$100M Ecosystem Fund from Findora Blockchain Tapped By Venice DEX

In October 2021, Findora, a next-generation public blockchain with programmable privacy, announced a $100 Ecosystem Fund to support the building of privacy-based dApps. 

Findora said the fund would help accelerate the growth and development of its community, and would be part of a “broader community-led commitment to support Findora ecosystem research, development and infrastructure projects building upon Findora’s privacy-preserving technology.”

About six weeks later, in December 2021, Venice DEX became one of the first groups to take advantage of the fund with a $10 million liquidity program aimed at building on the Findora blockchain. 

Venice describes itself as a chain-agnostic decentralized exchange that uses zero-knowledge technology to enable privacy preservation AMM, while also supporting resistance to front-running. 

In addition, Venice supports cross-chain liquidity aggregation, which empowers users to easily move liquidity inter-ecosystem without revealing their position or identity.

“Front-running is one of the biggest challenges that traders face when using DEXs,” Warren Paul Anderson, VP of Product at Discreet Labs, said in the Findora press release. “By building on Findora, Venice can utilize programmable privacy to resist front-running attacks and create a much more fair trading experience.”

The program for Venice will support liquidity pools on Venice starting with Ethereum (ERC-20) and Binance Smart Chain (BEP-20) compatible tokens paired with FRA, the press release said. 

A roadmap was also published by the community, with proposals to add bridge integrations to Bitcoin, WXRP, Arbitrum, Polygon, Terra, and Avalanche, among others. 

Findora is actively seeking additional companies to build on Findora’s blockchain, and many investors see major potential for Findora’s technology and business strategy. 

In December 2020, Findora finished an eight-figure funding round that included several note-worthy investors, including Allchaineed, Krypital Group, Axia8 Ventures, Cabin VC, Powerscale Capital and Jack Lee, the founding partner of Foxconn’s financial platform, FNConn.

Although Findora declined to publicize the specific amount of money raised in the funding round, the company told CoinDesk it was in “the tens of millions.”

In a recent Medium post from Findora reviewing its progress in 2021, the company said that the global industry for DeFi had only “scratched the surface.” While 2021 saw massive investment in DeFi, the industry is only just getting started, the post said. 

“The one thing keeping institutional capital from entering the DeFi market en masse is privacy,” the company wrote. “From masking transaction details to hiding account balances to protecting confidential business intelligence and individual user identity, these are the areas where Findora will leave its mark on the DeFi market.”

Findora aims to speed up the process with its ecosystem fund, and is actively encouraging additional companies to sign up and build apps on the Findora blockchain. 

Developers can apply for such grants on the Findora Foundation website

The Findora community is able to vote on what projects get funded through a governance process administered by a DAO. Projects seeking grant funding must also meet several requirements, which include:

  • Building a protocol, dapp, or web3 project directly on the Findora blockchain
  • Impacting the Findora ecosystem in a meaningful way
  • Utilizing Findora’s open source privacy technology such as zero-knowledge proofs

Interested developers can learn more by reading this or by joining Findora’s Discord channel

“With a growing developer community, an ecosystem fund continually deploying capital towards new and exciting projects, and a perpetually improving protocol, Findora is poised to lead the charge towards institutional adoption of private DeFi, or what we call PriFi,” Findora wrote on Medium.