Solana Foundation sets aside $1 million to fund AI-based projects building on the Solana blockchain. As a means of encouraging more builders to explore new use cases that merge AI and Solana blockchain, the foundation started this funding. “Today, the Solana Foundation announces a $1m fund for small-scale grants exploring the intersection of the Solana blockchain and AI”.
Solana is a high-performance, open-source blockchain platform designed to provide fast and inexpensive transactions, as well as support for decentralized applications and smart contracts. It uses Proof of History (PoH) to achieve high transaction speeds and supports the Ethereum Virtual Machine (EVM). It also features SOL, stablecoins, NFTs, and other utility tokens.
Further details of the funds revealed that eligible teams will have access to funds ranging from $5,000 to $25,000 to build and advance their projects on the Solana blockchain. In addition, applications are open to both new and existing projects on the Solana blockchain.
Eligibility for application
For interested teams who want to apply, here are the rules set out by Solana:
- Must be publicly available for others to use
- Must be open-source when launched
- Must have source code available to the Solana Foundation
Solana supporting web3 projects
Solana has shown strong support for web3 projects with a lot of funding and building opportunities prior to this. On April 14, 2023, Solana Foundation introduced convertible grants and investments to support the Solana ecosystem. Convertible grants are grants that will only convert to investments if a project meets specified criteria, such as raising a pricing round or meeting particular growth targets.
In Q3 2022, Solana U was inaugurated to help student builders access the support they need to learn and build on Solana. It has attracted over 300 students from several universities across 5 continents as of 2022.