The Starknet Foundation announced the launch of a $5 million grant program for 200 cryptocurrency project teams.
According to the Starknet Foundation team, this initiative aims to provide 200 cryptocurrency project teams with up to $25,000 USDC in funding to accelerate the growth of the Starknet ecosystem.
The Starknet Foundation aims to support projects that have already developed minimum viable products but have not yet reached the market. To obtain funding, users need to actively participate in the Starknet community or participate in a hackathon and develop network-based tools.
All projects must submit a clear plan for using the grant within the next three months. Results will be announced within two weeks after submission.
Projects that have been running on the mainnet for more than three months or with a group of users cannot apply for funding. Additionally, the program is not available to teams involved in drugs, gambling, illegal trade, money laundering, firearms or any criminal activity.
In March, the Starknet Foundation announced the creation of a gaming committee to further develop the ecosystem. The committee will be responsible for formulating strategies and programs for expansion in the relevant entertainment industry sector.
In February, the Starknet project I entered Top five networks by total value locked (TVL). The Starknet Foundation team also announced an airdrop among 1.3 million users.
A few days after the announcement, the number of active users on Starknet dropped sharply amid criticism of the conditions for distributing rewards.