Qtum Foundation announced on Monday that it would rolling out a DeFi fund worth $1 million as part of its effort to accelerate on-chain development within its smart contract ecosystem. The company’s founder, Peter Dai, further highlighted that the fund could be bootstrapped up to $5 million depending on the underlying needs of the Qtum DeFi network and contributing community.

1 Million $Dollar DeFi Developer Grants is coming to Qtum! Apply it now: [email protected] pic.twitter.com/xQMuTKSWCp

— Patrick Dai (@PatrickXDai) August 17, 2020

The $1 million, allocated to Qtum’s DeFi fund, will be distributed to teams and solo developers looking to create efficient decentralized finance applications on Qtum’s blockchain. Notably, Qtum stakeholders are optimistic about disrupting Ethereum’s market share in DeFi, given the blockchain’s shortcomings in scalability and network fees.

Currently, Ethereum leads the pack for DeFi applications; recent months have seen the price of ETH surged significantly as a result. The coin has reached 2017 highs, given a prevailing rate of $430 according to metrics from CoinMarketCap. While this is the case, the lucrative DeFi market whose current TVL stands at $6.42 billion might soon find a platform in other networks as well.

That said, Qtum is one of the blockchain platforms that has since risen to the occasion in terms of challenging Ethereum’s DeFi dominance. The two blockchain platforms share some fundamentals, including the same smart contract and EVM languages. With this at the core, ETH DeFi developers have the option to transfer their projects on to the Qtum blockchain simply.

Qtum’s Proof-of-Stake (PoS) network boasts greater efficiency compared to Ethereum’s Proof-of-work (PoW) for scalability and network fees. As it stands, gas fees on the Ethereum network have been rising significantly, making it costly and often impossible to see promising projects through. The Buterin-led blockchain, however, plans to shift to a PoS network, however. This remains uncertain though, as the team has yet to signal on a possible mainnet launch date for ETH 2.0.

Qtum, on the other hand, is already proposing value in scaling DeFi ecosystems, the platform’s UTXO model and Decentralized Governance Protocol (DGP) enable developers to customize blockchain settings for smart contract compatibility. Also, this ecosystem features advanced privacy functions based on a zk-snarks on-chain protocol as well its own stablecoin ‘QCash,’ which debuted in 2017.

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