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How can blockchain projects help each other?
Disclosure: The views and opinions expressed herein are solely those of the author and do not represent the views and opinions of the crypto.news editorial.
If there is one thing to count on in the blockchain world, it is support which is never something to count on.
While it may seem like we’re entering a bull market filled with large institutional investments thanks to ETFs and the tokenization of real-world assets (RWA), any blockchain veteran would be right to feel a twinge of anxiety. After all, it’s easy to remember the corporate exodus from cryptocurrencies and blockchain as a whole during the last bear market.
This trepidation also extends to corporate capital and venture capital, which have seen cash flows stop while VCs have reined in their big-ticket blockchain investments. There was some slight turn around recently, as institutional investors appear more engaged. However, the feeling that the bottom will fall out at any moment still lingers.
While external investments in the blockchain ecosystem may seem precarious, is not the only avenue through which worthy projects can find support and support for their development. In fact, the blockchain industry has a long history of internal support to help provide a platform for talented developers and innovative projects.
Most often, we can see this type of internal support happen through small investments, grant programs, or big names in cryptocurrency acting as catalyst investors in projects developing on their network. In some cases, a simple retweet can make all the difference in the progress of a project.
Inward investments, whether through capital injections or non-monetary support such as accelerator programs or mentorship programs, succeed in the blockchain space due to the inherent community aspect of the industry. When slogans like “we’ll all make it” and open source development are ingrained in blockchain and web3 culture, this results in material support that is less common in traditional industries.
Likewise, emphasizing internal growth opportunities disconnects blockchain development and progress from external capital and interests fluctuations. If progress can happen regardless of whether or not VCs feel bearish on cryptocurrencies, it shows how resilient the industry is can be when it operates on its own terms.
Beyond investment accelerators, however, there are also broader projects conducting grassroots work to build cooperation, knowledge, and cross-sector collaboration across the blockchain ecosystem.
For example, the Coreum Development Fund recently enhanced its workshop program at universities across North America to encourage students from any discipline to learn about blockchain technology and foster a collaborative atmosphere. This initiative also coincides with the enterprise-focused Layer-1 closing its third edition concession program for projects that create new solutions and tools on its Coreum blockchain network.
Through its grants program, which includes eight projects spanning a wide range of sectors and applications using Coreum as a foundation, and its higher education initiatives to build bridges between faculties, the network is just one example of how the powerful sector can promote collaboration and ongoing support for other projects.
If successful blockchain networks continue to embody this mindset towards knowledge sharing, incubation and development, there is untapped potential for innovative projects.
It also shows developers that there are alternative routes to sustaining support that do not rely on external benefactors to move the sector forward. So, while strong institutional interest in blockchain is undoubtedly encouraging, projects should know that it is not their only growth opportunity.