The XRPL Grants Program continues its support for innovation in Web3 finance.
Established in May 2021, the XRPL Grants Program seeks to promote innovative software projects on the XRP Ledger (XRPL) and support its growing developer community. Wave 6 targets software developers over 18 years old, who are not citizens or residents of countries or territories on the OFAC Sanctions List. Grant amounts range from $10,000 to $200,000 per project.
On April 25, 2023, Julia Heitner, Senior Program Manager for XRPL Grants at Ripple, announced the open call for Wave 6, emphasizing web3 financial projects on the XRPL. Applications will be accepted from April 25 to June 18, 2023, at 11:59 pm Pacific Time.
Heitner states that the XRPL is a suitable platform for developing new financial use cases, as it is an open-source, energy-efficient, and decentralized blockchain. It has native features like decentralized exchange (DEX), trustlines, and escrow. Heitner asserts that these features, coupled with its high-performance and low-cost architecture, provide a unique advantage for financial use cases by ensuring security, reliability, and efficiency. Additionally, the XRPL supports non-fungible tokens (NFTs) and fungible assets for real-world asset tokenization, and developers can access XRPL functionalities without needing to learn, build, or maintain complex smart contracts.
According to Heitner, the XRPL processes up to 1,500 transactions per second and settles transactions within 3-5 seconds at minimal energy costs. Since 2012, it has processed over 2.1 billion transactions without any failures or security breaches.
Wave 6 of the XRPL Grants program aims to fund projects that address financial inequities, streamline traditional financial processes, and offer innovative new use cases for the XRP Ledger. Eligible projects include Financial Equity/Inclusion, Regenerative Finance (ReFi), Decentralized Finance (DeFi), Data & Indexing, Payments, E-commerce, Tokenization, Interoperability, and more. XRPL Grants will also consider applications from innovative software development projects leveraging the XRP Ledger.
The review and awarding process comprise multiple stages, with applicants being notified of their project status within 6-8 weeks after submission. The stages include application and technical screenings, in-depth review by the XRPL Grants Judging Committee, finalist interviews, and awarding of projects.
Heitner invites interested parties to attend live information sessions on May 10 at 8 am PT and May 24 at 4 pm PT. Candidates should apply for Wave 6 by visiting xrplgrants.org.