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Ambrosus Core launches a $10 million Developer Grant to Scale its Open-Source Blockchain Ecosystem

press release

PRESS RELEASE. Zug, Switzerland — Ambrosus Core, the technical foundation of Ambrosus Ecosystem, has announced the launch of a substantial developer funding program — $10 million for developers deploying decentralized finance (DeFi) applications and other decentralized solutions on the Ambrosus blockchain.

Ambrosus, a fully functional Layer 1 EVM-compatible Blockchain protocol, provides scalability and zero-knowledge-proof data security. It also has unique data storage capacity. Ambrosus Core launched a developer funding initiative to help support network growth and grow its user base.

DeFi on Ambrosus has recently seen an all-time high in total value locked (TVL) of over 310 million AMB as a result of its newly launched staking platform. The foundation now accepts applications for its grant program. This grant program is open to all new contributors who are interested in building dApps and NFTs on AMBNET. Developers and entrepreneurs can apply now for funding to build scalable solutions that allow seamless, low-cost transactions over the secure network.

The seven-figure grant is divided among:

  • Startups–developers and entrepreneurs looking to launch a dApp on AMB-NET.
  • Open-source developers–individuals and teams developing open-source products on top of AMB-NET.
  • Educators–those who create unique and informative content for new Ambrosus Ecosystem participants.

Igor Stadnyk, Chief Technical Officer at Ambrosus Core, highlights: “The next chapter for Ambrosus Core is all about fostering DeFi growth on our network. We are proud to have developed a functional, reliable, and competitive blockchain. Now we want to assist new developers in building their exciting projects on AMBNET. I am excited to be launching this $10 million grant today, which will aid in embedding Ambrosus at the center of DeFi developments.”

About Ambrosus

Ambrosus, a Layer-1 open-source layer-1 scaling solution designed to promote widespread adoption of Ethereum and EVM-compatible platforms, is fully operational. It was created by Swiss industry professionals and is the first decentralized, efficient Proof of Authority network. Learn more on the website.

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Value Locked in Defi Nears $100 Billion Milestone Amidst Broad Market Uptick and Lido Dominance

Five days ago, the total value locked (TVL) in decentralized finance (defi) protocols exceeded the $80 billion mark, and since that point, it has expanded by an additional $11.66 billion. As it hovers above the $91 billion threshold, the TVL is approaching the $100 billion milestone…
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I Am Hip Hop TV Redefines Digital Media Distribution Landscape

PRESS RELEASE. February 16, 2024 – I Am Hip Hop TV, a pioneering startup dedicated to revolutionizing digital media distribution, announces its strategic approach to enhancing brand visibility and driving engagement across major social media platforms. With a focus on inciting meaningful user interaction that translates into increased awareness and sales conversions…
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Bank Protests and Holdups Continue to Rise in Lebanon, as Depositors Demand Savings

Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings

On Dec. 17, reports detail that residents in Lebanon have been staging sit-ins and protests at banks in order to access their own savings accounts. Since the economic collapse in 2019, Lebanon’s banks froze Lebanese bank accounts, and a number of branches have remained closed indefinitely. Although a few Lebanese have been forced to fork over their savings, most of the residents have fled or been arrested without any money.

Lebanon Banks Respond to Protests and Gunpoint Requests from People Wanting Their Savings Back

In August 2019, it became apparent to the world that Lebanon was suffering from a liquidity crisis, and there have been many reports that say financial coverups and U.S. sanctions put Lebanon’s economy in a vice grip. It has been reported that by late 2018, a handful of Lebanese commercial banks froze people’s accounts and by the first week of March 2020, Lebanon said it would default on its Eurobond debt.

The country began seeking restructuring agreements. However, Lebanon’s lira rate diverged from the black market rate in August . A report published in August 2022 details that the “black market rate is what the currency is actually worth now.” In June 2022, News reported on Lebanon’s inflation rate surging to 211% which highlighted the economist Steve Hanke, who said the country should leverage a currency board.

Bank Holdups and Protests Continue to Rise in Lebanon as Depositors Demand Their Own Savings
Lebanese soldiers who are still able to make a living as enforcers protect Lebanon’s central bank and current politicians.

On Dec. 17, NPR columnist Ruth Sherlock described how poverty-stricken Lebanese have been outside of banks protesting in order to get access to their own savings accounts. In Tripoli, Lebanon at an IBL Bank branch, Sherlock said a 53-year-old woman named Zahra Khaled sat in a wheelchair and would not leave the bank until the staff gave up her life savings. Sherlock reports that Khaled said the bank had frozen “tens of thousand dollars”.

Sherlock explains that Khaled’s protest was “one of the gentler tactics” and that some are using real or toy guns in order to recover their money. The NPR reporter does note that some Lebanese who resort to this tactic only want “what they are owed.” Countless reports, littered all over the internet, confirm Sherlock’s account that says Lebanese bank accounts have been frozen since 2019, since the onset of Lebanon’s economic collapse. In 2020, angry depositors and protests got so bad that the commercial banks armored the fronts of specific branch buildings with steel and cement walls.

Reuters reported in Sept. 2022 that “bank holdups snowball in Lebanon as depositors demand their own money,” as these types of acts have become a normal occurrence in the country. Reuters elaborated that five depositors held up banks in order to access their own funds and some depositors managed to get around $60K, while some people were taken into custody. In Nov. 2022, Al Jazeera detailed that banks in Lebanon reopened for two weeks. Al Jazeera was told by a Lebanese photographer that he had been waiting for a cheque to be cashed for over two weeks.

Sherlock’s reports stated that Khaled had negotiated for hours with the bank staff but they eventually left. Khaled was then taken out by the Internal Security Forces, Lebanese police who are also known as the ISF. Lebanese depositors have protested at banks such as Bank Audi, IBL Bank and Blom Bank. On Dec. 16, Reuters reported that a U.S. court of appeals has decided that Lebanese commercial banks can be tried outside Lebanon.

What do you think about Sherlock’s report that says Lebanese citizens are resorting to trying to get their funds at gunpoint and assembling protests in front of Lebanon’s commercial banks? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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