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Web3 foundation plans to allocate $22 Million to Polkadot projects

web3-foundation-plans-to-allocate-22-million-to-polkadot-projects
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Web3 foundation plans to allocate $22 Million to Polkadot projects

The Web3 Foundation, a firm whose flagship project is the Polkadot blockchain protocol, has unveiled a new initiative to allocate $22.08 million and 5 million DOTs throughout the year 2024.

This move aims to bolster the existing community-governed funding mechanism, which originates from the Polkadot Treasury.

More updates to come

Web3 Foundation was established in Switzerland by the co-founder and former chief technology officer of Ethereum, Dr. Gavin Wood, where it has continued to nurture applications for decentralized web software protocols.

By design, the firm’s latest initiative will enhance the Polkadot Treasury’s community-governed funding mechanism by focusing on supporting projects that hold the potential to shape Polkadot’s future. 

The announcement does not share much more detail other than stating that forthcoming updates, including information on the official launch date and guidelines for funding applications, will be revealed in the coming weeks.

Under new leadership

The announcement comes just one month after the Web3 Foundation announced the appointment of a new CEO, Fabian Gompf, the former VP of Ecosystem Development at Parity Technologies.

At the time, Fabian shared that he was looking forward to collaborating with the Polkadot community, which has already become evident in the firm’s latest announcement.