NEAR Foundation Improves Grant Allocation Process From Early 2023

Key Points:

• The NEAR Foundation announced that it is improving its appropriation process.
• This process includes a more decentralized capital allocation model through DAO appropriation, initially involving DeveloperDAO, MarketingDAO, CreativesDAO, and additional DAOs to be formed starting Q1 2023.
• The Foundation will work closely with community members in January and February to develop a detailed application procedure for funding through the DAOs. It should take 6 to 8 weeks to complete the processing.

According to the official blog, the NEAR Foundation announced that it is improving its appropriation process, including a more decentralized capital allocation model through DAO appropriation, initially involving DeveloperDAO, MarketingDAO, CreativesDAO, and an additional DAOs to be formed starting Q1 2023.

The NEAR Foundation will stop distributing funds directly from the Inbound Startup Grants Program, with the exception of current affairs grants, which will be handed over to MarketingDAO when they are set up to manage them.

Additionally, expect to take 6-8 weeks to work with community members to outline a clear application process for applying for funding through the DAO. Projects that have received partial funding and are running will continue to receive support for the remainder of their original program. Any application that has not yet reached the approval stage will not be awarded funding.

As stated in the NEAR Strategic Update and Outlook for 2023, the objective of the NEAR Foundation is to enable the ecosystem to make choices that support the strategic approach that will move NEAR to the next stage of its roadmap and look ahead to new product and development areas.

As the new funding plan is implemented, the project will continue to be as open as feasible. The Foundation will keep in touch as frequently as is practical.

Over the past two and a half years, NEAR Foundation has funded numerous initiatives with definite milestones and objectives intended to maximize potential environmental value. Since the program’s initial announcement in 2021, grants have constituted a significant portion of its capital allocation strategy.

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