The Web3 Foundation, an organization focused on driving the construction of the decentralized web, has committed more than $40 million to the growth of Polkadot.
The Web3 Foundation is providing new funding to Polkadot to support its continued development and growth in the blockchain industry.
Through X, the Web3 Foundation announced a new funding program that will support projects and initiatives that have a significant impact on the network and contribute to its growth and expansion.
The Web3 Foundation's goal, through this new funding program, is to provide the necessary resources for Polkadot's developer and builder teams to consolidate their proposals and projects and, in this way, ensure the success of the blockchain.
Polkadot is a blockchain ecosystem that was launched in 2018. However, its beginnings date back to 2016, when Gavin Wood, co-founder of Ethereum, published the blockchain whitepaperIn the whitepaper, Wood described Polkadot as a multichain framework focused on interoperability, opening up the possibility of securely interconnecting the different existing networks in the blockchain ecosystem.
Empowering the Polkadot community
As explained by the Web3 Foundation, the crypto community that is part of the Polkadot ecosystem is its strongest pillar. Therefore, the new resources will be allocated to the Polkadot Development Fund, governed by the community.
According to the Foundation, 20 million Swiss francs (about $22,15 million) and 5 million DOT (about $18,80 million) will be deployed to the fund throughout 2024, thereby increasing Polkadot's community-managed funding mechanism.
The Web3 Foundation also highlighted that the funds will help finance new projects that will positively impact the future of Polkadot.
Good announced the creation of the Polkadot Development Fund in 2021, stating that it was a resource that the community could spend on their projects and ideas, with the aim of “building, improving, educating, and indeed anything else that Polkadot governance deems valuable.” At the time of the announcement, Wood revealed that the fund had a total of 18.936.300 DOT, almost $800 million at the time, when DOT was trading at around $42 per unit.
That same year, the venture capital firm LD Capital announced the creation of a $10 million fund to support the construction and development of Polkadot.
Currently, this blockchain ecosystem is one of the most developed in the crypto industry, registering more than 500 development events in GitHub repositories last month.
