Quick take:
- Web3 Foundation has launched a $20 million fund to drive innovation on Polkadot Network in 2024.
- The Polkadot blockchain developer also announced it will deploy 5 million DOT tokens as part of the new initiative.
- The funds will be issued to teams and individuals who want to contribute to the success of Polkadot.
Web3 Foundation, the organisation behind Polkadot Network on Tuesday announced plans to reward individuals and teams building Polkadot. The organisation plans to deploy CHF 20 million, approximately $22.08 million and 5 million DOT tokens (~$19.2 million at the time of writing) as part of the new initiative.
The Web3 Foundation wants to reward projects whose contributions will drive innovation in the future of Polkadot.
Dubbed the DOT Program, the initiative plans to reward projects throughout 2024, as the organisation looks to augment its community-governed funding mechanism.
This announcement comes just months after tapping Ethereum-based blockchain and metaverse gaming startup Mythical Games, which migrated from Ethereum. The company’s lead NFT project NFL Rivals last month hit record daily active users, also crossing the 2 million players threshold.
In July electronic music platform, Beatport made its foray into Web3 with a non-fungible token (NFT) marketplace on Polkadot. Beatport also launched ‘NACHTS’, a collection of 175 unique portraits synced with music composed using AI models.
Web3 Foundation’s latest fund announcement comes at a time when funding for Web3 projects is in decline. According to CrunchBase, the industry witnessed the seventh successive decline in quarterly fundraisings, amid the crypto winter.
Polkadot’s parachain network enables the deployment of multiple interoperable blockchains, thus allowing projects to access unlimited computing power. This enhances scalability without sacrificing interoperability or connectivity.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
