Starknet Foundation Empowers Blockchain Innovation with $5M Grants Program
The Starknet Foundation has recently announced a groundbreaking initiative to support emerging projects on the network. With a new $5 million seed grant program, the foundation aims to boost blockchain innovation and provide the necessary resources for project development.
The Seed Grants Programme will provide support to at least 200 promising teams, offering them $25,000 in USD Coin. This financial boost will serve as the “final push” to help these projects successfully launch on Starknet.
According to a report from the Starknet Foundation, the grant is targeted towards projects that have already developed a minimum viable product (MVP) or proof-of-concept related to Starknet. The application and evaluation process will be simplified to maximize engagement, and the grants will be distributed quickly, with a decision expected within approximately two weeks of submission.
While priority will be given to those who have previously participated in Starknet, the opportunity is open to all developers interested in advancing their projects on the network.
Starknet has been experiencing a surge in adoption as developers recognize the benefits it offers, such as low fees, scalability, and a developer-focused toolset. The seed grant program aligns with the purpose of Starknet, providing the necessary financial backing for project success.
“The fastest-growing Layer 2 (L2) developer community resides in Starknet due to its innovative approach to scaling Ethereum and making complex dApps economically feasible,” the report stated.
According to Electric Capital’s 2023 Developer Report, the number of monthly developers using Starknet increased to 730 in December 2023, representing a 265% surge from the 200 developers using the platform in 2021.
Starknet’s commitment to advancing blockchain development extends beyond established teams. In collaboration with Nevermind, Starknet has launched an additional $1 million initiative to support applications and products on its platform.
Unlike the seed grant program, this opportunity is open to teams at all stages of development, whether they want to integrate an existing product into the Starknet ecosystem, have a comprehensive proof of concept, or simply have a rough idea. Grants ranging from $50,000 to $250,000 will be provided to builders to advance the Starknet ecosystem with innovative, user-facing products.
Starknet will also provide experienced engineers and advisors to offer design advice, technical guidance, and support. Leveraging Starknet’s ecosystem, this initiative aims to facilitate partnerships, collaborations, and future funding opportunities.
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