications.

A few days after the launch of two testAva Network, Ava Labs COO Kevin Sekniqi said the project is launching a new grant program through its venture capital arm Ava X. The company will provide up to $250,000 in funding to individual projects built using Ava technology.

According to Secnika, Ava highlighted “prettya substantial "amount of money for projects and initiatives aimed at developing the ecosystem. Grants will be distributed through Ava Network tokens, and their cost is equivalent to "millions of dollars."

Ava Platform — this is a protocol with highscaling potential and a stated throughput of thousands of transactions per second, which “should become the basis for a new type of financial infrastructure.” In March, Ava Labs said it was developing a financial markets platform based on the Avalanche protocol. Two Ava Network test networks went live this week, and the project is targeting a full launch in July, according to the roadmap.

Seknicki said that the team conducts dialogue aswith a minimum of five projects interested in applying for grants. At the same time, Ava has its own opinion on what the DeFi industry should become for further development. “To be honest, there is nothing in DeFi that is decentralized,” — Seknicki said. This is confirmed by successful attacks on DeFi protocols, such as dForce, this past weekend.

Secniki added that DeFi is becoming a victimhuman factor and trust, as is the case with traditional finance. Nevertheless, the decentralization debate distracts from the real advantages of DeFi: compatibility and programmability of capital and new financial products.

“Ethereum has shown that there are hugelayout capabilities, and if you make standardized financial products, then you can compose them in new and interesting ways that we've never thought of before,” — he said.

DeFi Can Reinvent Everything, Seknicki Says“fundamental tools that have been known for many years in traditional finance. Changing the narrative from decentralization to “programmable capital” will attract financial professionals with the knowledge and experience to realize this potential. DeFi will allow different assets to interact with each other seamlessly, sometimes in early history.

In addition to the grant program, AVA holds hackathonsfor students, and some of them are aimed at creating new applications for finance. The company plans to invite "very influential" financial experts to these events to discuss the possibilities of various products.

As Secniki notes, through grants andAva Hackathon hopes to bring together the brains of traditional finance and blockchain experts. If you don’t do this now, there is a danger that companies in both DeFi and traditional financial sectors will continue to miss important opportunities for cooperation.

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