The Ecosystem Funding Program: what is it? Key takeaways from Podcast Episode 2

This article gives a quick overview of the second episode of the Aleph Zero Podcast, in which we covered the Ecosystem Funding Program and how it aims to jumpstart the growth of the Aleph Zero ecosystem. Joining us were: Magdalena Oleksy (Aleph Zero Ecosystem Lead), Maciej Skrzypczak (co-founder of Block54 Capital), Andrew Ciaccia (CMO at Interlock), Mike Schneider (formerly of AZERO Domains, currently AZERO.ID). 

TL;DL:

Too Long; Didn’t Listen

• The Aleph Zero Ecosystem Funding Program (EFP) is more than just a typical grant program, as, besides financial aid, projects can also expect help with product design, marketing, and legal counsel to ensure compliance with current Web3 regulations. 
• Projects are admitted after a vetting process that prioritizes quality while also guaranteeing that all of the verticals Aleph Zero wants to fill are met. 
• Maciej Skrzypczak from Block54 Capital stressed the importance of building a good company culture that values hard work, vision, and the desire to build communities among Web3 startups. 
• The biggest risk when working in Web3 is the dynamic regulatory environment; the Aleph Zero EFP supports projects with legal aid that simplifies startup operations. 
• AZERO.ID began as a hackathon entry that later flourished into the Aleph Zero Ecosystem’s default Domain Naming System. 
• Interlock, a DeFi security project, was 75% done building on Solana before jumping over to Aleph Zero. 
• Interlock benefited from the EFP by taking advantage of the marketing and legal support as well as receiving a cybersecurity audit from the EFP partner, Kudelski Security. 
• Projects that qualify for the EFP receive funding in installments based on completing their roadmap targets. 
• Teams that don’t need to apply for a grant are still welcome to reach out to receive legal, marketing, or security audits courtesy of our partners.

If you’d like to hear the whole episode on your favorite platform, head over to the dedicated Podcast subpage.

Breaking Down What the Ecosystem Funding Program Is All About

The Aleph Zero EFP is not a typical grant program. Instead, it is a complex initiative that aims to assist budding Web3 projects across a wide range of fields. It provides builders with support in marketing, legal assistance, smart contract implementation, and even provides cybersecurity audits through our partnership with Kudelski Security. Projects are admitted into the EFP based on a strict admission process that prioritizes quality while also ensuring the diversity of the Aleph Zero ecosystem. Grants are paid out in installments to ensure the applicant’s submitted roadmap is being completed. 

Legal Assistance Is the EFP’s Secret Weapon

The most challenging aspect of building in Web3 is the dynamic regulatory landscape. Remaining compliant with the authorities can make or break a project. One of the most impressive aspects of the Aleph Zero Ecosystem Funding Program is the legal aid provided to developers, ensuring they can focus on building without fear of legal repercussions. 

How Interlock and AZERO.ID Benefit as Part of the EFP

Interlock and AZERO.ID are two projects building on top of the Aleph Zero blockchain, and both have benefitted immensely from their involvement with the EFP. During the podcast episode, both Andrew Ciaccia (CMO of Interlock) and Mike Schneider (co-founder of AZERO.ID) told their stories on how they became involved with Aleph Zero and share details of the assistance their teams received while building. 

AZERO.ID– initially conceived as an entry for the Aleph Zero hackathon organized during the ETHWarsaw crypto conference in 2022, AZERO. ID set out to become a domain naming application on the Aleph Zero blockchain. The initial ambitions of the project flourished over the last few months to become a one-stop shop for managing every aspect of your online identity in the Substrate ecosystem. The team has benefitted from Aleph Zero’s involvement in the marketing, legal and technical aspects of developing the project. 

Interlock– a decentralized security protocol that, before joining the Aleph Zero Ecosystem, was 75% completed and was prepared to launch on the Solana blockchain. However, after discovering Aleph Zero and learning about the project, they reconsidered their initial assumptions and redesigned the product. Building on Aleph Zero gave Interlock access to marketing and legal support and security audits courtesy of Kudelski Security,