peaq Foundation, the non-profit foundation working to build the Economy of Things (EoT) on the peaq network, has launched the Ecosystem Grant Program. Through the program’s dedicated page, builders working on decentralized applications (dApps) on peaq can apply for grants totalling up to $50,000. 

Projects will also have the chance to pitch their ideas to leading Web3 investors. With an initial allocation of one percent of the total peaq token supply provided by peaq Foundation’s treasury, the program will help Web3 projects get their footing as they build the EoT on the peaq network.

Six leading Web3 investors together with the peaq Foundation have joined the Grant Program Committee: Fundamental Labs, Cypher Capital, Mulana Capital, HashKey Capital, GravityX Capital, and Waterdrip Capital. All builders applying for a grant will receive an opportunity to pitch their project before to these investment firms and network with some of the leading names in Web3.  

Why build on peaq?

The peaq network is purpose-built for the Economy of Things. peaq’s machine-focused economic model, which aligns the interests of all EoT stakeholders, and peaq’s set of open-source Modular DePIN Functions to power machine-focused tools and decentralized applications make peaq the best place in Web3 to build the Economy of Things. The core Modular DePIN Functions include peaq ID, Self-Sovereign Machine Identities (SSMI), peaq access, role-based machine access control (RBAC), and peaq pay, a peer-to-peer payments function. 

As an active member in leading industry consortia such as Gaia-X and MOBI, peaq helps co-create the frameworks and standards for digital infrastructure with backing from top names in the industry such as Bosch, Continental, Denso, Airbus, and many more. This guarantees compliance and compatibility with enterprise-grade products and services to all tools built on peaq, bringing them into a vast and dynamic ecosystem straight away.

Built to power dApps for machines, peaq offers entrepreneurs and developers a powerful network tailored to the EoT. Read more about what the peaq network has in store for builders in this blog post.

Who can apply?

The peaq Foundation is looking to support builders developing dApps, layer-2 solutions, and other tools focusing on vehicles, robots, devices, and other machines on the peaq network. The grants are meant to support research and development efforts, not fully cover a given project’s entire costs. As you prepare your application, make sure to go through this to-do list to help you secure the funds for your project:

  • Get into the nitty-gritty details of your idea. The Grant Program Committee will be giving preference to projects based on sound research and having a proof-of-concept or a product prototype to show. 
  • Aim for long-term commitment. The applicant should be capable of proving their team will keep the project running once the grant has been issued.
  • Research and foster the ecosystem. The Committee will consider the benefits the applicant’s project will grant within the larger peaq ecosystem.
  • Stand out in the crowd. The Committee will give preference to projects with a solid technological foundation that can demonstrate their advantages compared to similar projects in other ecosystems.
  • Set yourself clear milestones. The applicant should prepare a clear timeline and OKRs for reporting the progress made on the project.

In line with peaq’s vision and values, all projects applying for a grant under the program must run on an open-source basis.

How do I apply?

To apply for a grant from the peaq Foundation, head to the Ecosystem Grant Program page and file the initial application. The application will be reviewed by the Grant Program Committee, which will also conduct the necessary counterparty research. The panel may request additional information or schedule a call with the applicant, who would be expected to present their project in more detail. The final decision can be expected within 1 month from the initial application.

For any questions or concerns on the process, feel welcome to drop us a line at grants@peaq.network.   

Want to build the Web3 Economy of Things?

Apply for a grant from the peaq Foundation today to help your project take off or explore other options for joining us as we build the Economy of Things: https://join.com/companies/peaq/ 

We’re hiring across the board, from engineering to communications. Join us in building the Economy of Things.

Are you interested in building a dApp for vehicles, robots, devices and other machines? Get inspired, get funded, and start building today.

Want to stay in the loop? Visit our website and join the conversation on our channels.

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