Nibiru Chain, a proof-of-stake blockchain supported by HashKey Capital and Kraken Ventures, has unveiled a significant initiative to invigorate its developer ecosystem with a $15 million allocation in NIBI tokens. This endeavor, known as the Nibiru Builder Grants initiative, represents approximately 2.5% of the token's total supply and aims to foster robust developer activity within the platform.

Erick Pinos, Nibiru Chain's ecosystem lead, emphasized that the grant will complement existing support structures by providing partnership opportunities and access to mentors, industry experts, and seasoned developers. Jonathan Chang, Nibiru's COO, underscored the initiative's mission to democratize access to funding, particularly for individuals lacking traditional venture capital channels.

Chang expressed optimism regarding the impact of the grant program, foreseeing advancements in real-world asset tokenization and on-chain gaming. He cited projects like Coded Estate, focusing on digitizing real estate assets, and platforms like IntoTheVerse and Chess3, already leveraging Nibiru for gaming applications.

In addition to the grants initiative, Nibiru plans to organize multiple hackathons with substantial prize pools of up to $100,000 per event. Moreover, the platform aims to incentivize developer participation by introducing a reward mechanism, enabling creators to earn transaction fees whenever their smart contracts are executed on the Nibiru Chain network.

Following the announcement, Nibiru's native token NIBI experienced a notable surge of over 4%, reaching $0.34, according to CoinGecko data.

Established in 2022, Nibiru Chain has attracted significant funding, elevating its valuation to approximately $100 million. The blockchain platform boasts support from prominent investors such as Tribe Capital, Kraken Ventures, HashKey Capital, Republic Capital, NGC Ventures, and Original Capital, among others.