Gitcoin (GTC)

From CryptoWiki

Gitcoin is a platform to get paid for working on open source software in Python, Rust, Ruby, JavaScript, Solidity, HTML, CSS, Design, and more.

Basics

History

  • It was founded by Kevin Owocki in 2017 within Consensys. After its $11.3M fundraise it spinned out of the studio.

Audits & Exploits

Bugs/Exploits

Governance

DAO

  • From their token launch blog (25-5-2021):

"At inception, Gitcoin’s DAO will oversee a community treasury of GTC tokens, along with offering a governance framework for delegates (called Gitcoin Stewards) to participate in key ecosystem decisions such as fund allocation, matching pools, and grant collusion.

GTC is a fork of the COMP/UNI governance systems, built with a delegation prompt built into the retroactive claim process. We hope this flow will establish our DAO ecosystem with higher voter turnout than any blockchain-based governance system in the past. The goal is to gradually introduce more formal frameworks for the ongoing development and maintenance of Gitcoin, as managed through on-chain voting."

Admin Key

Treasury

  • From their token launch blog (25-5-2021):

"Half of the GTC supply will be deposited into the timelock contract held in the Gitcoin DAO treasury, governed directly through on-chain GTC voting. GTC allocated to the Gitcoin DAO will become available for distribution in equal monthly installments over the course of the next 2 years, meaning the full allocation will be unlocked by ~May 25th, 2023."

Token

Launch

Token Allocation

  • From their token launch blog (25-5-2021):

"The total supply of GTC is 100,000,000 (100M) tokens, broken down as follows.

  1. Retroactive Airdrop – 15%
  2. Gitcoin DAO – 50%
  3. Existing Stakeholders – 35%

The intent of this distribution is to split GTC evenly between past and future contributors. 50% to those who’ve built Gitcoin so far (retro + stakeholders) and 50% to the builders of tomorrow."

Utility

"GTC has no economic value; it is a governance token used to oversee the Gitcoin ecosystem. It has no claim on financial rights."

Other Details

Coin Distribution

Tech

How it works

"Gitcoin plans to retire its centralized grants platform and transition to a decentralized protocol. On Jan. 10, Gitcoin launched its “alpha test season” in partnership with Fantom and the United Nations Children’s Fund (UNICEF) to test the new protocol."

Fees

Upgrades

Staking

Liquidity Mining

Scaling

"Gitcoin will be using a layer 2 scaling technology called zkSync as part of the next grants matching round on the platform. This is huge because Gitcoin is one of the most used and loved non-DeFi apps on Ethereum but unfortunately suffered greatly from the high gas fees during the last matching round. With zkSync, these costs come down considerably and it will expose a plethora of new users to this scaling technology.

After zkSync, they plan to use Loopring’s zkRollup technology which is already powering the Loopring decentralized exchange."

Different Implementations

Interoperability

Other Details

Roadmap

  • Can be found here (14-9-2020): "The new roadmap outlines how Gitcoin will solve sybil/collusion resistance + increase round sizes in lockstop."

Grants

"This method of funding has led to 846 grants with more than $2.5M of funding allocated since January of 2019."

  • Gives grants; "Gitcoin Grants has facilitated the distribution of $711k to Open Source since it's launch in January 2019." The biggest brunt of these grants has been shouldered by Ethereum (gave three times with $150.000 in total) and Consensys ($100.000).
  • From Token Tuesdays (8-1-2020):

"One of the more novel aspects of Gitcoin is that of Gitcoin Grants - an initiative that leverages a tokenized subscription model to allow anyone to fund any grant with as little as 1 DAI.

Beyond the unique opportunity for crowdsourced web 3 funding, Gitcoin Grants has also served a test grounds for quadratic funding - a scheme in which Gitcoin matches grants relative to the number of individual contributors to any given grant, rather than the total amount of that grant. In practice, this means that a grant which receives 50 2 Dai donations will receive more in matching than one that receives 1 donation of 100 Dai. More information on how quadratic funding works can be found here."

"$200k in matching will be given out in Q1 of 2020 to Ethereum projects that have grants listed on the Gitcoin website. $75,000 will be allocated to a “community pool” and $125,000 will be allocated to an “infrastructure pool”."

"Gitcoin had an amazing 2020 and in this post they detail all that they accomplished including over $10 million being paid out to open source developers, 5 Gitcoin Grants rounds, 14 hackathons and more."

Given grants

Round 1

"The first Gitcoin Grants CLR round occurred from February 1st to February 15th, 2019. The initial pool of $25,000 from the Ethereum Foundation, ConsenSys, and a few other prominent individuals was met with $13,242 in total contributions across 126 unique community members. The leading projects to receive funding in the first round were Prysmatic Labs with $5,929, MolochDAO earning $4,061, and Uniswap receiving $2,765."

Round 2

"Given that the first round was a major success, Gitcoin Grants bumped up the total matching pool to $50,000 in the second round to support a total of 42 well known Ethereum projects. The second round ran from March 5th to April 19th, 2019, extending the contribution period by almost a full month. In total, the second round aggregated $56,535 from 214 unique contributors - resulting in an average of $264 per contributor. The Official ProgPow Audit was the largest recipient, earning a total of $13,575 from 7 contributors with an additional match of $13,547 from the grant pool."

Prysmatic Labs, MolochDAO, and Uniswap also got grants once more.

Round 3

"The third Gitcoin Grant CLR round occurred in Q3 between September 15th and October 2nd. Round 3 featured a $100k matching pool directed towards 65+ open source projects listed on Gitcoin Grants. Relative to the other two rounds, round 3 was by far the biggest round in terms of both participation and grant distributions. In total, Round 3 distributed $270,000 across 1,982 unique contributors - a massive increase in community participation from previous rounds.

Within the top 10 projects, Lighthouse was the largest recipient in terms of total funds, earning nearly $51K in grants. With that said, EthHub, one of the most popular information resources for Ethereum, received the highest amount in terms of a CLR bonus, earning $16,209 from the matching pool alone with a total of $21,006 in funding across 131 unique contributors. Other notable projects and individuals to receive funding in this round included Austin Griffith ($23,911), rDai ($10,193), and the Vyper Dev Fund ($14,218). The top 10 projects raised capital across an average of ~84 unique contributors, up from ~10 in Round 2 and ~8 in Round 1.

Round 3 was a monumental shift for Gitcoin Grants as community participation soared to new levels while the matching pool also reached its highest ever." 

 Round 4

"Round 4 will feature a new record-high for the matching pool, reaching $200,000 for a combination of community projects, including media, marketing, and other similar projects along with the infrastructure pool used to support ETH 2.0 development, DeFi applications, UX improvements and more. Round 4 will last just over two weeks between January 6th and January 21st, 2020."

Round 4 Before Drama

"If you’ve been active on Twitter over the last week you would of seen some drama surrounding the recent Gitcoin Grants CLR round and how the matched funds are being distributed. Eric and I touched on this subject on last weeks weekly recap episode but since then some new drama around people using Gitcoin to fund private goods (such as invites to private channels). To alleviate these concerns, Owocki announced that any grants found to be offering quid-pro-quo in exchange for donations will not receive CLR matching.

Regardless of the drama, this round of CLR matching has been the best ever for the platform with $98,000+ from 1000+ unique contributors being raised for open source projects in just over 12 days."

Round 4 Outcome

"..there were two pools of funding to allocate in Gitcoin Grants Round 4 using the Liberal Radicalism mechanism.

  • The Media Pool ($75,000). Supports media, community, and marketing projects
  • The Technology Pool ($125,000). Supports Ethereum infrastructure projects spanning ETH 2.0, decentralized finance (DeFi), crypto wallets, UX.

With $200,000 for grabs, here’s what happened in just over two weeks, from January 6th, 2020 to January 21st, 2020.

  • $143,642 in funds were committed by the Ethereum Community. This, plus the $200,000 in matching funds results in $343,642 to Ethereum projects for this CLR round.
  • 5,936 contributions were made to 230 open source Ethereum projects
  • 1,115 unique Ethereum community members participated in the funding round

This was a huge jump from Round 3 (see Vitalik’s review here), almost doubling all major numbers. From 80 projects to 230 projects. From 477 contributors to 1,115 contributors. From 1,982 contributions to 5,936 (!)."

Round 5

"The new round features a $250,000 matching pool with the following allocations:

  1. Public Health ($100,000) - Support for COVID-19 research, response and recovery projects
  1. Tech ($100,000) - Support for Ethereum infrastructure projects, DeFi protocols and applications, wallets, and more
  1. Community ($50,000) - Support for media, community, and marketing projects

Round 5 also introduces a handful of new features tailored towards a better donation experience for contributors. This includes:

Negative Voting: Given certain controversies in the last Media round,members can donate against Media grants to signal negative feedback. The amount donated is deducted from the grants matched funds.

Fixed Pairwise Threshold: On the backend, Gitcoin has upgraded their matching algorithm to better mitigate collusion.

Recurring Donations: Users have the ability to donate projects on a recurring basis for future CLR rounds.

Grants Feed: In order to promote signals rather than capital, Gitcoin has implemented an activity feed that allows donors to add messages to their donations."

Round 7

  • From Vitalik his blog (18-10-2020):

"In this round, we were able to have much higher matching values than before. This was because the usual matchings, provided by the Ethereum Foundation and a few other actors, were supplemented for the first time by a high level of participation from various defi projects:

The matchers were:

  1. Chainlink, a smart contract oracle project
  2. Optimism, a layer-2 optimistic rollup
  3. The Ethereum Foundation
  4. Balancer, a decentralized exchange
  5. Synthetix, a synthetic assets platform
  6. Yearn, a collateralized-lending platform
  7. Three Arrows Capital, an investment fund
  8. Defiance Capital, another investment fund
  9. Future Fund, which is totally not an investment fund! (/s)
  10. $MEME, a memecoin
  11. Yam, a defi project
  12. Some individual contributors: ferretpatrol, bantg, Mariano Conti, Robert Leshner, Eric Conner, 10b576da0"

Weekly Mini CLR Rounds

"These new weekly mini CLR rounds will be funded by Gitcoin’s 10% bounty fee (around $200 a week) and any earning on the platform is eligible for matching."

Kudos

"Kudos is a way of showing your appreciation for another Gitcoin member.
It's also a way to showcase special skills that a member might have, such as Pythonista, or Design Star. Kudos tokens can be bought and sold on the Kudos Marketplace."

Their Other Projects

Grants Protocol

"Grants Protocol is a tool currently in closed beta that will allow any community to launch its own grants program that incorporates community decision-making"

Roadmap

  • Can be found [Insert link here].

Usage

Projects that use or built on it

  • Tezos; got integrated (9-7-2021) and started with a hackathon with $75k in prizes.

Competition

Team

Team, Funding, Partners

Funding

  • Gets 1% of YAM's treasury inflow (27-8-2020).

"We are thrilled to announce that Gitcoin has successfully grown our treasury by $11.3mm. This investment was led by Paradigm, with additional investments from IDEO, 1kx, Electric Capital, Naval, Balaji, The LAO, MetaCartel Ventures, and many others."

Partners

"Gitcoin and Matic announced that they have formed a long term staking partnership with Matic to collectively grow the scalability community of Web 3." Matic is also part of the Ren Alliance.

(:

Knowledge empowers all and will help us get closer to the decentralized world we all want to live in!

Making these free wiki pages is fun but takes a lot of effort and time.

If you have enjoyed reading, tips are appreciated :) This will help us to keep expanding this archive of information.

ETH tip address: 0x83460bE5F218b1520B69D702cE60A1DE37dD8E31

Also check out CoinTr.ee for more content.

Retrieved from "https://cryptowiki.me/index.php?title=Gitcoin_(GTC)&oldid=20137"