Web3 Companies Roll Out Grant Programs to Boost Blockchain Ecosystem Amid Crypto Market Surge
Summary:
Amid Bitcoin crossing $40,000 and pushing cryptocurrency market value to $1 trillion, Web3 companies, including Worldcoin Foundation and Coinweb, are rolling out grants to support the blockchain ecosystem's growth. Worldcoin's $5 million "Wave0" program supports projects like community organizing, event sponsorships, and hackathons. Meanwhile, Coinweb announced a $10 million grant for developers engaged with Web3 services and decentralized applications. Furthermore, the Fantom Foundation started a program, allocating over $300,000 equivalent to 1 million Fantom, to back five projects.
In response to Bitcoin (BTC) breaching the $40,000 threshold and pushing the overall cryptocurrency market value to $1 trillion, companies dealing with Web3 have begun allocating funds to foster the growth of the blockchain network. The Worldcoin Foundation, responsible for the widely recognized Worldcoin (WLD) initiative endorsed by OpenAI CEO Sam Altman, disclosed a $5 million public grants campaign named “Wave0” on December 6. The grants will be distributed in the form of WLD tokens or stablecoins such as USD Coin (USDC). The funding initiative is dedicated to numerous endeavors encompassing community engagement, event underwriting, and hackathons. Moreover, the entity will also earmark funds for larger projects via separate grant tracks.
Beyond Worldcoin, several other firms have commenced issuing grants to champion the evolution of the Web3 framework. Coinweb, a layer-2 protocol, disclosed a $10 million grant in a press brief shared with Cointelegraph, intended for developers establishing Web3 services and decentralized applications (DApps) on its foundation platform. As per the statement, depending on the DApps characteristics and developmental stage, the grants could amount to $300,000. The protocol underscored that sectors such as decentralized finance (DeFi), decentralized exchanges (DEXs), wallets, gaming, nonfungible tokens (NFTs) and social finance are within the purview of the grant program. Concurrently, the Fantom Foundation initiated a kickstarter scheme, assigning over $300,000, equivalent to 1 million Fantom (FTM), to back five undertakings. Alongside the allocation, the Foundation assured guidance from its executives, including its director Andre Cronje, as relayed in a press brief to Cointelegraph.
This month also saw the Arbitrum community amplify its grant program budget, sanctioning an extra $23 million to cater to all grant seekers. With this enhancement, the total Arbitrum grant budget exceeds $70 million, supporting 56 ventures.
Published At
12/7/2023 2:37:55 PM
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