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Web3 Foundation, the group responsible for awarding funds through Polkadot, has surpassed the 400-project mark. Since its inception in December 2018, Web3 Foundation (W3F) has received hundreds of applications from projects wishing to build in the Polkadot ecosystem, of which it has accepted about 40 percent.
Polkadot and its network of parachains are not the exclusive focus of the Web3 Foundation's efforts, but this is where the majority of its expenditures have been made. To mark reaching the milestone for its awards program, the Web3 Foundation has disclosed the approved projects to date.
The Foundation revealed that 1,054 grant requests were filed, of which 415 were approved. The breadth of these projects is quite diverse, including the full web3 stack, from the foundation layer to middleware and consumer apps.
The Web3 Foundation financed initiatives ranging from wallets, developer tools, and APIs to smart contracts and user interface design.
According to the Foundation, 181 teams have finished at least one project, and 300 have met their first milestone.
Before consumer-facing apps can be deployed, Polkadot’s parachains must be constructed and interconnected with other Layer 1s.
Funding recipients from the Web3 Foundation are pretty evenly dispersed around the globe, with 14% of teams originating from the United States, 13% from China, 8% from Singapore, and countries such as Australia, Japan, and Argentina being prominently represented.
Polkadot’s accomplishment of 400 awards coincides with a busy period for the blockchain of blockchains. A governance overhaul is expected to enhance how on-chain decisions are made, while the advent of a new staking and nomination dashboard makes it simpler to stake DOT tokens.
The Web3 Foundation is pleased to announce that grantees are working on “a wide variety of decentralized use cases, such as digital identification and privacy, IoT, gaming, data storage, and finance.”
As some blockchain developers move away from Solidity, whose limits and security vulnerabilities are well-documented, Polkadot’s architects are hopeful that Parity will demonstrate its value.
There is competition from other “next-generation” blockchains, such as Sui and Aptos, which both employ the Move programming language.
Polkadot’s scalability and interoperability may promote the Cambrian explosion of web3 apps that blockchain aficionados anticipate.
