Gitcoin Empowers Web3 Projects with New Grant Initiative
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Gitcoin, a firm backing early-stage blockchain initiatives, recently unveiled its GG18 grant round. This platform aims to offer the blockchain community with new exciting opportunities such as exploring groundbreaking web3 projects, investing in noteworthy prospects and seeing their donations grow with matching funds.
The event is set to take place from August 15 to 29, 2023 and interested enthusiasts can participate through the official Gitcoin grants page.
Differentiating Between Core and Featured Rounds
Gitcoin announced that it will directly manage these primary funding avenues during its core rounds:
- Web3 Open Source Software
- Web3 Community and Education
- Climate Solutions
- Ethereum Infrastructure
The Web3 Open Source Software pool dedicates 300,000 DAI to projects that advance Ethereum and the broader Web3 realm. The Web3 Community and Education pool, with a 250,000 DAI backing, emphasizes community growth, content creation, and advocacy initiatives. The Climate Solutions category directs its 250,000 DAI towards projects that use web3 technologies to address climate change issues. Finally, projects strengthening the Ethereum ecosystem can access a fund of 106.9 ETH under the Ethereum Infrastructure category.
Similarly, external program managers—not Gitcoin—will oversee the Featured Rounds. Notable examples include:
- ReFi Local Nodes by REFIDAO: With a focus on incubating startup communities worldwide, this initiative has a 30,000 cUSD backing.
- Zuzalu: Originating from Montenegro, Zuzalu champions projects from diverse sectors, supported by a 25,000 DAI pool.
- Web3 Social by MASK NETWORK: This round, backed by 25,000 DAI, emphasizes Web3 infrastructure, data storage, and gaming.
📣 GITCOIN GRANTS 18 IS LIVE! 🚀#GG18 is your opportunity to…
— Gitcoin 🟢 (@gitcoin) August 15, 2023
🔍 Discover the next great web3 project
🫡 Support the projects you most believe in
💰 Get your donations multiplied with matching funds
Make history this #onchainsummer by heading to https://t.co/LLCyq0pQTu by… pic.twitter.com/L0R8flBZv4
Tracing Gitcoin’s Growth and Impact
Commencing its journey in 2017, Gitcoin’s initial focus was on uplifting open-source developers. The platform later shifted its focus to champion digital public goods. By 2019, its first grant round (GR1) drew 200 donors who contributed $38k.
In a significant contrast, the 15th round (GR15) raised an impressive $4.4M. Altogether, Gitcoin’s initial 15 grant rounds channeled $50.82M into promising projects.
Gitcoin’s adoption of the Quadratic Funding (QF) methodology, a brainchild of Vitalik Buterin, Zoe Hitzig, and Glen Weyl f, aims to ensure that community sentiment drives the funding process, rather than sheer monetary value.
As GG18 progresses, it signifies more than just funds or projects; it stands as evidence of a community’s shared faith in a decentralized future. Nonetheless, the conclusion of this round and its outcomes are what the crypto community is currently most focused on.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
More articlesNik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
