Idea of Astar Incubation Program ("Y Combinator" for Astar)

We need more Astar native applications, not just copy and past projects to nurture the ecosystem. Currently, EVM compatibility is attractive for many dApps in general but in the long run, I am skeptical about this movement in the entire blockchain ecosystem. It takes time to make Astar native applications but these applications help Astar grow the ecosystem in the long run. We, the whole Astar ecosystem should support more Astar native applications and core Web3 stacks for DeFi and NFT strategically.

My proposal here is to start Astar incubation program to strategically develop more Astar native (EVM or WASM) applications. The concept is to fund very early projects (even if it’s just a team and an idea) and let them grow the project together.

Keep in mind that this is still an idea phase and nothing concrete is decided yet. Once it is decided with the community, @Yakub and I will take the responsibility.

Operation

  • Form an Astar Network venture network with our existing investors (They will have rights to invest in the projects)
  • To make the decision-making process quick, we will fix the investment amount and the % of tokens/equity as an investment return. (e.g. $10M valuation and $100k investment within a week)
  • To make it easier for founders to apply, we will make an application template. (we can refer to Hyperscale’s application forum)
  • Stake Technologies will provide hands-on assistance. (Deciding token economics, technical development support, further fundraising, and listing)

Criteria

  • Projects must be Astar native which means Astar is the first platform (e.g. Serum for Solana, Avalanche bridge for Avalanche)
  • The idea must align with our focus and core Web3 protocols like DEX, lending, and derivatives in DeFi (This will be decided later)

Next Steps

  • Currently, @Mingshi is making a document that explains the Web3 core tech stack for L1 chains.
  • Based on the analysis, we will decide on some core areas in DeFi, NFT, and DAO fields.
  • Constantly get feedback from the community.
  • Recruit participants for the VC network
  • Make an application form
  • Soft launch the program
  • Kick off the program
13 Likes

I’ve been thinking that we need a mechanism for more Astar native apps, so I’m very excited about this proposal. I’m an individual, but I want to join the VC network. I look forward to hearing more!

5 Likes

Couldn’t agree more; however where does Shiden fit into the Astar native narrative?

2 Likes