Gitcoin Hits Major Milestone In First Week of Grants Round 14
Just one week into Grants Round (GR) 14, Gitcoin is seeing a record enthusiasm from the Web3 community. GR is there to support impactful projects and builders in the ecosystem with over $917,000 contributed by over 23,500 contributors who made over 273,100 contributions, as of the time of writing on Saturday.
The number of contributors in the first week of GR14 has surpassed GR13’s total figure of 17,000 who raised $1.45 million, raising hopes that the community would raise more contributions than previous rounds by the end of week two.
We’re one week into the round and have already seen 16,000 individual donations by community members, on track for a successful round amidst wide market speculation and FUD, showing the need for positive-sum projects building out the ecosystem, Sean MacMannis, Gitcoin DAO’s Marketing lead, told Arweave News.
Besides contributions from regular people in the ecosystem, matching funds worth $1 million will be disbursed in the main round while $2 million dollars matching funds will be doled out in the ecosystem and cause rounds in climate, crypto advocacy and diversity, equity and inclusion.
Parties involved in the GR14 which began on June 8, include matching partners such as communities and grant-making organisations who contributed more than $100,000 to spot promising projects and give back to the community. There are funders who are regular people that donate as little as $5 dollars towards projects they care about; grantees who could be builders or anyone seeking funding for their projects.
Gitcoin will distribute funds using the Quadratic funding (QF) mechanism which supports a more democratically fair funding where a matching partner fund is allocated to projects based on the number of community contributions or interests and not the money the project is able to generate.
In this round, the community is already expressing significant interest in projects that cut across areas such as decentralised technology, social media, infrastructure and climate change.
Gitcoin Grants is a special use case of blockchain tech. Not only is it a way for projects to raise without VCs, but because projects are validated and funded in one platform, it creates a regenerative ecosystem and paves the way for Gitcoin and our wider community to notice trends in the space, MacMannis said.