3 months ago 1 min read

Early 2023, NEAR Foundation Will Revamp Grant Allocation Process

DAO-near foundation

The NEAR Foundation has announced that it is updating its appropriation procedure, incorporating a more decentralized capital allocation model using DAO appropriation, first involving DeveloperDAO, MarketingDAO, CreativesDAO, and another DAO that will be founded starting Q1 2023.

All monies from the Inbound Startup Grants Program will no longer be distributed by the NEAR Foundation, with the exception of grants for current affairs, which will be transferred to MarketingDAO once they are established to administer them.

Additionally, plan on working with community members for 6–8 weeks to develop a detailed application procedure for requesting financing through the DAO. The remainder of the original program will continue to provide support for projects that have received partial financing and are now in operation. Funding will not be given for any applications that have not yet passed the approval stage.

The goal of the NEAR Foundation is to empower the ecosystem to make decisions that support the strategic approach that will advance NEAR to the next stage of its roadmap and look toward new product and development areas, as stated in the NEAR Strategic Update and Outlook for 2023.

The project will remain as transparent as is practical when the new funding strategy is implemented. The Foundation will communicate as often as is reasonable.

The NEAR Foundation has provided funding for various projects over the past two and a half years with clear milestones and goals designed to maximize potential environmental impact. Grants have been an important part of the program's capital allocation strategy since its initial announcement in 2021.

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