DoraHacks Raises $20 Million to Promote Web3 Ecosystem Building through Grants and Hackathons

VCs are funding startups focusing on ecosystem buildings through continuous builds, grants, bounties, and hackathons.

What is Happening?

DoraHacks has secured $20 million in a Series B1 investment, spearheaded by FTX Ventures and Liberty City Ventures, to expand its web3 incentives ecosystem. Along with Circle Ventures and Gemini Frontier Fund, Sky9 Capital, and Crypto.com Capital, the Amber Group also participated in a round. The decentralized grant community Dora Grant DAO and Dora Infinite Fund will be launched with the resources, the firm announced in an announcement on Wednesday. Toward the end of 2022, the fund will be formally established through the NFT drop.

Another $8 million strategic round headed by Binance Labs was disclosed last year by DoraHacks. With this latest fundraising round, the total amount invested in Dora's core infrastructure over the previous 18 months now stands at approximately $50 million. DoraHacks is well-known for its hackathons and funding programmes, which have cultivated many of the finest Web3 startups across the globe. The DoraHacks platform has helped more than 2000 entrepreneurs and developers get $25 million in awards.

It is critical to build ecosystems that foster innovation and growth…..

What is DoraHacks?

DoraHacks is the world's most active multi-chain Web3 developer incentive platform and a worldwide hacker movement and global hackathon organizer. DoraHacks delivers Web3 native on-chain toolkits to assist developers in generating funds for their companies all around the globe. Over $21.5 million in funding and hackathon prizes have been awarded to over 2000 DoraHacks projects.

250,000 people utilize DoraHacks.io around the globe. Hackathons, bounties, quadratic financing, privacy voting, and other community governance/funding toolkits are all available on the platform. Approximately 40 major Web3 ecosystems now use Dora infrastructures to finance their open source communities. The worldwide tech community has embraced DoraHacks as a critical partner in hackathons and community grant programmes in 40+ Web3 ecosystems, including Solana, Polygon, and Avalanche.

Research towards technology finance and decentralized governance frameworks is primarily driven by DoraHacks and other research and ecosystem contributors. To combat vote rigging at the ETH Denver 2022 and OpenSea hackathons, DoraHacks used quadratic voting and decentralized rewards to solve issues with vote rigging.

Why You Should Care about Web3 Ecosystem Builders and Hackathons

Internet users can communicate and interact directly with each other without the necessity of intermediaries due to the development of Web3 infrastructure.

This vision and protocol development requires the development of the underpinning web3 infrastructure, including layer 1 and layer 2 stacks, such as the development, testing, and design of permissionless financial tools, peer-to-peer cryptocurrency trading, parametric insurance payments, verifiably owned digital art via NFTs, value-generating games, and a whole host of other activities that can all be done without the interference of a central arbiter due to decentralized applications.

The creation of such applications requires funding, talent creation and education, funding, and experienced advisory – to enable this, it is critical to have Web3 ecosystem builders who provide grants, bounties, building resources, and access to hackathons to source and develop talent pools for the future.

Proponents of Web3 seek to establish a more open, fairer version of the Internet by using this new structure which requires support from Web3 developer incentive providers and hackathon organizers who bring everyone under the same roof with a common goal and objective. It's just a matter of time until Web3 apps built on top of the three core technologies — blockchains, smart contracts, and decentralized oracle networks — revolutionize a wide range of industries. This requires web3 ecosystem building supported by community grants, participation, bounties, and hackathons that support and promote the Web3 environment.

Zero-trust interactions and cryptographically-backed agreements are becoming increasingly popular with individuals and organizations worldwide. Web3 infrastructure building requires constant pooling of resources, funding, and talent, led by Web3 ecosystem builders and hacker movements such as DoraHacks Gitcoin, Github and the likes of Outlier Ventures.

How do grants, bounties and hackathons impact the blockchain industry?

The impact of grants, bounties and hackathons on the blockchain industry and web3 protocols is underestimated. Over 80% of Fortune 100 companies utilize hackathons to promote innovation and keep the companies at the cusp of cutting-edge innovation. Most web 3hackathons are yearly or monthly events, suggesting a long-term solid innovation tool in the form of hackathons that are leveraged by web3 startups alike to growth hack.

The hackathons organized by the likes of DoraHacks bring together a varied group of individuals with various expertise to work on a common issue. These fast-moving ideas give rise to projects that positively impact the web3 ecosystem and web3 products. Web3 hackathons, for example, are an excellent way for blockchain startups and other organizations to get valuable problem-solving expertise while simultaneously saving money.

The funding of DoraHacks which acts as an ecosystem builder for web3 products is a move to build the web3 ecosystem from the bottom to the top by focusing on providing grants, bounties, and organizing hackathons that build the foundation for web3.

Web3 hackathons are an effective recruiting and retention tool for web3 companies. Web3 recruiters get access to fresh ideas and skill sets by participating in hackathons. Web3 hackathons are an excellent area to look for security problems in a product, as a consequence. Funding the advancement of blockchain technology and web3 via grants has shown to be a successful strategy for DeFi and NFT startups. The funding of DoraHacks, led by FTX Ventures and Liberty City Ventures, pushes and promotes the development of web3 protocols through on-chain toolkits, grants and bounties that help entrepreneurs build on decentralized ecosystems.

Final Thoughts on DoraHack’s $20 million funding in Series B1 Round

Building web3 requires funding, talent, and community traction which is provided by hackathons, bounties and grants. As a blockchain believer, it is critical that such platforms and startups such as DoraHacks provide an ecosystem for web3 startups to hold hackathons, grants and bounties solutions which allows startups to leverage talent and bring web3 products to market efficiently with reduced costs, better testing and pooled talents by growth hacking.

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Image credits: Shubham Dhage.