$270,000 for Ethereum projects from a record 1,982 contributions
We are thrilled to announce the finalized results of the Gitcoin Grants Q3 Match.
- Round 1, in Q1 2019, distributed $38K via 132 contributions.
- Round 2, in Q2 2019, distributed $56K via 214 contributions.
- Round 3, in Q3 2019, distributed $270k via 1,982 contributions
We are thrilled to see the growth, both in depth and in breadth, of Quadratic Funding on Gitcoin Grants. Let’s explore.
Gitcoin’s Q3 Match: By The Numbers
- Gitcoin, with help from our amazing donors, raised a $100K ‘matching pool’, to be directed to 65+ open source projects listed on Gitcoin Grants
- From 9/15–10/2, the Ethereum community made 1,982 unique contributions to the 68 aforementioned projects worth $170,000 (!)
- Based on Quadratic Funding (a formula proposed by Weyl, Buterin, and Hitzig) the $100K matching pool was fully allocated.
The Top Ten Projects
Without further ado, here are the top 10 projects of Q3’s CLR Match.
- CLR newcomers EthHub, Austin Griffith, and rDAI 3 out of the top 5 spots this round; receiving a combined $41,000 in matching funds
- Lighthouse, Prysmatic, and Plasma Group maintained their status in the top ten projects of the round
- The long tail of projects (outside the top 10) received a total of $22K in matching funds, alongside the donations themselves)
To see the full results, click here. All teams who participated in this round will receive their match via Gitcoin Grants, in the same account where donations from the crowd were processed. These will be in accounts by before Halloween!
Growing Open Source: Future Iterations
What a wonderful time to be building open source software. While structural issues still exist, blockchain has created new possibilities for open source communities to organize and allocate resources around shared set of goals. We are very fortunate to be at a time in which there is actually funding for open source. This is made possible by three key factors unique to the Ethereum ecosystem.
- Funding For Open Source Software. Ethereum is valued at $1B, and has a foundation / early token holders who are invested in it’s success. The Ethereum Foundation and a group of donors make our Gitcoin OSS Fund possible, which has raised $175K so far in 2019 for open source projects. Join them here!
- A Decentralized Allocation Mechanism. Using Quadratic Funding, we can experiment in ‘leaderless’ funding. Participants vote with their $, funds are allocated to the projects with the broadest support.
- An Incentivized, Engaged Community. Money and mechanisms to distribute it don’t matter without participation from the community. Big thanks to every single person who made this round possible by donating even $1.
Gitcoin’s match is just getting started. Here’s what’s next:
- Expect us to do a matching round at least once per quarter. Be on the lookout for Q4 round soon!
- We hope to increase the matching pool each round. Want to help? Become a matching partner.
- We may experiment with different pools of funding for different industries (media, education, etc.)
- We are experimenting with different ways of sybil and collusion resistance. If there is enough demand; we may do a separate post about this.
- If you want to have your project listed, fill out the form here.
We are thrilled to see the growth of this funding experiment, and we expect to see more to come in the future. We’re particularly enthralled by each and every one of you, who cares enough about this community to make your voice heard and to share the love with fellow Ethereum projects and humans.
It is not the number of nodes which determine the strength of the network; rather, it is the strength of the links between them.
~ Team Gitcoin
To learn more about Gitcoin, click below. We welcome you on our journey to grow open source while changing the way we work.