Starknet Foundation launches $5m grant program

The Starknet Foundation announced the launch of a $5 million grant program for 200 crypto project teams.

According to the Starknet Foundation team, this initiative aims to provide 200 crypto project teams with funding of up to $25,000 in USDC to accelerate the growth of the Starknet ecosystem.

The Starknet Foundation aims to support projects that have already developed a minimum viable product but have not yet reached the market. To receive funding, users need to actively participate in the Starknet community or participate in a hackathon and develop existing network-based tools.

All projects must submit a clear plan for using the grant within the next three months. The results will be announced within two weeks after applying.

Projects operating on the mainnet for more than three months or with a group of users cannot apply for funding. Additionally, the program is not available to teams that are involved in drugs, gambling, illegal trade, money laundering, firearms, or any criminal activity.

In March, the Starknet Foundation announced the establishment of a Gaming Committee to develop the ecosystem further. The committee will be responsible for shaping strategies and programs for expanding into the relevant entertainment industry sector.

In February, the Starknet project entered the top five networks in total value locked (TVL). The Starknet Foundation team also announced an airdrop among 1.3 million users.

A few days after the announcement, the number of active users on the Starknet network dropped sharply amid criticism of the terms of reward distribution.