Blockchain Developer Alchemy Launches a $5M ‘Everyone Onchain Fund’

Blockchain developer platform Alchemy has announced the launch of its $5 million ‘Everyone Onchain Fund’ to fast-track mainstream Web3 adoption and align with Ethereum’s ecosystem evolution.

The initiative “comes at a pivotal moment in Ethereum’s technical evolution, as the ecosystem undergoes major transitions in scaling, wallet security, and privacy,” the press release says.

‘Everyone Onchain Fund’ provides support through startup resources to developers building on Alchemy Rollups and the smart wallet Account Kit. Developers may use it for rollup deployment and user onboarding.

Furthermore, the fund offers developers up to $10,000 in gas credits and $20,000 in compute credits, the press release shared with Cryptonews says. The website adds that the program offers up to $25,000 per team to start building with smart wallets and rollups.

Per the website, there is now $4 million left of the $5 million grant.

Source: alchemy.com

Additionally, developers gain access to enterprise-grade rollup infrastructure, embedded wallet tools, and gasless transaction abilities, the Alchemy team says.

At launch, the Fund will support OP Stack and Arbitrum Orbit ecosystems. Developers deploying rollups in these two ecosystems get Alchemy’s smart wallet integration for free. The team claims that this saves some $40,000 in infrastructure costs.

Meanwhile, early adopters already leveraging Alchemy’s infrastructure to power millions of users include OpenSea, Magic Eden, and Worldcoin. Also, companies like Sony (Soneium) and Worldcoin (World Chain) have successfully launched their own custom rollups on the platform.

Alchemy’s goal is to provide the tools, infrastructure, and support to bring Web3 to the mass market, it added.

‘Fundamental Shift’

The move “comes amid a fundamental shift in how Web3 reaches mainstream users,” the press release argues. Alchemy’s figures show “unprecedented success in onboarding millions of users onchain.”

Rollup activity has jumped 5.8x in the last year, while apps utilizing the Account Kit have recorded 4x increases in transaction volume. Apps using Account Kit “consistently report dramatic improvements” in user acquisition and engagement, said the team.

Alchemy’s Rollups-as-a-Service (RaaS) enables teams to launch and scale their own blockchains with Alchemy’s full developer platform. The rollups provide reliable infrastructure and a direct access to a large developer ecosystem.

At the same time, the Account Kit is a full-stack toolkit for smart wallets that enables developers to onboard anyone with social and email login methods. It offers 1-click gasless transactions, as well as support for ERC-4337 and EIP-7702 for seamless smart account integration.

The team explains that these standards eliminate common friction points because they remove the need for seed phrases and external wallet pop-ups. Apps can sign transactions directly within their native interface.

Furthermore, Alchemy offers a full suite of developer tools and 24/7 support from dedicated engineers.

“Over the last seven years, we’ve been listening to developers and building the tools they need,” said Alchemy CEO and co-founder Nikil Viswanathan. “Creating this fund was a no-brainer for us. It’s a direct response to what builders have told us they need to succeed onchain.”