PANews reported on May 1 that according to Cointelegraph, the crypto exchange MEXC announced the establishment of a $300 million ecosystem development fund at the Token2049 conference in Dubai, and plans to support Web3 project construction in the next five years. The fund will focus on investing in blockchain underlying technologies, public chains, wallets and other infrastructure areas, with an annual investment of $50 million to $60 million. The project selection criteria will be announced soon. The fund will screen projects by invitation rather than by public application, giving priority to early-stage projects with long-term development potential, especially in the fields of blockchain networks, DeFi infrastructure and stablecoins. Tracy Jin, COO of MEXC, said: "We are committed to strategic investment, not only focusing on exciting ideas and talented developers, but also on initiatives with obvious long-term potential."