Web3 Foundation

The Web3 Foundation, headquartered in Zug, Switzerland, operates as a non-profit organization dedicated to fostering the development and adoption of decentralized web technologies. Its core mission revolves around nurturing and stewarding open-source protocols, with a primary focus on the Polkadot network and its canary network, Kusama. Unlike traditional venture capital firms, the Web3 Foundation primarily functions as a grant-giving body, providing financial and technical support to teams and individuals building foundational infrastructure, tooling, and decentralized applications within the broader Web3 ecosystem. Their strategic approach aims to create a robust and interconnected decentralized internet.

The Foundation's primary funding mechanism is its comprehensive Grants Program, which supports projects across various stages of development, from research and proof-of-concept to full-scale implementation. Grants are typically milestone-based, ensuring accountability and progress. While the program is open to a wide array of proposals, successful applications often demonstrate a clear contribution to the Polkadot or Kusama ecosystem, or to critical Web3 infrastructure. Typical initial grants, often referred to as "first cheques" in a venture context, generally range from approximately $10,000 for smaller, focused projects or research initiatives, up to $100,000 for more substantial initial development phases. Larger, multi-stage grants can be awarded to projects demonstrating significant progress and impact.

Since its inception, the Web3 Foundation has played a pivotal role in accelerating the growth of the decentralized web. By mid-2022, the Foundation had successfully funded over 550 projects, demonstrating its extensive reach and commitment to the ecosystem. These grants collectively amounted to over $60 million, underscoring the significant financial commitment made to foster innovation and development. The Foundation's impact extends beyond mere financial support, often providing technical guidance, mentorship, and access to a network of developers and experts, thereby strengthening the overall Web3 community and driving forward the vision of a truly decentralized internet.