Starknet Foundation Boosts Blockchain Innovation With $5M Grants Program

CryptoNews.com

2024-05-07 16:55:59

Harvey Hunter

Last updated:

May 7, 2024 20:55 EDT | 1 min read

The Starknet Foundation announced on May 7 a new $5 million seed grant program to support emerging projects on the network, boosting blockchain innovation.

The new Seed Grants Programme will support at least 200 promising teams with $25,000 in USD Coin to give the “final push” to help projects launch on Starknet.

The Starknet Grant Details

According to a Starknet Foundation report, the grant targets Starknet-related projects that have already developed a minimum viable product (MVP) or proof-of-concept

Introducing the Starknet Seed Grant Program! 🌱

The Seed Grant Program is a new initiative designed to provide teams with grants up to $25,000 in USDC in non-dilutive funding to enhance the growth of the Starknet eco. pic.twitter.com/8Ux9jTLHNP

— Starknet Foundation (@StarknetFndn) May 7, 2024

It will use “a simplified application and uation process” designed to maximize engagement. The grant will also be quickly distributed, “aiming to provide a decision approximately two weeks” after submission.

Although those who have previously participated in Starknet will get priority, the opportunity is open to all developers.

The Rise of Starknet

Starknet has seen increasing adoption as developers migrate to its eco to take advantage of its low fees, scalability, and developer-focused toolset.

This plays into the purpose of the seed grant, giving projects the financial backing they need

“Starknet is home to the fastest-growing Layer 2 (L2) developer community due to its novel approach to scaling Ethereum and making it economically feasible to build even the most complex dApps,” the report read.

According to Electric Capital’s 2023 Developer Report, the number of monthly developers using Starknet rose to 730 in December 2023 – a 265% increase from the 200 using the platform in 2021.

Starknet x Nevermind Grant

Starknets commitment to advancing blockchain development also extends to less established teams of developers.

Through a partnership with Nevermind, Starknet is offering an additional $1 million initiative to support applications and products on Starknet.

Unlike the seed grant, this opportunity is open to teams at all stages of development. Regardless of whether they want to integrate an existing product into the Starknet eco, have a comprehensive proof of concept, or simply have a rough idea.

This will supply grants ranging from $50,000 to $250,000 to builders “to advance the Starknet eco with innovative, user-facing products.”

Starknet will provide experienced engineers and advisors who will be available to provide some design advice, technical guidance, and support.

It will make use of Starknet’s eco in its community to facilitate partnerships, collaborations, and future funding opportunities

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