As bitcoin (btc) surpassed the $40,000 mark and brought the total crypto market capitalization to $1 trillion, Web3 companies have begun implementing grants to support the development of the blockchain ecosystem.
On December 6, the Worldcoin Foundation, the organization behind the popular Worldcoin project backed by OpenAI CEO Sam Altman, announced a $5 million community grant program called “Wave0.” Grants will be disbursed through Worldcoin tokens (WLD) or stablecoins such as USD Coin (USDC).
The grant program focuses on various projects, such as community organizers, event sponsorship, and hackathons. Additionally, the organization also has other grant avenues that will focus on funding larger projects.
The Worldcoin Foundation has launched its Community Grants Program.https://t.co/bWb3jdl69V
— Worldcoin (@worldcoin) December 6, 2023
In addition to Worldcoin, other companies are also starting to provide grants to support the development of the Web3 infrastructure. In a press release sent to Cointelegraph, Layer 2 protocol Coinweb announced a $10 million grant to support developers who will build Web3 services and decentralized applications (DApps) on its infrastructure platform.
According to the announcement, grants can reach up to $300,000 depending on the types of DApps and development stages. The protocol also highlighted that the focus of the grant program includes decentralized finance, decentralized exchanges, wallets, gaming, non-fungible tokens, and social finance.
Meanwhile, the Fantom Foundation also launched an accelerator program and allocated 1 million Fantom Tokens (FTM), worth over $300,000, to support five projects. In a press release sent to Cointelegraph, Protocol highlighted that the program would include mentoring from its leaders, including its director, Andre Cronje.
Related: Web3 gaming trends in 2024: executives weigh in on the future of blockchain gaming
Earlier this month, the Arbitrum community expanded its grant program budget and approved an additional $23 million to fund all grant applicants. The new development puts the Arbitrum grant program budget at more than $70 million, supporting 56 projects.
Magazine: Pudgy Penguins GIFs surpass 10 billion views, CEO sets sights on Disney and Hello Kitty: nft Creator
