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<p class="is-style-lead">The Web3 Foundation, a firm whose flagship project is the Polkadot blockchain protocol, has unveiled a new initiative to allocate $22.08 million and 5 million DOTs throughout the year 2024.</p> 
<p>This move aims to bolster the existing community-governed funding mechanism, which originates from the Polkadot Treasury.</p> 
<h2 class="wp-block-heading" id="more-updates-to-come">More updates to come</h2> 
<p>Web3 Foundation was established in Switzerland by the co-founder and former chief technology officer of Ethereum, Dr. Gavin Wood, where it has continued to nurture applications for decentralized web software protocols.</p> 
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   <p lang="en" dir="ltr">1/ Web3 Foundation is excited to announce a new program to kickstart teams and individuals wanting to contribute to the success of Polkadot.<br><br>Our ecosystem has many voices, and we want to empower more of them to become leaders.</p>— Web3 Foundation (@Web3foundation) <a href="https://twitter.com/Web3foundation/status/1711750271670321233?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">October 10, 2023</a>
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<p>By design, the firm’s latest initiative will enhance the Polkadot Treasury’s community-governed funding mechanism by focusing on supporting projects that hold the potential to shape Polkadot’s future.&nbsp;</p> 
<p> You might also like: <a href="https://crypto.news/polkadots-evolution-toward-asynchronous-backing-the-journey-to-1000-parachains/"> Polkadot’s evolution toward asynchronous backing: The journey to 1,000 parachains </a> </p> 
<p>The announcement does not share much more detail other than stating that forthcoming updates, including information on the official launch date and guidelines for funding applications, will be revealed in the coming weeks.</p> 
<h2 class="wp-block-heading" id="under-new-leadership">Under new leadership</h2> 
<p>The announcement comes just one month after the Web3 Foundation announced the appointment of a new CEO,&nbsp;<a href="https://www.businesswire.com/news/home/20230913614149/en/Web3-Foundation-Announces-Appointment-of-Fabian-Gompf-as-CEO" target="_blank" rel="noreferrer noopener">Fabian Gompf</a>, the former VP of Ecosystem Development at Parity Technologies.</p> 
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<p>At the time, Fabian shared that he was looking forward to collaborating with the Polkadot community, which has already become evident in the firm’s latest announcement.</p> 
<p> Read more: <a href="https://crypto.news/tradecurve-markets-rising-as-polygon-and-polkadot-struggle/"> Tradecurve Markets rising as Polygon and Polkadot struggle </a> </p>

Web3 foundation plans to allocate $22 Million to Polkadot projects

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