We’re excited to announce that the Metis Foundation is partnering with Gitcoin to support their $4M annualized grants program, designed to foster innovation and growth within the Metis ecosystem. The first Gitcoin-hosted round, distributing 3,000 METIS (equivalent to $100,000 USD) through quadratic funding (QF), launches today (August 29).
The QF round is the first in a series of grants opportunities and contribution pathways that will enable active projects to secure ongoing funding needed to deploy and grow on Metis. The round focuses on identifying high-impact projects, validated by community demand. Following the initial QF round, projects that show promise will receive continued support through retroactive funding and direct grants.
While a single round of grants might provide initial support, without sustained investment, it's challenging for projects to achieve long-term impact. Metis’s programmatic approach to grants making, on the other hand, allows for continuous evaluation and funding, ensuring that high-potential projects receive the ongoing resources they need to grow and make a lasting contribution to the ecosystem. Gitcoin’s flexible grants tooling, offering a range of funding mechanisms, along with strategic advisory services, is helping Metis achieve their program goals. "Gitcoin has been the leader in web3 grants since before most web3 ecosystems even existed, and they've recently expanded they're offerings beyond Quadratic Funing, making them a natural best-in-class partner," says Daryl Edwards, Governance & Grants Advisor, Metis Foundation.
QF is a crowd-funding mechanism where community members make donations that act as votes on where to allocate a larger pool of funding, which in this case is 3,000 METIS. The QF formula rewards projects based on the number of people who have donated rather than the size of the donations. This approach allows the community to indicate which projects they believe in, fostering shared ownership and incentivizing smaller contributors.
Gitcoin pioneered QF as a funding mechanism, having allocated over $60 million, received 4.2 million donations, and onboarded more than 300,000 developers into the crypto ecosystem. We’re delighted to support Metis in deploying this powerful mechanism to fuel community participation.
Builders and donors alike, make sure to bookmark these dates so you don’t miss this opportunity to access or support sustained growth and funding.
Application Dates: Aug 29 - Sep 13, 2024
Donation Dates: Sep 10 - Sep 26, 2024
Funding available: 3000 METIS (equivalent to $100,000 USD)
Projects must focus on contributing to the growth, development, and enhancement of the Metis ecosystem within one or more of the following themes:
Proposals should outline how the project will create value for the Metis community and platform users. Both past projects contributing to the Metis ecosystem and new projects with a forward-looking vision are eligible to participate.
View the full list of eligibility criteria
To participate in the Metis QF program, builders must first create a Builder profile with Gitcoin, providing essential project details such as name, website, team, and GitHub information. Find more information on creating a Builder profile. Once the profile is set up, projects can apply to Metis-hosted grant rounds, detailing their mission, team, previous funding, and roadmap. The Metis team will review applications to ensure eligibility. Successful projects will receive funds through Gitcoin, with ongoing support and milestone monitoring.
Builders, the Metis QF round is your opportunity to secure funding and gain recognition for your project within a vibrant and growing ecosystem. By applying, you'll have the chance to showcase your work to the community, receive funding based on their support, and potentially secure long-term investment through Metis' strategic grants program.