Share this article
Alchemy Launches $25M Developer Grant Program to Fund Web3 Projects
Alchemy sees the crypto downturn as a good opportunity to support new developers entering the space.
By Cam Thompson
Updated May 11, 2023, 6:55 p.m. Published Jun 17, 2022, 12:00 p.m.
Make us preferred on Google
Blockchain developer platform Alchemy is launching a $25 million grant program to support Web3 developers and startups. Applications for up to $50,000 in funds open Monday, and funds will be issued in mid-July.
With the recent collapse in crypto prices causing many companies to lay off workers and scale back projects, Alchemy sees the slump as a time for Web3 projects to flourish.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“We believe as ecosystem builders, it's our responsibility to help everyone get excited about the new technology, but also to bring new developers within the ecosystem even during the market downturn,” Paul Almasi, Alchemy’s head of ecosystem development, told CoinDesk.
Alchemy plans to fund the grants initiative out of pocket in order to control the allocation of funds. Alchemy, raised $200 million in a funding round in February that valued the company at $10.2 billion.
Almasi said Alchemy hopes to fund projects dedicated to increasing the utility of non-fungible tokens (NFT) and making decentralized finance (DeFi) accessible to institutions and at-home traders alike. He said he’s looking to fill the first cohort with a “diverse representation of builders,” chosen internally by the Alchemy team.
Beyond providing capital to developers building Web3 projects, Alchemy has additionally invested in educational platforms Web3 U and The Road to Web3.
“Building Web3 is really painful … we want to have a centralized place where people can go and learn about these things in a structured way,” said Almasi.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle faces first major 'threat' for institutional dollars from Tether’s USAT
While Circle's USDC has operated without a "credible domestic competitor," Tether's USAT has the potential to shake up the landscape, analysts said.
What to know:
- Analysts said USAT, the U.S.-focused stablecoin by Tether, could become the first credible domestic competitor to Circle's USDC token.
- USAT is "a threat to USDC" and could gain an edge through institutional partners and global USDT connectivity, Crypto is Macro Now's Noelle Acheson said.
- ClearStreet's Owen Lau called USAT “a manageable risk” for Circle, and noted potential "cannibalization" risk between Tether's two tokens.
Top Stories
