Web3 Foundation Grants Funding to Deep Ink Ventures to Enhance Polkadot Ecosystem

The Web3 Foundation has awarded a decentralized grant to Deep Ink Ventures, a blockchain consultancy and infrastructure developer focused on the Polkadot ecosystem.

A recent press release highlights that this grant underscores the Foundation’s endorsement of Deep Ink Ventures’ methods in venture development and community involvement within the Polkadot network.

Deep Ink Ventures emphasizes a rapid time-to-market strategy, a focus on minimum viable product (MVP) development, and scalable business models that align with the Polkadot ecosystem. Their methodology combines traditional venture development practices with a decentralized, community-oriented model, wherein the blockchain community votes on various projects.

The Web3 Foundation, as the development agency for Polkadot, has allocated a prize pool of 10 million DOT tokens—approximately $65 million—to assist in the implementation of the Join-Accumulate Machine (JAM) upgrade for the Polkadot ecosystem. This initiative aims to establish a decentralized network capable of executing a broad spectrum of computational tasks. To be eligible, participants must adhere to specific requirements, including the ability to import and produce blocks, meet performance metrics on Kusama and Polkadot, and complete security audits.

Deep Ink Ventures Studio operates on six-month cycles, introducing new ventures every four months. Each cycle starts with a community-driven process where startup ideas are proposed, voted on, and refined. The projects that receive approval are developed under the guidance of a Founder in Residence, who steers the venture through its early stages of MVP creation, business planning, and investor relations.

In addition to its core activities, Deep Ink Ventures is recognized for its proficiency in Substrate development, ink! smart contracts, and the Ethereum Virtual Machine (EVM). Ventures developed in their studio gain access to investor networks, strategic partnerships, and proprietary products like Genesis DAO.

Looking forward, Deep Ink Ventures aims to evolve into a seed fund and venture builder, dedicated to supporting blockchain startups by engaging a diverse range of investors, including venture capitalists, angel investors, and corporations.