Velas has announced the launch of a $5 million funding program to help grow Velas’ ecosystem.
As per the announcement, the funding program serves as a crucial step in building on the Velas Blockchain while helping the platforms reach the new Web 3.0 epoch.
All projects and developers have been invited to participate in the program covering various projects, including Non-fungible tokens (NFTs), DeFi and DEX-related products, and Games and gaming projects. The gaming projects can either fall under collectibles, crypto gamification, educational, AI/VR/AR, card games, and many more. Other topics to consider include dApps applications that can unite the Velas blockchain with other sectors while linking the adoption of the blockchain and its technologies.
Notably, all qualified projects will get an investment size of up to $100000. Vela plans to track all awarded projects through GitHub. Teams will be allowed to apply for grants more than once. However, each team will complete the previous allocated project to receive funding for the next project.
The funding program will help start-up with their recruitment process by providing the opportunity to across top-tier talents in the market. The program will also allow participants to increase their network, assist with their project’s technical aspects, and help projects with their marketing strategies.
Projects or developers seeking to apply for the grant will have to follow Velas’s investment criteria which will include checking for the goals and scopes of the projects, background, and experience of the team, go to market strategy and user acquisition plan, the projects whitepaper, technical features, value proposition, and an executive summary and pitch deck.
Velas will also be checking for timelines, how the project benefits the Velas ecosystem, the amount of funding requested and payment method, targeted deliverables at each milestone, and estimated efforts to deliver on the plans provided. Velas will also check whether or not the project is built on the Velas blockchain and whether all code used is open-source.
All projects are required to comply with the licensing and copyright requirements. Any infringement will lead to the termination of the grant. To apply, participants must fill out an application and follow the set guidelines. Lastly, Velas will reportedly review and send the selection results to applicants within 14 days.