Starknet Foundation launches $5m grant program

As a seasoned crypto investor with experience in following and investing in various blockchain projects, I’m excited about the recent announcement from the Starknet Foundation regarding their new $5 million grant program. The potential for this ecosystem to grow is immense, and providing funding to 200 crypto project teams can only accelerate its progress.

The Starknet Foundation unveiled a grant initiative totaling $5 million, open to 200 eligible crypto project teams.

The Starknet Foundation’s team intends to support 200 crypto projects by offering each team up to $25,000 in USDC funding, with the goal of fostering expansion within the Starknet ecosystem.

Introducing the Starknet Seed Grant Scheme! 🌱

This new program aims to support teams financially with grants worth up to $25,000 in USDC, providing non-dilutive funding that fosters the expansion of the Starknet ecosystem.

— Starknet Foundation (@StarknetFndn) May 7, 2024

The Starknet Foundation focuses on backing projects that have produced a basic functional prototype but haven’t been introduced to the market yet. To secure financing, individuals must engage with the Starknet community or join hackathons, where they can build and enhance existing tools within the network.

Projects are required to present a well-defined strategy for applying the grant funds within a three-month timeframe. Following the submission of applications, the outcomes will be disclosed within a fortnight.

Projects that have been running on the mainnet for over three months with an established user base are not eligible for funding. Furthermore, our program does not extend to teams engaged in activities related to illegal substances such as drugs, gambling, unlawful trading, money laundering, firearms, or any form of criminal behavior.

In March, the Starknet Foundation unveiled plans to form a Gaming Committee with the objective of growing the ecosystem within the entertainment industry. This committee is tasked with devising strategies and implementing initiatives in this field.

In February, Starknet emerged as one of the top five cryptocurrency networks based on total value locked, with a market worth over $5 billion. Excitingly, the Starknet Foundation revealed plans for an airdrop, distributing tokens to approximately 1.3 million community members.

Within a few days of the announcement, there was a significant decrease in the number of active users on the Starknet network due to backlash over the contested reward distribution terms.

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2024-05-07 21:12