The Web3 Foundation has launched a new grant program worth $5 million for projects building on the Polkadot network. The program aims to support Web3 developers.
New Web3 Support Initiative
The Web3 Foundation has announced a $5 million grant program to support projects built on the Polkadot network. This move is aimed at fostering innovation and increasing ecosystem participation. Gavin Wood, co-founder of Polkadot, emphasized the importance of supporting ecosystem builders.
DOT Price Rises 12% After Announcement
The price of DOT, Polkadot's cryptocurrency, reached $8.75 following the funding announcement, marking a 12% rise. Experts attribute this to increased market confidence from previous supportive initiatives.
Impact of Grants on Developer Activity
Previous grant programs have significantly boosted developer activity in the ecosystem. For example, the grants from Q3 2024 led to a 25% increase in engagement. Analysts project favorable outcomes from current strategies based on past successes.
Polkadot's grant program shows a positive impact on the ecosystem, driving developer activity and strengthening DOT's market position.
