1inch Foundation – the nonprofit entity operated by decentralized exchange aggregator 1inch – has reportedly rolled out a $3 million funding for protocol upgrades. 

Specifically, throughout the next 12 months, 1inch Foundation will reportedly offer financial support in the form of grants – as included in the scope of a grants program focusing on developers – in these categories: network development, community development and research and analytics.

The network development category reportedly focuses on aggregation products, automated market makers, wallets, layer-2 protocols as well as integrations which have the association of the 1inch API.

In terms of community development, initiatives that are cleared to receive the grants reportedly include educational materials, local meetups and hackathons.

Regarding the research and analytics category, 1inch Foundation is reportedly having plans to financially support initiatives working in data analytics and research.

Initiatives that have recently been diving into DeFi – one of the most growing aspects of the overall crypto sphere – and received no funding before are cleared to submit applications for the grant, per 1inch Foundation. 

Following the submission of an application, eligible applicants will reportedly receive an invitation for an interview to assess grant potential. Winners will be officially offered a grant and initiate the onboarding protocols. 

1inch Foundation additionally disclosed that the first grant of 100,000 in 1INCH tokens has been given to DeNet – a decentralized storage and hosting entity.