Starknet Foundation will distribute $25M in STRK tokens to 21 top projects to boost innovation on its Ethereum layer-2 solution.
The Starknet Foundation will distribute twenty million (STRK) tokens to the network’s next-generation projects. The Starknet Foundation will donate approximately $25M worth of Starknet tokens to the 21 ecosystem projects that have performed the best.
This is part of the Starknet Foundation’s new catalyst initiative. According to Diego Oliva, the Chief Executive Officer of the Foundation, the program has decided to reward the top user-facing protocols based on a number of different parameters.
Starknet Launches Awards to Boost Ethereum Layer-2 Innovation
The Stark Foundation evaluated these factors in conjunction with an impartial third party. Starknet has established an awards program to accelerate innovation on its Ethereum layer-2 scaling solution, which is based on zero-knowledge rollup technology.
Ethereum Layer 2, will split the awards into two categories: one for companies further along in their development, and another for projects just starting to build on the network.The first six projects that qualified for the grants are as follows: Ekubo, which is a token launch platform, AVNU; which is a DeFi protocol with gasless trading; Influence, which is a fully on-chain grand strategy game; Realms, which is an on-chain gaming universe; Nostra, which is a DeFi protocol with an upcoming crypto super app; and ZKX, which is a decentralized perpetual futures exchange.
They will continue to build high-speed infrastructure with low transaction fees in order to accommodate Web3 gaming, which is one of the network’s major emerging use cases. Oliva’s objective is that the funding program would facilitate the development of further innovative blockchain use cases on the network, in addition to gaming and decentralized finance (DeFi).
According to L2beat, Starknet is the seventh-largest Ethereum layer 2 organization. Its total value-locked TVL is more than $1.08 billion, and its market share is 2.32%. There is more than $46 billion worth of cumulative TVL held by Ethereum layer-2 networks. The new financing program for developers comes three weeks after the Starknet Foundation launched a seed grant program with a total of $5 million.
The goal of the initiative is to provide at least 200 potential companies with $25,000 in Coin USDC each. This program represents a “final push” to help projects that are in their final stages of development launch on Starknet. The Foundation currently plans future grant initiatives on the basis of the Catalyst program.