Solana, widely known as the Ethereum killer, has taken yet another step to expand its ecosystems and provide support to developers on board. On October 26, Thursday, Solana Labs announced an incubator program for project development and fundraising support. The initiative is named the Solana Incubator.
The program is expected to accept applications from blockchain and web3 project teams until November 30. After a review, the accepted projects will be supported by Solana Labs and its partners with fundraising, development, networking, and marketing for all phases.
Solana Labs has notably left the amount of monetary support granted to each selected project unspecified. The Solana Incubator program is instead expected to offer customized support to each project, tailored to respective needs.
Further, there are no stringent guidelines laid out for which projects can participate in this program. However, the team might be more inclined to support technical projects focused on addressing specific user requirements, as Blockwork reports from a conversation with Emon Motamedi, product manager at Solana Labs.
Motamedi’s further comments come from an October 26 press release, stating, “Our priority with the Incubator program is to remove the biggest obstacles currently facing founders, including barriers around Web3 integrations and fundraising, so that these teams can spend their time on what they do best: solving the burning problems of their users. By providing founders with the resources they need to succeed, we hope to not only bring more sustainable businesses to the Solana ecosystem, but to also help grow the Web3 industry as a whole.”
Further elaborating on the goal of Solana Incubator, Motamedi adds, “...the program is designed to provide teams with exposure to top VCs in the Solana Labs network to help these start-ups enhance their liquidity.”
With over 11 million active accounts, Solana has positioned itself as something of a hotspot in the decentralized finance space, rivaling Ethereum. With programs like Solana Incubator, the team’s dedication towards nurturing a decentralized ecosystem is apparent. In the coming times, Solana aims to level the playing field for stakers and give even those with as little as 0.001 percent of staked SOL a fair chance to become a validator.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash