Quick take:
- The Alchemy Grants Initiative is available to developers new to Web3.
- Developers can apply to receive up to $50,000 in Alchemy credits to build their projects.
- Applications for the grant will be open next week.
Silicon Valley Web3 development platform, Alchemy, today announced the launch of its $25 million developer grants initiative as it doubles down on its mission to make Web3 development accessible.
Despite the crypto market downturn of late, Alchemy has seen a threefold increase in the number of teams building Web3 products since January. The company says that “Web3 is a technological wave with a huge future” and “the ideas that will define the next 20 years of Web3 will be built in the next two.
With the grants initiative, Alchemy is making a commitment to support developers in building Web3 products with real utility. Starting Monday, Jun 20, developers who are new to Web3 can apply to receive up to $50,000 in Alchemy credits to build DeFi protocols, NFT marketplaces, or any other projects that help encourage the adoption of Web3. Alchemy plans to begin issuing the grants on Jul 6.
The motivation behind the grants initiative was the engagement Alchemy sees daily across its blockchain development educational resource, like Web3 University and its weekly study group, the Road to Web3, which gave the company reason to believe that the long-term health of crypto powered by developers is better than ever.
Alchemy has previously put resources into education with Web3 University and the Road to Web3 – and early-stage funding with Alchemy Ventures, but is now putting its resources into helping developers through the most challenging market conditions it has seen in years.
The grants initiative is also accessible to Alchemy customers with a free or Growth tier account. The company will share more on the developer eligibility criteria once it begins accepting applications next week.
The initiative is complementary to Alchemy’s existing free tier and will help developerss who are using services that require more compute units, such as Alchemy’s NFT API, Transfers API, SDK and other proprietary tooling.
Alchemy raised $200 million in March, and is currently valued at $10.2 billion. Despite the crypto market bloodbath, venture capital firms and Web3 platforms have been launching funds and pouring billions of dollars into Web3 startups.
Today, Immutable announced a $500 million developer and venture fund while BMAN and Huobi co-founder Du Jun also announced a newly formed $400 million Web3 fund.
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