Today, we’re excited to announce the latest round of Gitcoin Grants. Over the past seven rounds, through your support, we’ve helped distribute over $3mm to nearly 700 key Ethereum ecosystem projects. Not only has it been hugely rewarding to see key members of our community get sustainable funding, it’s been amazing to test quadratic funding as a mechanism to fulfill our even broader mission of growing and sustaining the 3D humans that build the open source software we rely on (in many ways the OG internet creators).
But there’s something unique about working with the Ethereum ecosystem. If we had to try to distill it, it’s that the community always comes together. We view our relationships with one another as continuous, infinite games, and all of our work with other creators as positive-sum. We’ve found this to be true not only in grants, but in so many of the other interactions with the community. Ethereum is great at building squad wealth.
It was this realization that made us decide to try a few unique things during Gitcoin Grants Round 8 (and it is a lucky number after all). To get people building together, learning together, and sustaining public goods.
So, we’re excited to announce the Gitcoin Grants Round 8 (GR8) Hackathon, and our largest matching pool yet with over $450,000 across 6 categories funded by our new Funders League. We’re hoping that with the bull market returning we can get open source creators up to $1M in funding and mint more quadratic freelancers than ever before.
If you’re interested in being part of this stacked event, here are all the links you’ll need:
- Create a Grant. Are you building in Web 3? Your work is valuable. Fund it + join the community!
- Register to Hack: Build with 1inch, Balancer, Ceramic, Gnosis, Keep, Panvala, Nexus Mutual, and 10 others
- Join Us (Virtually) In Celebrating Web 3. 20+ events in 2 weeks in the always-open GR8 Airmeet
If you’re not sure what you want to do yet, or just want to jam with us, join us on Gitcoin’s brand new Discord, where grantees, contributors and hackers will be hanging out during the round!
So, how do Gitcoin Grants work?
It starts with a Grant page, a pool of funds, and a community of contributors
Grants start with a page for your project (or yourself!) and a pool of matching funds. Using the power of quadratic funding, donors will signal their support for grantees and democratically decide where the matching funds will go.
If you’re a grantee, the key thing to note is that the number & amount of each contribution to your project influences the total amount allocated to you. If you’re a contributor, even a small contribution can have a huge impact on the amount of matching funding a grantee gets.
In other words, Gitcoin Grants is really all about communities working together to help fund and signal support for public goods. And we all benefit from public goods.
Round 7 Recap
Round 7 saw $450,000 in matched funds (up 150% from the previous round) thanks mainly to all of you wonderful people (even the anons) in DeFi. Key funders included the Ethereum Foundation (our first major supporter <3), Optimism (another long-time supporter), Yearn (the catalyst in many ways for Round 7’s success), Balancer, Synthetix, Chainlink, Three Arrows Capital, and more.
We also saw nearly 200 new projects join the round, bringing the total to over 850. On the product side, we focused our efforts on better Sybil resistance, faster (and cheaper) checkout transactions with Layer 2, and collections!
The new level of community support during Round 7 was a key milestone for us and a really humbling, significant step towards realising the vision of quadratic freelancing. If you want to learn more check out Vitalik’s Round 7 retrospective here.
Round 8 – What’s new?
Apart from fixes to the overall contributor and grantee experience, here are a few things we’ve directed our efforts to:
Multiple CLRs; Multiple funding
As a funder you can donate to multiple Categories or Collections. As a grantee you can easily participate in multiple matching pools!
Your grant page
We would appreciate a grant page that mentions clear “asks” in the description, so as Gitcoin we can reach out to our community during the GR8 hackathon to work on specific issues. Read more on a few tips to maximize your matching here.
- The grant page now shows a more polished wall of love
- There is now an option to upload a video intro into the description of your grant
Inching forward (one integration at a time!) towards Sybil resistance
In addition to SMS, BrightID, and Twitter we now have integrations for Idena, POAP and, Gmail to verify yourself as a contributor to increase your matched amount for the grants you’re contributing to.
Grantees verify themselves via Twitter and Contributors verify themselves via various options to increase their Trust Bonus.
A lineup of events!
The GR8 hackathon
The first-ever flagship Gitcoin Grants Hackathon! The combined event is a chance to rally the community not just around funding projects they care about, but to help build them as well, read more here.
There are a lineup of webinars, workshops and community discussions around the Grants and the Hackathons. (a chess tournament! )
In addition to the product changes, we’ve made a few changes to the matching pools as well. In particular, we’re excited to announce the first regional round for East and Southeast Asia in partnership with ETHPlanet, Nonce, Unitimes, and more. Let’s face it, while we love CryptotwitterTM, it can be very anglocentric. This test round is our first step towards trying to make sure more regions outside North America are included, and if it goes well we hope to expand the opportunity to other regions in the future.
Matching Funds Pool
Here’s a breakdown of the current fund pool:
- Infra Tech $100k
- Dapp Tech $100k
- Global Community $100k
- East and Southeast Asia Regional $50k
Other ongoing rounds which will run alongside Round 8:
- Filecoin Liftoff $100k
- Apollo Round $50k
Public goods are good
We’d also like to give a huge thanks to the Funders League, especially some of our newest members: 1kx, 1inch, Badger.Finance, Binance, and Harvest Finance, which together bring us to over a dozen major supporters.
Here’s the full Funders League member list (by join date):
- Ethereum Foundation
- Balancer Labs
- Three Arrows Capital
- YAM Finance
- 1337 working group
- Harvest Finance
- Andrew Keys
If you’d like to join the Funders League, reach out!
With round 8 just a few days away we hope that Gitcoin as a platform and Grants as a product helps you connect and engage with the community of contributors and believers, creating valuable relationships growing open source, together