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Rootstock Grants Winner Reveals Top Tips for Success

Published on: 7 March, 2024

The Rootstock Grants Program has a proven track record of supporting crypto entrepreneurs — whether they’ve got a bright idea for a new dApp, or have already brought their product to market.

Successful applicants are given up to $25,000 in funding, as well as the backing and encouragement to build on Rootstock.

But competition to become a grantee can be fierce, with hopefuls going head to head with pitches to argue why they should be chosen.

Have an idea for a project? Apply now to the Rootstock Grants program for a slice of the $2.5M fund.

SafePal unlocks user onboarding with the Rootstock Grant

One company that has benefited hugely from Rootstock’s mentorship is SafePal. It was founded by tech veteran Veronica Wong in 2018 — driven by an ambition to offer a transparent, decentralized multi-chain wallet that connects communities across networks. Building on Rootstock fitted into this philosophy beautifully — and while supporting a new chain can be challenging for developers, Veronica says it’s been a smooth process.

“The membership in the program has been very helpful — especially in providing technical support that we need,” she told us. “We have a very complicated product that includes a hardware wallet, a software wallet, and a browser extension. We are also serving more than 10 million users globally.”

Veronica said SafePal was honored to be chosen for a grant, describing Rootstock as a “very special blockchain” because of how it unlocks unlimited possibilities for Bitcoin smart contracts. 

“Building a wallet — the challenging part is user onboarding and education. They are two of the most critical challenges we have encountered over the past six years,” she explained.

This year, SafePal is planning to work closely with other projects built on Rootstock as it strives to reduce friction for newcomers to Web3 and crypto. Veronica says common pain points include fiat on-ramps, ensuring consumers understand blockchains, teaching them to keep funds safe, and preventing gas fees from putting users off.

Top tips for a successful application

When crypto entrepreneurs learn about the Rootstock Grants Program, a common question is this: what can they do to stand out from the crowd and get noticed? In Veronica’s opinion, the answer depends on where they are in their journey.

“If you’re at an early stage, you need to elaborate in a logical way what you are building,” she says. “The idea matters the most — especially when you don’t have a working product. How different is the idea, and how can it benefit and support the long-term growth of the Rootstock ecosystem?”

Learn how to create a successful grant application in this guide.

SafePal was already well established when it received a grant — and Veronica believes projects in a similar situation need to adopt a different approach during the application process. Here, the key is to have a clear vision of potential partnerships and collaborations with Rootstock, show the resources you can offer, and create a win-win situation for both parties.

“Be very specific and concrete and tangible,” she argues.

Learn more about the grants program in this FAQ article.

Building a complete cycle for users

Veronica says SafePal’s goal is to create a brighter future for Web3, allowing anyone to pursue financial freedom, and migrate across different chains with ease. This aligns well with Rootstock’s passion for Everyday DeFi — a world where businesses aren’t punished with high payment processing fees, savings are shielded from inflation, and remittances flow around the world quickly and cheaply.

“It’s all about building a complete cycle — smooth user onboarding for the masses is critical for mass adoption and the penetration of blockchain technology,” she says. “Human beings make mistakes and forget their seed phrases and private keys. Some of them lose their life savings, which is really painful.”

Arm in arm with Rootstock, the goal is to ensure crypto makes sense to users who, up until this point, have only ever relied on traditional finance. Making it easy to spend crypto in daily life is another priority for 2024.

Veronica believes that it’s an exciting time to get building — with plenty of “bull signals” indicating that Rootstock will soon have even more vibrant projects enriching its network. 

“I look forward to more growth in the whole ecosystem,” she says. “Thank you for supporting SafePal through the grant program. It’s an honor to be part of the ecosystem.” 

Apply now for a share of $2.5 million in funding to build on Rootstock.