Fantom is partnering with Gitcoin to allocate 335 million FTM through its Gitcoin Grants program to support projects building on the Fantom platform.
The program is a matching funding initiative and matches donations made by community members to participating projects in grant rounds, during which users donate FTM to their favorite projects. The Gitcoin Grants program matches the donations to these projects.
The Gitcoin Grants program is designed to promote a more diverse and dynamic ecosystem of projects on the Fantom platform across all verticals. We aim to empower the Fantom community in the allocation process and provide a boost to teams that are just starting to build on the Fantom platform.
The Gitcoin Grants program uses a unique funding allocation method known as quadratic funding in which community voting is achieved through the act of donating FTM to projects. The more unique donations a project receives, the higher the matching funding will be.
For example, if Project A receives $100 in total from only one community member, while Project B receives $100 in total from ten different community members, Project B will receive more funding as it has wider community support. This system encourages broader community participation as opposed to singular large donations.
Example of quadratic funding
There are several key factors for determining whether your project is eligible to receive a grant from the Gitcoin Grants program.
- 1.Must support or advance the Fantom community and protocol
- 2.May not encourage users to donate in exchange for a reward
- 3.Must be submitted by an applicant who is affiliated with the project and will use the funds for stated purposes
- 1.May not have raised funding previously
- 2.Must have been active in the last 3 months
- 3.Must be open source
- 4.May not be in violation of any law
- 5.Must make real improvements if it is a fork of an existing codebase or derived from another project
- 6.Must continuously satisfy the criteria to remain eligible
The project must be focused on accomplishing some of the following for Fantom:
- 1.Usability – improving user experience to increase adoption of Fantom in Web 3
- 2.Community – growing the community and ecosystem
- 3.Tooling – enhancing developer experience through improved tooling and standards
- 4.Infrastructure – improving the interaction and performance of application servers, clients, and Fantom nodes
- 5.Security – improving the security of the Fantom ecosystem for a safer environment for users and builders
- 6.Education – increasing awareness and competency for Fantom through education
- 7.Applications – supporting applications and protocols built on Fantom
What else? – get creative!
The Fantom Foundation holds sole discretion on which grants are eligible for matching. Disputes will be handled by the GitcoinDAO Public Goods Funding Workstream, consulting with the Foundation’s round representatives.
The Gitcoin Grants program distributes funding through rounds. The process begins with a phase for project applications, followed by a public voting phase where community members can vote for the projects they believe should receive matching funding by donating FTM.
The first application phase took place from November 14 to December 4, 2022, and the voting for this round took place from December 12, 2022 to January 02, 2023, with a total of 88 projects participating.