Web3 companies support the development of the ecosystem during market congestion
As Bitcoin (BTC) surpassed the $40,000 mark and brought the total crypto market capitalization to $1 trillion, Web3 companies began issuing grants to support the growth of the blockchain ecosystem.
On December 6th, the Worldcoin Foundation announced a $5 million community support program dubbed “Wave0”, backed by OpenAI CEO Sam Altman of the popular WorldCoin (WLD) project. The grants are paid in WLD tokens or stablecoins such as USD Coin (USDC).
The grant program focuses on various projects such as community organizers, event sponsorships and hackathons. The organization also has other grant tracks that focus on funding larger projects.
WorldCoin Foundation Launches Community Grant Program https://t.co/bWb3jdl69V
— Worldcoin (@worldcoin) December 6, 2023
In addition to Worldcoin, other companies have started releasing grants to support the construction of the Web3 infrastructure. In a press release sent to Cointelegraph, the Layer-2 protocol, Coinweb, announced $10 million in funding to support developers building Web3 services and decentralized applications (DApps) on its infrastructure platform.
According to the announcement, the grants can reach up to $300,000 depending on the type of DApps and the stages of development. The protocol also includes the focus of its support program on Decentralized Finance (DeFi), Decentralized Exchanges (DEXs), Wallets, Gaming, Virtual Tokens (NFTs) and Social Finance.
Meanwhile, the Phantom Foundation has launched the Accelerator Program and has allocated 1 million Phantoms (FTM) worth more than $300,000 to support five projects. In a press release sent to Cointelegraph, the protocol indicated that the program will include advisors from the management, including director Andre Cronje.
Related: Web3 Gaming Trends in 2024: Execs Weigh in on Blockchain Gaming Future
Earlier this month, Arbitrum's Community Grants Program expanded its budget by an additional $23 million to support all grant applicants. The new development puts the budget of Arbitrum's grant program, which supports 56 projects, in excess of $70 million.
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