The Starknet Foundation announced the launch of a $5 million grant program for 200 cryptocurrency project teams.
According to the Starknet Foundation team, the initiative aims to provide funding of up to $25,000 in USDC to 200 cryptocurrency project teams to accelerate the growth of the Starknet ecosystem.
The Starknet Foundation aims to support projects that have already developed a minimum viable product but have not yet hit the market. To receive funding, users must actively participate in the Starknet community or participate in hackathons to develop existing network-based tools.
All projects must submit a clear plan for how they will use the grant within the next three months. Results will be announced within 2 weeks of application.
Projects that have been running on the mainnet or as a user group for more than 3 months cannot apply for funding. Additionally, teams involved in drugs, gambling, illegal trafficking, money laundering, firearms, or other criminal activities are not eligible for this program.
Last March, the Starknet Foundation announced the establishment of a gaming committee to further develop the ecosystem. The committee is responsible for establishing strategies and programs for expansion into relevant entertainment industry sectors.
In February, the Starknet project entered the top five networks in Total Value Fixed (TVL). The Starknet Foundation team also announced an airdrop to 1.3 million users.
A few days after the announcement, the number of active users on the Starknet network dropped sharply due to criticism of the reward distribution terms.