What is Gitcoin?
A donations platform built upon ethereum that has funded over 2500 grants from 2 million+ contributions.
The donations platform is runs from people (like you) who donate $5-10 (or much more!) to web3 projects & causes they care about on the Gitcoin Grants platform.
Every donation receives matching funds with Quadratic Funding (”an optimal, democratic way to fund grants”).
Gitcoin created a 90-second video, “WTF is Quadratic Funding?” to explain the technical mechanics:
WTF is Quadratic Funding?
Why you should care?
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Gitcoin is one of the biggest web3 projects, having funded $65M of projects through it’s platform
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Right now, your donations are amplified for projects you care about. Every $10 you donate could result in >$100s of dollars going to the project.
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i.e., donating $1 to the ReFi DAO could result in $258 matched!
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I donated $2 to 31 projects ($62) and those projects I loved received $2556 from the matching pool:
Why does it matter?
- Local councils could start using this technology to allocate budgets
- Its algorithm (quadratic funding) allocates money based on what’s most important to a community.
- The money you donate is amplified
- Every $10 you donate could result in >$100s of dollars going to the project.
- It’s working
- Already, many millions of dollars are allocated to public goods (open source software and climate solutions) every round.
- Gitcoin’s technology makes donating exciting
- Individuals may donate $BBs of more capital to their hobbies and local communities.
- Quadratic funding makes a person’s donations feel more valuable and “fair” in a world where less-wealthy individuals feel disenfranchized.
- Why is Gitcoin more efficient than a simple online tool?
- Using crypto (in this case stablecoin backed by the US dollar), your donations automatically go to the startups without needing to pass through banks. The payments can also send anywhere globally.
How can you start now?
Go to Gitcoin’s website and donate!
- This guide can help if you need to buy cryptocurrencies for the first time.
- Lists of exciting projects to fund: