Arthur Hayes\' Maelstrom Fund Introduces Bitcoin Grants Program for Up to $250K

YEREVAN (CoinChapter.com) — Arthur Hayes’ Maelstrom fund has introduced a Bitcoin grant program to advance the technical development of Bitcoin

Bitcoin maximalist and former BitMEX CEO Arthur Hayes is introducing a Bitcoin grant program through his cryptocurrency hedge fund, Maelstrom. The program aims to advance the technical development of Bitcoin, the world’s first blockchain network. Developers can receive grants between $50,000 to $150,000 annually, with potential stacking up to $250,000 per individual developer.

The program will start awarding grants in the third or fourth quarter of 2024. Developers can submit their applications to Maelstrom until August 25. Those selected will contribute to Bitcoin’s technical development, including pull requests or review work for the Bitcoin Core software project. Grants will be distributed over 12 months in Bitcoin, USD Coin (USDC), or Tether (USDT).

The announcement from Maelstrom reads as follows:

“Bitcoin developer grants of $50K to $150K per year, paid out in BTC, USDC, or USDT. We have the capacity to support Bitcoin developers and are committed to an open and transparent grant process. Apply by August 25.”

Bitcoin Grant Program To Advance BTC Development

The program supports Bitcoin open-source developers and promotes network development, aiming to enhance Bitcoin’s resilience, scalability, censorship resistance, and privacy. The grants will be paid out in Bitcoin, USD Coin, or Tether over 12 months. Developers can apply for the grants until August 25.

Interest in Bitcoin development has surged this year, partly due to the renewed interest sparked by the United States spot Bitcoin exchange-traded funds (ETFs). Those ETFs have attracted over $1 billion in trading volume since their launch in April. Moreover, the Bitcoin halving event in April 2024 has further increased developer enthusiasm.

Those developers are set to contribute to Bitcoin’s technical advancement, whether through code contributions, protocol research, or educational initiatives. The program aims to support developers working on Bitcoin Core software development, Bitcoin Improvement Proposals (BIPs), Bitcoin protocol research, Bitcoin hardware development, Bitcoin developer education, or Bitcoin developer events.

Bitcoin DeFi May Get A Boost From Maelstrom’s Grant Program

Maelstrom’s grant program may lead to more innovation in Bitcoin-native decentralized finance (DeFi). This movement aims to add more utility to the Bitcoin network, which has remained largely focused on being a決済ネットワーク for the past decade.

Interest in Bitcoin DeFi rose with the debut of Runes, a protocol for issuing fungible tokens on the Bitcoin network that launched on April 20. The protocol enables the creation and minting of Bitcoin-native tokens, opening up new possibilities for DeFi applications on the Bitcoin network.

“Bitcoin started as a peer-to-peer electronic cash system then morphed more into a store of value. Now, it protects $1.5 trillion of wealth,”

Core DAO contributor Rich Rines, who is building Bitcoin DeFi solutions, told CoinDesk earlier this year. “The rise of Ordinals and token protocols like BRC 20s reflects the desire to enhance Bitcoin’s utility. While Runes represents a step for Bitcoin DeFi, more token standards are expected to develop on the Bitcoin network.”

Bitcoin began 2024 with the launch of Ordinals, a protocol that enables the inscription of satoshis with arbitrary content. This development sparked a surge in non-fungible token (NFT) activity on the Bitcoin network, leading to the creation of Bitcoin-native DeFi protocols like Runes, which debuted in April. Those protocols aim to add fungible token capabilities to Bitcoin.

Bitcoin maximalists have championed the addition of DeFi protocols to the Bitcoin network, arguing that it fulfills the original vision of ساتوشي ناکاموتو to create a programmable blockchain. Others have expressed concerns about the trade-offs involved, such as the potential impact on Bitcoin’s censorship resistance and decentralization.

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