BitMEX co-founder Arthur Hayes’ Maelstrom fund has announced a new Bitcoin grant program. It aims at advancing the technical development of the world’s first blockchain network. The initiative will offer developers grants ranging from $50,000 to $150,000 on an annual basis, with the possibility of stacking grants up to $250,000 per individual.

Bitcoin Grant Details

As per the announcement, prospective grantees will be expected to contribute to Bitcoin’s technical advancement, including submitting pull requests or conducting review work for the Bitcoin Core software project. The grants, which will be issued for a 12-month period, will be distributed in BTC, USD Coin (USDC), or Tether USD (USDT).

Developers interested in applying for these grants can submit their applications until August 25, with the grants anticipated to be awarded during the third or fourth quarter of 2024. Notably, candidates should prepare for at least one interview with a member of the review committee before a grant is issued.

Encouraging Open-Source Development

The press release states  that the program will focus on supporting open-source Bitcoin developers and to promote the network’s resilience, scalability, censorship resistance, and privacy features. Maelstrom stated:

“As loyal followers of Lord Satoshi, we are doing our part to spread the word.”

Maelstrom, a family office fund, focuses on investments in decentralized technologies and is spearheaded by Arthur Hayes, a prominent figure in the crypto industry. Hayes’ vision for this program reflects the importance of continuous development in this pioneering cryptocurrency.

What is BTCFi?

This new grants program from Maelstrom is poised to potentially spark innovation in Bitcoin-native decentralized finance (DeFi), also known as Bitcoin DeFi or BTCFi. The Bitcoin DeFi movement gained momentum with the launch of Runes in April, coinciding with the Bitcoin halving event.

Runes is a protocol for issuing fungible tokens on the Bitcoin network. It leverages Bitcoin’s secure and decentralized framework to introduce more versatile financial applications. 

Market Movement

Bitcoin has been on an impressive upward rally this week. The leading cryptocurrency is currently trading around $65,400, marking a 4% increase in the last 24 hours. According to CoinMarketCap, Bitcoin’s market cap has surged by 3.65% over the past day, now exceeding $1.28 trillion. 

As the cryptocurrency landscape evolves, Maelstrom fund’s commitment plays a crucial role in fostering a robust and dynamic development community, ensuring that Bitcoin remains at the forefront of blockchain technology.