Coda Protocol Sets Aside $2.1M in Tokens for Development Grants

Coda Protocol has allocated funds worth $2.1 million to incentivize development on its lightweight blockchain.

In a press statement emailed to CoinDesk, Coda Protocol said the new grant program, which would be paid out using Coda's tokens, would be open to any project that helps develop the protocol, build tooling, organize meetups or create content.

“Coda's tech unlocks many new possibilities, and we're excited to see those built out while expanding ownership in the protocol," said Evan Shapiro, CEO and co-founder of O(1) Labs, the startup supporting Coda Protocol.

The firm claims its blockchain is the world’s lightest and always stays the same size, about 20 kilobytes (a few tweets). It can be accessed on any device including mobile phones and web browsers. In its statement, Coda Protocol said it hopes to encourage more people to participate in building its decentralized system.

See also: Compound’s Approach to DeFi Governance Starts With Giving Away COMP Tokens

One of the recipients of Coda’s previous round of token grants, John Morrow, said collaborating with Coda was a great fit for his firm. Morrow, a COO at blockchain financial modeling firm Gauntlet, added, “Coda's great documentation and developer resources have helped us make progress quickly on the technical front as well.”

Last April, Coda Protocol raised $15 million in fresh funding for its lightweight blockchain project from investors including Coinbase Ventures, Paradigm and General Catalyst.