Web3 platform Lisk has unveiled an accelerator program that will offer grants of up to 250,000 Swiss francs ($270,000) to developers who are looking to build applications on Lisk's platform.

Lisk is seeking to attract startups interesting in developing Web3 projects over a multiyear time frame, with a particular focus on those working on app-specific blockchain products, according to an emailed announcement on Monday.

The platform's Javacript software development kit is designed to allow developers to create their own Lisk-compatible sidechains. Sidechains are aimed at bringing about an increase in transaction capacity without compromising the speed or stability of the principal blockchain.

The program's first phase is open now and will run until the end of the June. The second phase will go from Sept. 1 through Nov. 30.

Lisk isn't disclosing the total amount of funding it has made available for the grants.

LSK, the native token of the Lisk network, has a market cap of just under $140 million, according to CoinMarketCap data.

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