With the initiative, early-stage projects will get fundraising and other support from the Solana Labs team.

Solana Labs, the technology firm behind the Solana network, has announced the launch of a new initiative called Solana Incubator to help grow “the next great companies in the ecosystem.”

In an X thread on Thursday, Oct. 26, the firm said selected startups will get not only marketing, technological, and fundraising support. Although the initiative mainly focuses on Solana-related products, web2 teams incorporating web3 will also get onboarding and development support from Solana.

Developers can submit their applications to participate in the program until Nov. 30, 2023.

Solana’s latest effort seems to be another attempt to jeopardize Ethereum’s (ETH) position as one of the biggest blockchain ecosystems after Solana Anatoly Yakovenko called the blockchain a “digital carnival.”

As crypto.news reported in early October 2023, the Solana boss questioned Ethereum’s decentralization, saying the network represents a “novel spectacle of bourgeois upheaval.”

Solana is one of the first victims of the FTX collapse as the total value locked (TVL) in the ecosystem plunged 96% since its all-time highs, according to data from DefiLlama. As of press time, Solana’s TVL is at $380 million, representing a staggering decrease from more than $10 billion in November 2022.