Web3 advancement and institutional acceptance are being hastened by Alchemy, with a recently announced $5 million investment fund.
In a significant move to accelerate the growth of Web3 and institutional adoption, Alchemy has unveiled the "Everyone Onchain Fund." This initiative aims to provide gas and compute credits to developers and projects, thereby lowering barriers to on-chain activity and making it easier for a broader range of teams to build and scale decentralized applications.
Key Features of the Everyone Onchain Fund:
- Gas and Compute Credits: The fund offers gas (transaction fees) and compute resources to eligible projects, effectively subsidizing costs and enabling seamless blockchain operations.
- Eligibility: The fund targets innovative Web3 projects, including startups, blockchain protocols, and applications integrating decentralized finance (DeFi), NFTs, and other on-chain functionalities.
- Smart Wallet Integration: Alchemy's technical strength lies in its support for smart wallets, which simplify user onboarding by eliminating the need for seed phrases and enabling gas sponsorship. This integration could save projects up to $40k in infrastructure costs and eliminate common friction points like external wallet pop-ups.
- Promoting Institutional Adoption: By offsetting operational costs and improving user onboarding, the fund encourages the development of scalable and user-friendly Web3 experiences. This reduction in friction encourages institutional players to enter the ecosystem with greater confidence, as the infrastructure becomes more robust and costs become more predictable.
- Developer Tools and APIs: Alchemy provides powerful APIs and developer tools that integrate with the fund, including transaction simulation, bundling, and real-time notifications, enabling projects to reliably monitor and optimize their on-chain activities and user interactions.
Alchemy, known as the "Crypto AWS," offers infrastructure supporting major stablecoin issuers and institutions. The Everyone Onchain Fund benefits from this enterprise-grade reliability and scale, further helping to bridge Web3 with traditional finance at institutional levels.
Notable early adopters of Alchemy's integrated solutions include World Network and Tools for Humanity. Steven Smith, VP of Protocol and Applied Research at Tools for Humanity, commented on the support, stating that the relationship between Alchemy and World Chain is a model for industry support.
Nikil Viswanathan, co-founder and CEO of Alchemy, made a statement regarding the announcement, citing the growing momentum in the ecosystem, with examples like Polymarket's breakthrough and World's global reach. Smith also expressed excitement about continuing to innovate together with Alchemy, suggesting a collaborative and innovative relationship.
The Everyone Onchain Fund is initially available for projects based on the OP Stack and Arbitrum Orbit ecosystems. It provides startup resources for rollup deployment and user onboarding, further supporting the growth and adoption of Web3.
- The "Everyone Onchain Fund" initiated by Alchemy offers gas and compute resources to eligible Web3 projects, aiding in reducing barriers to on-chain activity and promoting the development of scalable and user-friendly decentralized applications.
- Leveraging Alchemy's support for smart wallets, the fund aims to facilitate easier user onboarding by eliminating the need for seed phrases and sponsoring gas, potentially saving projects up to $40k in infrastructure costs.
- By integrating developer tools and APIs, the Everyone Onchain Fund enables projects to reliably monitor and optimize their on-chain activities and user interactions, attracting institutional players and bridging the gap between Web3 and traditional finance.
