- Arthur Hayes’ crypto investment fund Maelstrom has unveiled a new Bitcoin Grant Program to drive the technical advancement of the Bitcoin network.
- This initiative aims to enhance resilience, scalability, censorship resistance, and privacy within the Bitcoin ecosystem.
- Maelstrom has committed to an open and transparent grant process, providing a range of $50,000 to $150,000 per recipient, distributed monthly over one year in BTC or stablecoins USDC and USDT.
Maelstrom’s new Bitcoin Grant Program seeks to foster cutting-edge technical innovations within the Bitcoin network. Learn more about the initiative’s goals, funding, and application process.
Introduction of the Bitcoin Grant Program
Maelstrom, co-founded by BitMEX co-founder Arthur Hayes, recently announced the launch of the Bitcoin Grant Program. This initiative is designed to drive significant technical enhancements in the world’s largest blockchain network—Bitcoin. According to Maelstrom’s official statement, the program aims to support developers involved in the technical growth of Bitcoin, emphasizing enhancements in resilience, scalability, censorship resistance, and privacy.
Grant Details and Application Process
Grants ranging from $50,000 to $150,000 will be awarded to successful applicants, dispersed over 12 months in monthly payments conducted in Bitcoin (BTC) or stablecoins such as Circle’s USDC and Tether’s USDT. Maelstrom requires that recipients contribute to Bitcoin’s technical advancement, either through pull requests or code reviews for Bitcoin Core. The deadline for applications is August 25, and the grants are anticipated to be distributed in the third or fourth quarter of the year. While there is a provision for grant stacking, the total funding is capped at $250,000 per year.
Review Committee and Oversight
Leading the review committee is Maelstrom’s Chief Investment Officer, Arthur Hayes, accompanied by Jonathan Bier, Chief Investment Officer of London-based Farside Investors, who will serve as the Grant Program Administrator. Hayes, an advocate for Bitcoin, publicly expressed his enthusiasm via Twitter, stating, “Announcing the Maelstrom Fund’s Bitcoin Developer Grant Program. As loyal followers of Lord Satoshi, we are doing our part to spread the word.”
Investment Portfolio and Strategic Initiatives
Maelstrom’s investment portfolio is diverse, featuring innovative projects such as Pendle Finance, which allows users to tokenize and trade future yields. This protocol has gained high praise from Hayes, who considers it the most critical derivative exchange. Additional investments by Maelstrom include the Bitcoin trading application Oyl and the modular network project Elixir. Furthermore, Maelstrom serves as a founding advisor to the synthetic dollar protocol Ethena, showcasing the fund’s commitment to fostering technological innovation across multiple facets of the crypto ecosystem.
Conclusion
Maelstrom’s Bitcoin Grant Program represents a significant step towards advancing Bitcoin’s technical infrastructure, with a dedicated focus on resilience, scalability, censorship resistance, and privacy. As applications roll in and grants are awarded, the coming months will likely witness groundbreaking developments within the Bitcoin network, driven by highly skilled developers backed by Maelstrom’s support. This initiative not only underscores Maelstrom’s commitment to Bitcoin but also sets a benchmark for other entities within the crypto ecosystem to follow.
