Oasis Foundation Secures $160M to Fund Current and Future Projects

UTC by Mercy Tukiya Mutanya · 3 min read
Oasis Foundation Secures $160M to Fund Current and Future Projects
Photo: Unsplash

The Oasis Ecosystem Fund’s $160 million is specifically for aiding founders and projects to build on the Layer-1 network. 

The Oasis Protocol Foundation has announced the creation of a $160 million fund called the Oasis Ecosystem Fund. In a Medium post dated November 17, the foundation revealed the purpose of the fund and the key partners behind it. The Oasis proof-of-stake (PoS) network will benefit greatly from the fund. The $160 million is specifically for aiding founders and projects to build on the Layer-1 network.

Investors in the fund include AME Cloud Ventures, Dragonfly Capital Partners, Draper Dragon, FBG, Jump Capital, Kenetic Capital, NGC Ventures and Pantera Capital.

Haseeb Qureshi, the Managing Partner of Dragonfly Capital, commented:

“We are very excited to participate in the ecosystem fund that will support talent to build upon Oasis. We believe in the technology powered by Oasis and the community behind the project. Their unique mix of privacy and scalability make it exceptionally suited for building the next generation of DeFi.”

Funding the Next Generation of DeFi

The Fund is a much-needed catalyst in the creation of Oasis-backed projects. These include dApps, NFTs, Metaverses, DAOs and others that will enable data tokenization and governance.  The scalable nature of the Oasis network along with its instant finality, high throughput, privacy protection, significantly low gas fees and protection from Maximal Extractable Value (MEV) make it suitable for use in decentralized finance. AME Cloud Ventures Founding Partner Jerry Yang believes that Oasis will take part in propelling blockchain technology to newer heights.

The fund will finance both existing Oasis projects and new start-ups looking to build on the network. Some of Oasis’ ongoing projects are with partners such as Genetica, Nebula, Binance’s Cryptosafe Alliance and BMW. it also has a Layer-1 Blockchain University Program, the biggest of its kind. Over the past year, more than 300 teams applied to the Oasis Grants Program.

Jernej Kos, Director of the Oasis Foundation, said:

“We are thrilled to work with longtime supporters of Oasis to build, cultivate and grow the ecosystem. We are now fully developer ready, and we invite all developers to consider Oasis as we are ready to support them with funding, technical expertise and mentoring, and a strong network of backers.

About the Oasis Layer-1 Network and Its Projects

Oasis self-describes as one of the fastest-growing blockchain projects. The network has upwards of 110 active validator nodes and a community of more than 100,000 members. Some active and future projects include Cipher ParaTime, a smart contract platform aimed at enabling private decentralized finance and privacy decentralized apps; Parcel Paratime, for data tokenization; Emerald ParaTime, for DeFi, NFTs and the Metaverse and the network’s first decentralized exchange (DEX), YuzuSwap. There are also two lending protocols still in development.

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Mercy Tukiya Mutanya

Mercy Mutanya is a Tech enthusiast, Digital Marketer, Writer and IT Business Management Student. She enjoys reading, writing, doing crosswords and binge-watching her favourite TV series.

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