The Rootstock Grants Program Commits $2.5 Million to Fund Projects
The Rootstock Grants Program, an innovative initiative in the cryptocurrency world, has allocated an additional $2.5 million to support a new wave of groundbreaking projects developed on Rootstock, the first Bitcoin Sidechain.
This funding aims to advance the growth and development of the dynamic dApp ecosystem on Rootstock by providing financial support to developers and projects. The goal is to foster innovative solutions such as DAOs and peer-to-peer payment solutions that bring new value to Rootstock and Bitcoin users. The deadline for applying for funding as part of Wave III is November 17th.
Winners of the first two waves of the program have already been announced, with a total of 20 developments supported across the cryptocurrency ecosystem. Over 1000 applications have been received, with 20 projects gaining approval from judges in the Bitcoin and Rootstock ecosystem.
In 2018, Rootstock was launched to combine Bitcoin’s security and value with Ethereum’s programmability, becoming known as ‘the home of DeFi on Bitcoin’ with over $300m total native value locked.
Rootstock Strategic Grants Program Launches Wave III
IOV Labs’ Venture Associate Ongun Özdemir commented: “Developers can build on the best digital asset, Bitcoin, using Rootstock, the most secure smart contract platform, with the financial backing and network they need to succeed.”
The program aims to empower ventures by providing resources and mentorship for diverse array of solutions being developed that will greatly enrich the Rootstock ecosystem.
Founders and builders are encouraged to submit their applications to access $2.5m of funding for projects that align with the vision of a safe global financial system that enables everyone to participate and prosper.
About IOV Labs
IOV Labs develops blockchain technologies needed for a new global financial ecosystem fostering opportunity, transparency, and trust. The organization contributes to developing the Rootstock blockchain and Rootstock Infrastructure Framework (RIF).
The Rootstock network leverages Bitcoin’s hash power while extending its capabilities and RIF enables faster, easier, and scalable development of distributed applications (dApps) within a unified environment.
Hot Take: Empowering Innovation in Cryptocurrency
With initiatives like the Rootstock Grants Program committing millions towards fostering innovative projects, cryptocurrency continues to be at the forefront of technological advancement. As these programs support developers in creating groundbreaking solutions built on secure platforms like Rootstock, we can expect continued growth and transformation within the crypto landscape. It is exciting to see how these initiatives will shape not only individual projects but also contribute significantly to enriching entire ecosystems like Rootstock.
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