Maelstrom Fund Introduces Bitcoin Developers Grant
Arthur Hayes’ Maelstrom fund has announced a significant initiative to support the development of the Bitcoin network. This new program offers developers grants ranging from $50,000 to $150,000 annually, with the possibility for each developer to receive up to $250,000 in grants.
The goal is to advance Bitcoin’s technical capabilities, enhancing its scalability, censorship resistance, and privacy. The Maelstrom fund, managed by Hayes, a well-known figure in the crypto world and former CEO of BitMEX, aims to give back to the Bitcoin community by supporting open-source developers.
Flexibility and Attention
Grants will be awarded in Bitcoin, USD Coin (USDC), or Tether (USDT), providing developers with flexibility. The program will support contributions to Bitcoin’s technical development, including code submissions and review work for the Bitcoin Core software project.
Applications for these grants are open until August 25. The first grants should be awarded in the third or fourth quarter of 2024. This grant program comes at a time of resurging interest in Bitcoin development.
The recent introduction of Bitcoin exchange-traded funds (ETFs) in the United States and the Bitcoin halving event in April 2024 have drawn renewed attention to the cryptocurrency. These events have highlighted the need for continued innovation and development within the Bitcoin ecosystem.
Boosting Bitcoin-Native DeFi Innovation
One key area of focus for Maelstrom’s grant program is Bitcoin-native decentralized finance (DeFi), also referred to as BTCFi. Bitcoin DeFi aims to expand the utility of the Bitcoin network beyond its original design as a peer-to-peer electronic cash system.
This possibility has gained momentum with the introduction of new protocols, such as Runes, which allow for the issuance of fungible tokens on the Bitcoin network. The debut of Runes on April 20, 2024, the same day as the Bitcoin halving, marked a significant milestone for Bitcoin DeFi.
This new protocol has sparked interest in developing more utility on Bitcoin’s secure blockchain. Rich Rines, a contributor to the Core DAO building Bitcoin DeFi solutions, stated that the Bitcoin network has transitioned from a simple electronic cash system to a store of value-protecting trillions in wealth.
Bitcoin Bulls Eye New Heights
Meanwhile, Bitcoin’s price surged to $66,000 after a steady uptrend that began on July 12, resulting in about 11% gain in the past week. The recent rally has generated optimism among traders and analysts.
The uptrend started amid sustained buying pressure, which helped Bitcoin shake off the negative sentiment associated with the movement of BTCs associated with the defunct Mt. Gox exchange and the German government sell-offs.
Key Support Levels Hold Promise
Popular trader Daan Crypto Trades highlighted that if Bitcoin can maintain its current support, the cryptocurrency will continue its upward trajectory and potentially break above its current range before the end of summer. Credible Crypto, another popular trader, pointed out that there are around $100 million worth of sell orders on Binance, spread across various price levels up to approximately $70,000.
Credible Crypto emphasized that the ask depth on order books is currently twice the bid depth, highlighting the need for significant buying pressure to propel Bitcoin higher.