The project I'm working on (https://zenprivacy.net) currently has an active application with NLNet. Everyone's situation is different, but let me share ours. We had a source of funding that allowed us to work on the project full-time, but it unfortunately ran out a few months ago. We're now in the exact same position @JimDabell described - trying to decide what to do with an unclear timeline ahead. I'm of course hugely grateful to everyone behind the foundation, but it would've been nice if there were a separate "fast track" for established projects.
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