Alisa Davidson
Published: August 30, 2024 at 9:21 am Updated: August 30, 2024 at 9:22 am
Edited and fact-checked:
August 30, 2024 at 9:21 am
In Brief
CrossFi Foundation unveiled its $50 million grant initiative to foster growth and drive innovation within the CrossFi community.
Non-profit organization focused on advancing the Cross Finance ecosystem, CrossFi Foundation unveiled its grant initiative to support ambassadors, users, and developers. This move aims to foster growth and drive innovation within the CrossFi community.
The foundation offers a total rewards pool of $50 million to support CrossFi contributors. At present, it offers three types of grants, encompassing a $100,000 ambassador grant, a Bug Bounty program with rewards exceeding $100,000, and the CrossFi Evolution Hackathon with a $300,000 prize pool for participants.
The ambassador grant is awarded to individuals who create original content about Cross Finance technology and its ecosystem products. Ambassadors are expected to cover key topics, including the main objectives of the Cross Finance ecosystem, its advantages over traditional banking systems, and future developments within the ecosystem. The program seeks various types of content, such as video reviews, articles, and visual materials.
Rewards for video reviews range from $15,000 for first place to $5,000 for third place, for articles, from $10,000 for first place to $2,500 for third place, and for visual content, from $3,000 for first place to $1,000 for third place.
In addition, content creators who engage with platforms such as YouTube, Telegram, X, and Medium have the opportunity to earn incentives. Participants are encouraged to produce and share content and then submit applications to claim these rewards.
Cross Finance invites YouTube influencers ranging from beginners to seasoned professionals, with audiences starting at 300 subscribers and extending to over 50,000 followers. This category has a total rewards pool of $71,500. Additionally, Telegram influencers can compete for a share of a $50,550 rewards pool, with applications welcomed from channels with at least 1,000 subscribers to those with over 31,000 readers.
CrossFi Foundation Bug Bounty Program And Hackathon Series, Offering Rewards For Ecosystem Advancement
Cross Finance’s Bug Bounty program is designed to reward white hat hackers who identify and report bugs. Rewards vary based on the severity of the bug. Up to $7,500 granted for bugs with minor immediate impact, between $5,000 and $50,000 for bugs that could disrupt contract logic or expose it to denial-of-service attacks without causing direct financial loss, above $50,000 for bugs that could result in contract failure, requiring manual intervention or replacement to recover, and more than $100,000 for bugs that lead to asset theft, unauthorized fund access, or other forms of financial loss.
In addition, the CrossFi Foundation offers participation in the CrossFi Evolution Hackathon series, each with a $300,000 prize pool. The current hackathon is underway, evaluating projects in the decentralized finance (DeFi), infrastructure, GameFi, and non-fungible token (NFT) categories, with results anticipated to be announced on September 23rd. A subsequent hackathon is slated to follow shortly after. This event aims to enhance the Cross Finance ecosystem and support the community of developers building products on the CrossFi Chain.
The CrossFi Foundation is a non-profit organization focused on promoting development and innovation within the Cross Finance ecosystem. The CrossFi Chain operates as a layer 1 blockchain with a modular design, featuring two key components: Cosmos and Ethereum Virtual Machine (EVM). Each component serves distinct functions but operates in complete harmony to function as a cohesive system.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
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Conclusion: The initiatives introduced by the CrossFi Foundation demonstrate a proactive approach to fostering innovation and growth within the Cross Finance ecosystem. With substantial grant programs, Bug Bounty initiatives, and Hackathons, the Foundation aims to support and incentivize a diverse range of contributors, from ambassadors to developers, in order to drive progress and evolution within the community. This holistic strategy not only rewards excellence but also cultivates a dynamic environment of collaboration and creativity, essential for the continued success of Cross Finance. As the ecosystem continues to expand and evolve, such initiatives will play a crucial role in shaping its future trajectory and solidifying its position in the digital finance landscape.
