New Funding Options Focused on Growing the Kin Ecosystem and Community
The Kin Foundation, a non-profit organization dedicated to growing the reach and impact of the Kin cryptocurrency, has announced a Catalyst Fund to accelerate the expansion of developer and user adoption, new consumer apps, and open source contributions to the Kin Ecosystem. The fund is valued at 25 billion Kin, worth over $1.5 million at the time of writing.
The principal function of the Kin Foundation is the governance and allocation of the Kin Reserves, which are intended to align incentives of ecosystem participants to grow the adoption of Kin and support the infrastructure that underpins it. To this end, the Catalyst Fund is a key strategic growth pillar of the Kin Foundation that ensures Kin Reserves are deployed in a manner that is effective, responsible, and transparent.
The recent migration to Solana has reinvigorated the developer community to build the next generation of performant consumer apps across all segments – social, gaming and entertainment, health and fitness, education, lifestyle, finance (i.e., DeFi), and more. We’ve seen a resurgence of many self-organizing developer initiatives focused on providing new or enhanced developer tooling, infrastructure and app components, and key ecosystem services. The Kin Foundation is committed to supporting these valuable contributions to the ecosystem and catalyzing the next phase of growth.
The framework for the Catalyst Fund encompasses five pillars which include the existing Strategic Grants, along with new User Jumpstart Grants, Bounty Challenges, Accelerator Grants, and funding for Strategic Projects. The Kin Foundation will make funding decisions via an objective, collaborative, and fair process, with a keen eye towards encouraging what’s best for the whole ecosystem.
- Strategic Grants – Awarded to qualified teams and individuals that can successfully bring meaningful contributions of any sort to the Kin Ecosystem. Grants are awarded based on the achievement of measurable milestones (where applicable).
- User Jumpstart Grants – Provided for users of apps that are new to the Kin Ecosystem to help them earn their first Kin and spark economic activity, in turn, kickstarting KRE earns. Applicants will be required to have an accompanying marketing program to drive user acquisition and growth. Approved grants will be provided in tranches and tied to specific user activation and results-based milestones.
- Bounty Challenges – Tasks, projects, and challenges (identified jointly by the Kin Community and the Kin Foundation) that can span all aspects – technical, marketing, education, and business development – awarded to individuals and teams that see them through to completion. Bounty Challenges will be unveiled within the next 4-6 weeks.
- Accelerator Grants – Geared towards developers that have created high potential early-stage apps or services (at least MVP) and have demonstrated the ability to execute. Approved funding will be provided in tranches and tied to specific milestones.
- Strategic Projects – Funding for projects defined by the Kin Foundation that are of key importance to the growth and evolution of the Kin Ecosystem. They will be open to qualified applicants via a standard Request for Proposal (RFP) process.
Grant applications will be assessed on a case-by-case basis. Our goal is to simplify the process and accelerate funding timelines to make it easier and faster for developers and other contributors to gain access to funding. In an effort to become a more decentralized community-driven ecosystem, the Kin Foundation may introduce a voting mechanism in the future to allow the community to participate in, influence, or eventually drive funding decisions.
The Kin Catalyst Fund is available immediately. We have redesigned the grants page on the Kin website to include the Strategic, User Jumpstart, and Accelerator Grants as outlined above. Strategic Projects and the RFP process will follow at the time one becomes available.
We look forward to continuing to fund and support the influx of new apps, services, and open-source projects that drive positive impact for Kin adoption, one of the most used cryptocurrencies in the digital world. The Kin Foundation will incentivize developers with the expectation that activated users contribute meaningful economic activity, therefore catalyzing network effects and the continued growth of a sustainable Kin Economy.
If you have an app, project, interesting idea that incorporates Kin, or any other meaningful contribution, please head over to the Kin Catalyst Fund page where you’ll find re-designed application forms for each grant type, and get on our radar today.