YEREVAN (CoinChapter.com) — Arthur Hayes’ Maelstrom fund has introduced a Bitcoin grant program to advance the technical development of Bitcoin, the world’s first blockchain network. Developers can receive grants between $50,000 to $150,000 annually, with potential stacking up to $250,000 per individual developer.
The program supports Bitcoin open-source developers and promotes network development, aiming to enhance Bitcoin’s resilience, scalability, censorship resistance, and privacy.
Bitcoin Grants: Apply by August 25 for Up to $250K
The grant program will start awarding grants in the third or fourth quarter of 2024. Developers can submit their applications to Maelstrom until August 25. Those selected will contribute to Bitcoin’s technical development, including pull requests or review work for the Bitcoin Core software project. Grants will be distributed over 12 months in Bitcoin, USD Coin (USDC), or Tether (USDT).
Interest in Bitcoin development has surged this year, partly due to the renewed interest sparked by the United States spot Bitcoin exchange-traded funds (ETFs). Additionally, the Bitcoin halving event in April 2024 has further increased developer enthusiasm.
Boosting Bitcoin DeFi: Arthur Hayes’ Maelstrom’s Transparent Grant Initiative
Maelstrom’s grant program may lead to more innovation in Bitcoin-native decentralized finance (DeFi). This movement aims to add more utility to the Bitcoin network. Interest in Bitcoin DeFi rose with the debut of Runes, a protocol for issuing fungible tokens on the Bitcoin network launched on April 20.
Rich Rines, a Core DAO contributor building Bitcoin DeFi solutions, highlighted the potential of Bitcoin DeFi.
“Bitcoin started as a peer-to-peer electronic cash system then morphed more into a store of value. Now, it protects $1.5 trillion of wealth,”
Rines told. The rise of Ordinals and token protocols like BRC 20s reflects the desire to enhance Bitcoin’s utility. While Runes represents a step for Bitcoin DeFi, more token standards are expected to develop on the Bitcoin network.
Maelstrom emphasizes an open and transparent grant process. According to the announcement,
“We have the capacity to support Bitcoin developers and are committed to an open and transparent grant process.”
This commitment ensures that the selection process remains fair and accessible to all developers.
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