Developer Community DoraHacks secures $8 million from Binance Labs
DoraHacks, a decentralized global developer community, and open-source incentive platform has secured $8 million in investment from Binance Labs, the venture capital arm and innovation incubator of Binance.
DoraHacks is a global hackathon organizer and it provides Web3 native on-chain toolkits to help developers around the world raise funding for their startups. In 2021 so far, it is reported that more than 1,000 projects in the DoraHacks community have received over $12 million in grants and donations from worldwide supporters. DoraHacks and Binance Labs plan to work together closely in the areas of grants and funding, Joint R&D on innovative decentralized governance technologies and DAO infrastructures, Strategic Partnership between BSC (Binance Smart Chain), and DoraHacks on BSC Grants, Hackathons and integration of Dora DAO infrastructures. With many networks mushrooming in different parts of the world, it becomes very important for these networks to seek the support of developer communities so that they would build innovative applications on top of the network which will bring in the users.
Bill Chin, Head of Binance Labs Fund, commented on the investment: “Backing early-stage startups and developers have always been a strategy for Binance Labs. DoraHacks is one of the largest multi-chain developer communities with great Web3 projects emerging. Binance Labs will further build crypto communities with DoraHacks as part of the investment and establish a more open-source and diversified blockchain world. As one of the initiatives, Binance Labs and DoraHacks are co-organizing Season 3 of Binance Labs Incubation Program.”
The Dora ecosystem includes the decentralized open-source developer community DoraHacks, the open-source developer incentive platform HackerLink.io, the decentralized Hackathon community Hackathon DAO, the “DAO-as-a-Service” infrastructure DoraFactory, as well as dGov middlewares such as Grant Factory, DoraID, privacy voting infrastructure, the Moloch and multisig pallets. DoraHacks reportedly has approximately 100,000 monthly active users from 152 countries around the world.
This is likely to be a significant investment for Binance Fund as it seeks to push ahead with its BSC network which has been gaining some strong traction in recent months. It has also been facing some significant competition from other networks like Solana, Polygon, Cardano, and others as it tries to differentiate itself from the others and seeks to increase its developer community and userbase through active partnerships. The developers around the crypto industry are in high demand right now as almost every team working in blockchain are in need of them.