Starknet Advances Blockchain Innovation With $5 Million Grant Program

Last updated: May 7, 2024 8:55 pm EDT | 1 minute read

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

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

Details of the Starknet grant

According to a Starknet Foundation Reportthe grant is intended for Starknet-related projects that have already developed a minimum viable product (MVP) or proof of concept.

It will use “a streamlined application and evaluation process” designed to maximize engagement. The grant will also be distributed quickly, “with the goal of providing a decision approximately two weeks” after submission.

While those who have already participated in Starknet will be given priority, the opportunity is open to all developers.

The Rise of Starknet

Starknet has seen growing adoption as developers migrate into its ecosystem take advantage of its low ratesscalability and developer-centric toolset.

This is within the scope of the initial grant, providing projects with the financial support they need.

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

Second Electric Capital’s 2023 Developer Reportthe number of monthly developers using Starknet rose to 730 in December 2023 – a 265% increase compared to the 200 using the platform in 2021.

Starknet x Nevermind Grant

Starknet commitment to promote the development of blockchain it also extends to less established developer teams.

Through a partnership with Nevermind, Starknet is offering an additional Million dollar initiative to support applications and products on Starknet.

Unlike seed funding, this opportunity is open to teams at all stages of development. Whether they want to integrate an existing product into the Starknet ecosystem, have a complete proof of concept, or just have a rough idea.

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

Starknet will provide expert engineers and consultants who will be available to provide design advice, technical guidance and support.

He will do it use the Starknet ecosystem in its community to facilitate partnerships, collaborations and future funding opportunities.

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