On the 23rd of November, Gitcoin and Fantom announced a new grant program to help fund innovative projects in the blockchain space. This program is open to projects built on the Fantom blockchain.
The initial fund raising round will provide 125 000 FTM in grants to projects that have the potential to make a positive impact on the blockchain space. This couldn't come at a more crucial time as many projects with plenty of potential may be struggling to provide cash flow through the crypto winter.
In this article we will provide an update on some of the details within the Fantom Gitcoin Grants first round.
After a week of voting, Loanshark narrowly occupies the lead with Symphony Finance only a few votes behind. There are still almost two weeks of voting left, therefore we are certain that things are only going to get interesting from here on out.
As per Dune analytics, sourced Fantom Gitcoin Grants Round 1, the current donation amount has almost reached the 125 000 FTM mark with an impressive 120 974 FTM at the time of this article being written. These donations come from over 6 900 unique donors. This just goes to show how active the Fantom community is by showing their support to their favorite projects!
Round 1 ends on the 2nd of January which gives voters well over a month to vote in favor for their favorite projects. Due to the use of quadratic funding, more funds can be obtained in comparison to normal funding options which works in favor for projects as they receive more and voters get to pay less.
Quadratic funding is a type of DeFi protocol that enables users to pool together funds and fund various projects. The protocol works by allowing users to commit funds to a project, and then receive rewards from the project proportional to their contribution. The protocol also allows users to vote on which projects should receive the pooled funds. This allows for a more democratic and equitable investment process, as users can vote for their preferred projects.
Donating to your favorite projects is as simple as connecting your wallet to Gitcoins site and searching for your choosing project here. Once you have found the project that you would like to vote for, you can add them to your shortlist where you are then able to donate however much you like. It's that simple and your vote goes a long way!