Gitcoin Grants Round 18 Officially Launched

Gitcoin has launched Gitcoin Grants Round 18, which will run from August 15th to August 29th. This round of grants covers four core categories: Web3 Open Source Software, Web3 Community & Education, Climate Solutions, and Ethereum Infrastructure. This grant cycle plans to provide a total of $1 million in matching funds through a quadratic funding mechanism for all Core Rounds. In these core rounds, there are a total of 388 projects available for user donations

Gitcoin Grants is a crowdfunding platform designed to support open-source projects within the blockchain and

cryptocurrency

domains. Operating on the Ethereum blockchain, it empowers individuals and organizations to provide financial backing to projects they deem valuable. The primary goal of Gitcoin Grants is to offer sustainable funding to these projects, aiding in their flourishing and ongoing development.

The general operation of Gitcoin Grants follows these steps:

• Project Submission: Open-source projects can apply for Gitcoin Grants to seek financial support for their development, maintenance, or other activities. These projects usually encompass areas such as blockchain, cryptocurrency, and decentralized technologies.

• Funding Rounds: Gitcoin Grants typically organizes funding rounds during which projects submit their funding proposals. Supporters can contribute donations to the projects they wish to endorse, often using cryptocurrencies like Ethereum (ETH).

• Matching Funds: A distinctive feature of Gitcoin Grants is its “matching funds” mechanism. Various blockchain organizations, companies, and individuals pledge to donate a certain amount of cryptocurrency to match the contributions made during the funding round. This effectively amplifies the impact of individual donations.

• Donations and Support: Anyone interested in backing open-source projects can donate to the projects of their choice using cryptocurrencies like Ethereum. Donations can vary from small to substantial amounts, depending on the supporter's preferences.

• Allocation: At the conclusion of the funding round, donations and matching funds for each project are aggregated. The total funds received determine the financial support each project will receive.

• Development and Reporting: Projects that receive funding through Gitcoin Grants are expected to provide updates on their progress, development milestones, and how they are utilizing the funds. This transparency helps supporters understand the impact of their donations.

• Community Engagement: Gitcoin Grants also fosters a sense of community around the projects. Supporters can interact with project maintainers, ask questions, and discuss the projects' development direction.

Gitcoin Grants serves as a bridge between open-source projects and the broader blockchain and cryptocurrency community. It provides a platform for enthusiasts, developers, and companies to collectively support projects that align with their interests and values.

Participating in Gitcoin Grants activities also holds the potential for users to anticipate airdrops. For instance, projects like Optimism and ENS have previously conducted airdrops for users who donated to them through Gitcoin Grants activities.

It's important to note that users should ensure their Gitcoin Passport score is above 20 before making a donation. Gitcoin Passport is a measure introduced by projects to prevent Sybil attacks, and its status updates every 90 days. Only when a donating user's score exceeds 20 will Gitcoin's quadratic funding mechanism be triggered after their donation. This means that after a user donates, Gitcoin will also contribute a matching amount. Users can enhance their scores by linking various accounts.