Everybody who is a creator, developer or builder can receive start-up money from Terra Money (Yes from Terra Luna). If you are making something in the next 4 categories, you make chance of getting invested by them after the Ecosystem Committee decides on it. They are quite careful with picking their projects!
-dApps: Decentralized Applications
-Open Source and Public Tools: Code explorers, developer tools
-Ecosystem initiatives: Shortly explained this funds content creators. Not particularly in videos, also workshops etc.
-Other: More special initiatives that will require individual review on a case-by-case basis such as event sponsorships and special projects.
Basicly the amount of their funding is divided in 2 categories: 1k-30k for teams that are developing within the Terra Ecosystem creating something new that doesn't exist yet. All teams that start off will be categorized in this fund by default. A maximum of 30k. Their next level seems amazing: it goes from 30k-100k. This funds are for teams that have worked exceptionally on previous funds. So imagine a team has a project that reaches amazing milestones and performs perfectly: for their next project they have the chance to get funded more than 30k, up to a maximum of 100k.
So what is a big company like Safepal going to do with a maximum funding of 100k?
After the updated wallet of 3.1.0, they added support for the Terra Network and Decentralized Applications. Terra Money gave the Safepal team a funding to keep going with the current collaboration. This means that they will continue to work on updates and synergy with the Terra Network, providing great marketing features such as Earning and Giftbox Projects. The upcoming points they have already provided, so you have an idea what they already have been working on:
-UST & LUNA integration: Assets from the Terra network, together with dApps and also for in the future NFT support
-Fiat giveaways: working towards assisting the Terra Network to work with providers like Simplex and BTC Direct
-Safepal Swap: Adding LUNA and UST to the Safepal swap
-dApp Promotion: Safepal will help Terra with what Terra already is doing
-Liquidity mining: There will come Terra DeFi projects via Safepal Earn
In my opinion, the funding is mostly to let Terra integrate more into Safepal. Together they can make some pretty cool features and options. Which will widen the horizon of the Safepal user.
“Seeing the tremendous demand from our community for Terra integration, our development team had been working diligently on providing access for Terra-related assets & DApps. We are extremely excited to continue developing and providing support for the Terra Ecosystem.” Veronica CEO of SafePal
