Gitcoin Not Disappointed GR15 Raised Less Funds From Contributors Compared To Previous Rounds
Gitcoin said its community was not disappointed over total contributions in just concluded Grants Round (GR) 15 being lower than other rounds and that general decline in market conditions may have impacted contributions.
Grants Round is a programme which democratises investment using Quadratic funding mechanism, provides a direct platform for members of the Web3 community to support projects, removing the monopoly venture capitals have over funding and giving founders more options to get funds beyond institutional funders. Gitcoin has held one grants round every quarter since 2019 and GR15 was the 15th consecutive round.
In a result published on Monday, about GR15, 39,750 contributors made 465,000 contributions to 1,495 grants. A total of $4.4 million was raised with $3.1 million from combined matching pools and $1.3 million contributed by the community.
🥁 #GR15 results are in!
🌱 17 rounds.
🌱 39,750 contributors, making 465,000 contributions, to 1,495 grants.
🌱 ~$4.4M this round to be distributed to public goods; $3.1M from combined matching pools, $1.3M contributed by the community.https://t.co/vEtoHW9DFB— Gitcoin (🤖, 💚) (@gitcoin) October 3, 2022
However, funds contributed by the community in GR14 and GR 13 surpassed GR15. While $1.7 million was raised by 44.700 contributors in GR14, 17,000 contributors raised $1.45 million in GR13.
One part of what drove more community donations in the last round was people looking to do different sorts of airdrop farming, Jonathan Miller, Marketing lead at Gitcoin, told Arweave News.
“In the last round, many individuals saw that Optimism gave people a larger airdrop if they had donated to Gitcoin Grants Rounds in the past. This drastically affected donor behaviour in the last round vs. this time around.”
Miller also said the downward trend in the crypto market during the period the round was held may have affected contributors’ behaviour and “we are seeing the same thing across the board when it comes to the amount and number of sponsorships for events in the Web3 ecosystem”.
Gitcoin had targeted $3.2 million in matching pool funds raised without tapping into its treasury while increasing net new partners by 25 percent, Miller said, noting that despite the shortfall in contributions, the community was not disappointed.
We are not a ‘number go up’ community. Yes, it would have been wonderful to see us continue to make round-over-round gains. What was most important is that we raised over $4.1 dollars to fund projects in the Web3 and beyond. For all intents and purposes, that is a remarkable feat and I think everyone in the Gitcoin community is thrilled to have been part of that, he said.
A new cause round, decentralised science (DeSci) was introduced during GR15. DeSci round funded projects that are creating new incentives for scientists to engage in open practices and validate research results, even outside of the university system and creating a culture of collective problem solving.
In the DeSci cause round 2,309 donors contributed $67,900 to more than 82 projects and the matching partner pooled over $567,000.
Our cause rounds seem to get more popular round after round. I think this is clear indication from our community that these issues matter to them and want to continue seeing funding go to them, Miller said.
Spurred by the success of its grants round which is now in its sixth year, Gitcoin plans to unveil in coming months, a funding infrastructure protocol that helps any community to run their own programme which will include conducting due diligence, approving applications and deploying funds and payouts.
It is clear that Web3 ecosystems continue to see the value of running their own grants rounds. This is why we are excited to be developing a protocol that will enable communities to run their own grants rounds, he also said.
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