Tezos ecosystem developers receive $37 million in grants
- Crypto project Tezos managed to earn nearly three times the amount its ICO had collected in Q3 and Q4 2019, reportedly due to positive market movement.
- The project has, thus, decided to reward its ecosystem developers and community by giving $37m in grants.
- Around 78 organizations were given grant approvals for their work on developing smart contracts languages, improving the project's core software, and spreading awareness.
Recently, the Tezos Foundation published its second Biannual Report, in which it detailed how the project has performed in the last two quarters of 2019. The report was released on March 19, and it revealed that the foundation now owns as much as $635 million. The amount is nearly three times larger than what the project managed to raise during its ICO ($232 million).
Roman Schnider, the company’s CFO, commented on the firm’s current financial situation by saying that it managed to achieve it by exploiting positive dynamics within the crypto market. He stressed that there was a major increase in appreciation of the company’s blockchain assets in the last three years, particularly when it comes to Bitcoin, as well as XTZ itself.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Meanwhile, the rest of the report explained the foundation’s usage of the acquired funds, stating that over $37.6 million was offered to the project’s ecosystem since August 2019.
These grants were divided into three categories, which consist of ecosystem projects, research and development efforts, as well as community support. Those who wish to apply for a grant first have to pass a four-step process, which is quite complex, but necessary for a proper evaluation. Further, the entirety of the process is managed within the Tezos Foundation.
The report also noted that there were over 200 grant requests and that around 78 of them were actually approved.
Which projects were given grants?
The firm did not reveal how much did each of the projects receive, but it did say that the payments were granted each time when the projects reached a specific milestone.
For example, research efforts are focusing on the project’s smart contract languages. There are numerous organizations that received funding here, including The Marigold Project, Buidl Labs, Blockmatic, Kyoto University, and alike. Those who worked on the project’s core software, such as Nomadic Labs, Cryptium Labs, and DaiLambda, all received grants for their work in the areas of privacy, staking, and performance improvement.
Organizations that worked on developing applications and various ecosystem tools also received grants, more than 40 of them, in total. Tezos-based insurance platform, Tezsure, also got a reward for its efforts, and so did camlCase, which is working on bringing decentralized finance. Tezos communities got their own grants, totaling in around $13 million to several of them around the world. These communities were rewarded for spreading awareness through hackathons, organizing meetups, and alike.