Gitcoin, a project supporting the open source development of digital public goods such as movements towards an open internet and open economies, recently shared news of growth in its treasury, with an $11.3 million investment pooled by Paradigm and additional investments from IDEO, 1kx, Electric Capital, Naval, Balaji, The LAO, and MetaCartel Ventures, among others.
“The Paradigm team are some of the best mechanism designers in the space, and we are looking forward to partnering with them on advancing real world applications of Quadratic Funding,” shared Gitcoin CEO Kevin Owocki.
Gitcoin is a blockchain-based incentivization layer for Open Source Software, and began as a passion project by Owocki in 2017. Since then, it has been supported by Joe Lubin and was made part of the ConsenSys group of projects. Over three years later, Gitcoin has helped developers raise and distribute almost $20 million through bounties, hackathons, and quarterly grants rounds.
To date, Gitcoin Grants operates the largest implementation of Quadratic Funding, a radically democratic funding approach for resource allocation aimed at public good. Quadratic Funding is an algorithmic method of raising a matching pool, after which a crowdfund campaign is matched accordingly. It was first created by Ethereum’s co-founder Vitalik Buterin as “A Flexible Design for Funding Public Goods,” alongside Zoë Hitzig of Harvard University and E. Glen Weyl of Microsoft Research.
Through the recently closed funding round, Gitcoin can now operate independently as an organization from ConsenSys, which will continue as a partner alongside Paradigm and other Web3 development communities.
Gitcoin’s support for open source platforms and projects has created a significant impact on the crypto ecosystem, in particular for all Ethereum-based platforms. Projects such as Uniswap and 1inch, which are decentralized exchanges, began through the support of Gitcoin and its community of co-creating developers. Gitcoin currently has over 90,000 developers working across its variety of projects and grants through its open source incentivization program.
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