The IOST Foundation is aiming on supporting Ethereum Virtual Machine (EVM) developers to work on its ecosystem with a $100 million incentive fund.
The money will be split into two different funds: the New Ecosystem Fund and the Accelerator Fund. The New Ecosystem Fund will be used to expand IOST's applications and mainnet infrastructure while the Accelerator Fund will be used to provide capital and incentive bonuses to developers.
EVM is a software platform that developers use to create decentralized applications on the Ethereum network.
The IOST Foundation is funding all of this thanks to its institutional partners, with Big Candle Capital (BCC) leading the raise. BCC focuses on supporting projects in DeFi, NFTs, GameFi, Web3 and the metaverse.
IOST stands for "internet of services token" and is looking to offer a fast scalable blockchain with the goal of reaching 100,000 transactions per second (TPS).