Metis Foundation Partners With Gitcoin To Launch $4 Million Annual Grant Program For Developers
In Brief
Metis Foundation collaborated with Gitcoin to launch a $4 million annual grants program for promoting innovation in the Metis ecosystem.
Non-profit organization dedicated to fostering a central hub for the Web3 community, Metis Foundation, collaborated with Gitcoin, a blockchain-based platform for builders, to launch a $4 million annual grants program. This initiative is set to promote innovation and development in the Metis ecosystem.
The initial Gitcoin-hosted funding round is now open for applications, offering 3,000 METIS, valued at $100,000 USD, via quadratic funding (QF). This application period will close on September 13th, with the donation phase scheduled from September 19th to September 26th.
This method is a crowdfunding mechanism in which community members’ donations serve as votes to determine how a bigger pool of funds is distributed. This approach rewards projects in accordance with the number of individual contributors, enabling the community members to signal support for projects they see value in.
Metis Foundation And Gitcoin Invite Applications Focused On Memecoins, Games, And More
The current round aims to determine influential initiatives validated by community interest. Promising projects will be eligible for backing via retroactive funding and direct grants.
The organizations are seeking applications from projects centered on themes such as Memecoins, Games, Real World Assets (RWAs), or Liquid Staking Token Finance (LSTfi). Applications are anticipated to detail the way in which the project intends to provide value to the Metis community and its platform users.
In order to take part, projects are required to create a Builder profile on Gitcoin. After setting it up, they can submit applications that outline the mission, team, prior funding, as well as roadmap. The Metis will evaluate these proposals to verify eligibility. Projects that meet the criteria will receive funding via Gitcoin and will benefit from continuous backing and tracking of milestones.
Metis represents a Layer 2 scaling solution elaborated and maintained by the Metis Foundation. It leverages optimistic rollups to handle smart contract execution and data storage off-chain, operating on top of networks such as Ethereum. Furthermore, it incorporates an Ethereum Virtual Machine (EVM)-compatible environment or Metis Virtual Machine (MVM). It enables builders and users to deploy and interact with applications in a setting similar to Ethereum, facilitating the transfer of existing projects and code from Ethereum.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
