Web3 Foundation to deploy $22M in a community-driven program 

In a bid to encourage valuable contributions to the Polkadot ecosystem, the Web3 Foundation, the driving force behind its development, has introduced an innovative program which will see it deploy 22 million US Dollars. This inclusive initiative is open to both teams and individuals who are eager to contribute to the advancement of Polkadot.

By fostering community engagement, the Web3 Foundation’s project aims to equip its members with the tools they need to actively participate in the ecosystem. The foundation strongly believes in amplifying the diverse voices within the community, nurturing and empowering potential leaders along the way.

According to Web3 Foundation, the growth of the Polkadot ecosystem must be community-driven. In line with this objective, the program’s kickstart initiative sets forth the ambitious goal of deploying a significant amount of funds.

Specifically, a staggering 20 million CHF, which is equivalent to over 22 million US Dollars, will be allocated throughout the year 2024. Additionally, an impressive 5 million DOT will also be distributed as part of this initiative.

This substantial investment is a testament to the foundation’s commitment to fostering the development and expansion of the Polkadot ecosystem. Through this community-driven approach, the foundation aims to catalyze innovation, support projects, and pave the way for a thriving and vibrant ecosystem.

However, according to the Web3 Foundation, this step forward will enhance the community-governed funding mechanism of the Polkadot Treasury. Moreover, it will serve as a means to support projects that make significant contributions to the growth, development, and future of Polkadot, as emphasized by the Foundation.

While the Web3 Foundation stirs up excitement within the Polkadot community, the official launch date and funding application procedure have yet to be announced.

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