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Web3 Foundation, a Switzerland-based organization that promotes decentralized protocols for web 3.0, announced Thursday that its Grants Program has reached a total of 300 projects. The program has funded around 100 projects since January this year and recently celebrated the 10th wave of Open and General grants which funded 27 teams altogether.
Web3 Foundation is most known for its flagship project Polkadot that allows cross-blockchain transfers of any type of asset or data.
Web3 Foundation Grants Program Reaches 300 Projects Milestone
In a recent blog post, Web3 Foundation celebrated signing 300 projects to its grants program and provided a breakdown of their accomplishments. The network’s Web3 Foundation launched the program in 2018 and has since received 840 applications for funding.
Out of all the teams approved until now, 143 have already completed their projects, while 212 have delivered their first milestone.
All approved projects are working on various layers of the Web3 technology stack. But a detailed breakdown reveals that almost half of them are covering runtime modules and development tools. The rest are working on wallets, UI development, tooling, cryptography, bridges, and other areas.
Initially, Web3 Foundation divided its grants into two categories -- General Grants and Open Grants. The general category had no upper limit on funding, but the recently introduced open category had a maximum limit of $30,000.
The Open Grants program was a phenomenal success for Web3 Foundation, so much so that it decided to merge both of its programs into one initiative. As a result, Web3 now offers recurring grants that are tracked on Github and paid for in cryptocurrencies, while allowing fiat payments and private projects, all through a single repository.
An Overview of the Web3 Foundation
The Web3 Foundation is Polkadot’s answer to the Ethereum Foundation, which is dedicated to supporting the Ethereum network and its related technologies.
The organization has also pioneered Kusama, which is a scalable network built on the same codebase as Polkadot, and security and privacy-focused messaging protocol XCMP.