Starknet Foundation Launches $25.2M Catalyst Program to Boost Top-performing Projects
Summary:
The Starknet Foundation plans to allocate 20 million STRK tokens, estimated at approximately $25.2 million, to the top-performing projects on its network as part of its newly launched Catalyst program. The program aims to propel innovation on Starknet's Ethereum layer-2 scaling solution. The grants will be split into two categories, targeting advanced projects and emerging ones. Among the recipients are leading projects like Ekubo, AVNU, Influence, Realms, and Nostra. Starknet is the seventh-largest Ethereum layer-2, holding over $1.08 billion in total value, and it looks to encourage a wider array of blockchain applications via these grants.
In an attempt to spur innovation within its network, the Starknet Foundation plans to allocate 20 million STRK tokens towards the most developed projects within its operational sphere. This initiative, as part of the newly inaugurated Catalyst program, equates to an injection of approximately $25.2 million to the top 21 high-performing projects, as stated in an announcement made in conjunction with Cointelegraph.
Selection of the deserving user-centered protocols was a collaborative effort between the Stark Foundation and an independent third party, encompassing various metrics, said CEO of the Starknet Foundation, Diego Oliva. As stated by Oliva, the evaluation was multifaceted, examining total value locked, fees generated, active users, external funding, security audits, among other metrics.
The grant initiative's primary objective is to expedite the evolution of Starknet's Ethereum layer-2 scaling solution powered by groundbreaking zero-knowledge rollup technology. Grants would be divided into two distinct classes, serving to differentiate mature projects from emerging ones active within the network.
Among the first grant recipients are advanced projects like Ekubo, a platform for launching tokens, AVNU, a gasless trading DeFi protocol, Influence, an entirely on-chain strategic game, Realms, a gaming universe on-chain, Nostra, a DeFi protocol with an upcoming crypto super app, and ZKX, a decentralized exchange for perpetual futures.
Web3 gaming continues to emerge as a crucial application for Starknet, aiming to maintain a high-speed infrastructure with minimal transaction costs. Oliva remarked that Starknet would continue to introduce upgrades focusing on enhancing transaction speeds, reducing latency, alongside cutting transaction costs - an advantage for on-chain games and DeFi applications alike.
Oliva also expressed his optimism in fostering a wider array of blockchain applications within the network aside from gaming and decentralized finance (DeFi), driven by the grants.
Positioned as one of the largest Ethereum layer 2 with over $1.08 billion in total value locked and a market share of 2.32%, Starknet contributes to the over $46 billion in cumulative TVL held by Ethereum's layer-2 networks as per L2beat.
Starknet Foundation’s developer-focused financing initiatives follow hot on the heels of the announcement of a $5 million seed grants program three weeks ago. The scheme aims to back at least 200 potential teams with an allocation of $25,000 USD Coin each, serving as a catalyst for late-stage projects seeking to launch on Starknet. Furthermore, the Starknet Foundation intends to orchestrate more grant programs under the banner of the Catalyst program in the future.
Published At
5/28/2024 6:30:00 PM
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