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Web3 Foundation approves 400 project grants on Polkadot

Published by
Nonhlanhla P Dube

Web3 Foundation, the organization in charge of awarding Polkadot grants, has reached the 400-project milestone.

Since its inception in December 2018, the Web3 Foundation (W3F) has received hundreds of applications from projects seeking to build in the Polkadot ecosystem, with approximately 40% of these submissions being approved.

The Web3 Foundation’s mandate is not limited to Polkadot and its parachain network, but that is where the majority of its investments have been made.

W3F celebrating a milestone

To commemorate passing the milestone for its grants program, the Web3 Foundation has shared details on the projects that have been approved thus far.

According to the foundation, 1,054 funding applications were submitted, with 415 approved. These projects range widely in scope, encompassing the entire web3 stack, from the base layer to middleware and consumer applications.

Web3 Foundation funded projects ranging from wallets, development tooling, and APIs to smart contracts and user interface development.

According to the foundation, 181 teams have completed at least one project, and 300 have delivered their first milestone successfully.

Polkadot is still primarily developer-oriented at this point in its life cycle because its parachains must be built out and connected to other Layer 1s before consumer-facing apps can be deployed.

World decentralization

Web3 Foundation funding has been distributed fairly evenly around the world, with 14 % of teams coming from the United States, 13 % from China, 8 % from Singapore, and countries such as Australia, Japan, and Argentina also heavily represented.

Polkadot’s completion of 400 grants comes at a busy time for the blockchain of blockchains. A governance overhaul is set to improve the way on-chain decisions are made, while staking the DOT token has been made easier with the launch of a new staking and nominating dashboard.

The Web3 Foundation is pleased with the latest achievement, stating that grantees are now working on “a wide range of decentralized use cases, including digital identity and privacy, IoT, games, data storage, and finance.”

Polkadot’s architects are hoping that Parity will prove its worth as some blockchain developers move away from Solidity, which has well-documented limitations and security issues.

The number of Parity-based parachains is growing, but it faces competition from other “next-generation” blockchains such as Sui and Aptos, both of which use the Move programming language.

Polkadot’s scalability and interoperability may facilitate the Cambrian explosion of web3 applications that blockchain enthusiasts anticipate.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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