A sidechain known as Mintlayer which will allow users to build a decentralized finance (DeFi) ecosystem on top of the Bitcoin (BTC) blockchain has revealed that applications are now being accepted for its grants initiative.
In particular, the grants are denominated in $ML tokens, with a total of around $4 million available at the time of publication, as per the latest information from Mintlayer shared with Finbold on April 5.
The goal of the grants initiative is to encourage the growth of the Mintlayer ecosystem by funding the creation of useful tools and materials.
Interestingly, this couldn’t have come at a better moment for developers, since institutional crypto investments plunged by 95% in 2022.
CEO of RBB Lab, Enrico Rubbol stated:
“One of our directives is to attract the best teams, projects, and ideas to the Bitcoin ecosystem via Mintlayer. These grants assure that when developers come with a bright idea, there are resources to build it.”
It’s worth mentioning that Mintlayer’s layer 2 blockchain solution opens Bitcoin to decentralized finance (DeFi), Smart Contracts, Atomic Swaps, non-fungible token (NFT) NFTs, and apps. However, the grants initiative is meant only for projects that would be beneficial to the Mintlayer protocol but would not provide any new sources of income.
Candidates will be required to provide an in-depth explanation of their project, as well as personal information and any documentation that supports their claim that they are capable of seeing a project through to completion, as well as documentation on the candidates’ project’s current state of development.
All in all, the recipients of the grant will be chosen based on how well their product integrates with the roadmap that Mintlayer has laid forth. Ultimately Mintlayer aims to provide a platform to create projects with real-world financial use, creating a framework for the growth of DeFi initiatives within the Mintlayer community.