Web3 Foundation Launches $45M USD Decentralized Futures Program To Back Diverse Range of Ecosystem Projects

The new program to kickstart Polkadot projects is backed by 20M USD and 5M DOT, which will be allocated throughout 2024

ZUG, Switzerland--(BUSINESS WIRE)--Today, Web3 Foundation, whose flagship project is the Polkadot blockchain protocol, announces the launch and opening of applications for their decentralized Futures Program. The program will provide funding to kickstart teams and individuals building ambitious projects that contribute to the growth of the Polkadot ecosystem and is backed by 20M USD and 5M DOT throughout 2024, equivalent to over $45M USD.

The decentralized Futures Program is part of Web3 Foundation’s mission to empower the Polkadot community to lead the decentralized development of the Polkadot ecosystem. Individuals and teams interested in driving, enabling, and enhancing the next generation of innovation in web3 are encouraged to learn more at http://futures.web3.foundation/ and post their ideas on the Polkadot Forum.

Speaking on the launch of the program, CEO of Web3 Foundation, Fabian Gompf said, “The Foundation believes its strongest asset is the community itself. The decentralized Futures Program doubles down on this belief, allocating sizeable investments and grants that can accelerate the growth of decentralized technologies. By empowering our community to lead the next phase of the development of Polkadot we are tapping into the diverse capabilities of our community, and moving away from centralized stewardship of the protocol. In doing so, the program represents a meaningful step closer to realizing the fundamental vision of the Foundation: creating a decentralized internet where users control their own data, identity and destiny.”

Web3 Foundation stresses that teams and individuals of all sizes, backgrounds and disciplines will be eligible for funding, including but not limited to, projects working on developer experience, marketing, community events, ecosystem development, common good parachains and infrastructure. Funding will be awarded to projects that can evidence capacity to scale to self-sufficiency.

Speaking on the importance of decentralized development, David Hawig, Technical Advisor at Web3 Foundation said, “We see decentralized governance and leadership as a core value of web3 and Polkadot. The decentralized Futures Program reaffirms that commitment, building on the success of the Web3 Foundation’s Grant program which – as of September 20th, 2023 – has processed 1,000 payments in grants funding.”

The launch of the decentralized Future Program follows the recent appointment of Fabian Gompf as CEO of the Web3 Foundation. Prior to his role as CEO of the Foundation, Fabian served as a member of the Foundation’s Council. Until 2022, he served as VP of Ecosystem Development at Parity Technologies, where he played a crucial role in building and launching the Polkadot network.

Notes to Editor

The dollar equivalent value of the funds backed by USD and DOT is accurate as per the FX rates at time of reporting.

About Web3 Foundation

Web3 Foundation is a not-for-profit organisation that supports Web3 teams and open-source projects through funding, advocacy, research and collaboration. It was founded in 2017 by Ethereum co-founder and former chief technology officer Dr. Gavin Wood. Polkadot is the Foundation's flagship project. For more information, visit web3.foundation.

About Polkadot

Polkadot is the blockspace ecosystem for boundless innovation. It enables web3’s biggest innovators to get their ideas to market fast. By making blockchain technology secure, composable, flexible, efficient, and cost-effective, Polkadot is powering the movement for a better web.