Solana will send $1 million to developers of blockchain projects using AI

Grants ranging from $5000 to $25 000 are available for both new and existing projects

26.04.2023 - 09:50

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2 min

What’s new? The Solana Foundation has announced the launch of a $1 million fund for small grants that will allow developers to explore the intersection of Solana blockchain and artificial intelligence. The grants range in size from $5000 to $25 000 and are open to both new and existing projects. According to the statement, “Solana’s high throughput and scalability provides a unique opportunity to build brand new ideas with AI.”

1/ Today, the Solana Foundation announces a $1m fund for small-scale grants exploring the intersection of the @Solana blockchain and AI.The grants range from $5k to $25k, and both new and existing projects are eligible.Learn more 👇
— Solana Foundation (@SolanaFndn) April 25, 2023

What else is known about the fund? The grants are designed to encourage developers of the Solana ecosystem to explore options for using new technologies. To receive funding, the tool or app must be publicly available and have open-source code available to the Solana Foundation at the time of launch.

Earlier this month, Solana launched a compression feature for storing any data on the blockchain. It reduces the cost of storing 100 000 NFTs from 1200 to 4,22 native tokens SOL. Solana Mobile announced in January that it would ship the Web 3.0 smartphone Saga to 33 countries for $1000.

As of April 25, 09:50 UTC, SOL ranks 11th in the cryptocurrency ranking with a capitalization of $8,78 billion and is trading at $22,29 on Binance, having gained 6,65% in 24 hours.

In January, the TRON blockchain gave more than $100 million to support developers exploring the use of AI in blockchain applications. In April, CryptoGPT, a blockchain project focused on monetizing data, raised $10 million at a valuation of $250 million.

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