Web3 technology propels towards mainstream acceptance and institutional investment with the announcement of a fresh $5M fund by Alchemy.
Alchemy Ventures, a leading player in the blockchain industry, has announced the launch of the "Everyone Onchain Fund." This new investment initiative is designed to support early-stage startups and projects building on blockchain infrastructure, with a particular focus on the OP Stack (Optimism's technology stack) and Arbitrum Orbit.
The fund aims to accelerate the development of tooling, infrastructure, and products that will advance blockchain technology and enable an on-chain economy. Key details about the fund and its support for these ecosystems are as follows:
- Focus on On-chain Ecosystems: The fund invests in projects leveraging the OP Stack and Arbitrum Orbit, layer-2 scaling solutions for Ethereum designed to improve scalability, reduce costs, and maintain decentralization.
- Supporting Developer Tooling and Infrastructure: The fund backs companies committed to building essential blockchain infrastructure and developer tools, enabling more efficient and accessible blockchain adoption.
- Strategic Development Support: Beyond capital, the fund provides guidance and resources to projects within these ecosystems to enhance their growth and integration on the OP Stack and Arbitrum Orbit networks.
- Participation in the Growing On-chain Economy: By focusing on these layer-2 ecosystems, the fund aligns with the broader movement towards an "on-chain economy" where more economic activities, including DeFi, NFTs, and tokenized assets, happen directly on blockchain protocols that offer high throughput and low transaction fees.
Nikil Viswanathan, co-founder and CEO of Alchemy, commented on the announcement, stating that the fund is a direct response to the incredible momentum in the ecosystem. The fund was launched amid the surge in rollup adoption and smart wallets.
As part of the fund, Alchemy is offering its smart wallet integration for free to projects. This integration eliminates common friction points like the need for seed phrases and external wallet pop-ups, and could save projects up to $40k in infrastructure costs. Teams will also receive up to $10,000 in gas credits and $20,000 in compute credits, as well as startup resources for rollup deployment and user onboarding. The fund offers enterprise-grade rollup infrastructure, initially available for projects based on the OP Stack and Arbitrum Orbit ecosystems.
Steven Smith, VP of Protocol and Applied Research at Tools for Humanity, an early adopter of Alchemy's integrated solutions, commented on the integration. He stated that the relationship between Alchemy and World Chain (a contributor to World Network, another early adopter of Alchemy's integrated solutions) is a model for how the industry supports each other.
The Alchemy Everyone Onchain Fund is the latest move by Alchemy Ventures to support the decentralized web and blockchain payments. With its focus on the OP Stack and Arbitrum Orbit, the fund aligns with the growing industry trend of adopting layer-2 solutions to scale Ethereum-based applications effectively. However, detailed public information about the mechanisms or portfolio of the fund might be limited or forthcoming from Alchemy directly.
- The Alchemy Everyone Onchain Fund, focusing on the OP Stack and Arbitrum Orbit, is designed to invest in early-stage startups and projects, aiming to advance the on-chain economy by supporting the development of tooling, infrastructure, and products on web3, particularly in the finance and technology sectors.
- Alchemy Ventures, in addition to capital investment, provides strategic development support to projects within the selected ecosystems, offering resources to help them integrate on the OP Stack and Arbitrum Orbit networks, thus reducing infrastructure costs and fostering growth.
- As part of the fund's offerings, Alchemy is providing free smart wallet integration to projects, eliminating common friction points and potentially saving up to $40k in infrastructure costs, as well as offering gas and compute credits and startup resources for rollup deployment and user onboarding.
